When you live and work in Australia, you can claim your Taxback as a tax refund. There’s many people that doesn’t really understand what Taxback means and how they can apply to get their Taxback at the end of the financial year or when they leave the country. Also visit our top article here. Here is more information about what Taxback really is and how you can apply for your Taxback.
What is Taxback?
Before you can apply for your Taxback from the ATO (Australian tax offices) you need to know what Taxback really is. You can claim your tax refunds and your taxback when the financial years is over, or if you are going to leave the country.
When you are working in Australia, your employee will take a sum of your salary for tax purposes. This is normally ranging between 13 to 32%. The exact amount depends on the amount of salary that you receive, the type of work that you are doing and how long you are in the country.
The employee then sent the tax to the ATO. At the end of the financial year, you can then claim your tax back from the ATO. The financial year normally ends on June 30th of each year. But, you don’t have to wait for the end of the financial year to be able to claim it back from the ATO. You can claim the tax before you leave the country as well.
How to apply for taxback?
If you want to apply for your taxback when you file your tax returns, you need to have your final payslip or your PAYG (pay as you go) summary that you received from your employee. You need to take that final payslip with you to the ATO for filing and lodge your tax return. The ATO then will calculate how much taxback you will receive for the work and tax payments that you have done over the financial year.
Another easier way, is to register and go to a registered tax agent like www.taxreturnco.com.au with your payslip or PAYG. They will then take the matter further with the ATO, so that you don’t have to struggle on your own to get your taxback, back.
How much money will you get back?
Many people are asking this question. Visit this link http://www.taxreturnco.com.au for more information. How much money will you actually get back from your taxback when you are filing your tax returns? There are different aspects that determine the exact amount that you’re going to get back. The amount that you will get back, depends on:
- The length of the time that you spend in the country,
- How much you actually earned during this duration,
- And, the rate of the tax that you have been paid.
Getting your taxback, before you leave the country is really not as hard as what you might think. If you are still really unsure about how to get your taxback, the best thing to do is to talk to an ATO professional or going to a registered tax agent for some advice. If you need more information you can visit this site. Filing tax returns and getting your taxback, with your refund isn’t difficult and can be a large amount of money, back into your pocket.