Finance - Tax Information
Check The "Tax Pack" available
from newsagents or The Australian Taxation Office (ATO) to see if
you need to lodge a tax return, or check out the ATO Website http://www.ato.gov.au/.
Briefly, anyone who has a taxable income greater
than $6,000 or has had tax deducted from their earnings should submit
an income tax return. Taxable income is all accessible income received
for the year including wages, interest, Youth Allowance/Austudy etc.,
less any deductions in earning that income.
Deductions that relate to part-time employment could
include:
 Uniforms
Union
fees
Telephone
calls in relation to your job
Work
tools and equipment etc
Other expenditure that is allowable as a deduction
includes donations to a tax deductible charity or registered school
building fund. Retain receipts for proof.
In most cases, international students who are studying
in Australia for more than 6 months are considered residents for tax
purposes and can therefore claim the Tax Free Threshold of $6,000. This
means that only income earned over $6,000 is taxable. Make sure the
ATO is aware of your circumstances when you submit your tax return.
Tax and Youth Allowance/Austudy
If you anticipate that your income for the year, including Youth Allowance/Austudy,
will exceed $6,000 then you should arrange for the appropriate amount of
tax to be taken out of your Youth Allowance/Austudy payments. The amount
of tax you pay will depend on your total income for the financial year. A
tax rebate may be applicable to a recipient of Youth Allowance/Austudy. This
will be determined on lodgement of the year end tax return.
Refer to Youth
Allowance/Austudy section for more information about tax and Youth
Allowance/Austudy.
Where to get tax advice
From
the current year's Tax Pack (The Taxation Office's Tax Return and
Instructional booklet), available from the Taxation Office and most
newsagencies.
Some
Campus run 'Tax Help' Programs from July to October to assist students
to fill in their basic tax returns.
From
a registered tax agent. You can expect to pay a fee. Ask at the start
what the charge would be. If you are looking for a registered tax agent
ask family and friends for referrals or look in the Yellow Pages. You
may wish to get some quotes and some indication of their expertise working
with students before making a choice.
Ring
the general enquiries line at the Australian Tax Office. This can be
found in the White Pages (www.whitepages.com.au)
listing under the Australian Taxation Office.
The Financial Advisers on your campus are not registered
tax agents and therefore cannot give you tax advice. They can assist
you with general information and referrals.
Tax File Numbers (TFN)
If you are applying for Youth Allowance/Austudy or a job you will need a Tax
File Number. New Youth Allowance/Austudy applicants can apply for a TFN at
Centrelink, providing they show the necessary forms of
identification and apply in person or you can pick up a TFN application form
from any Australian Tax Office. It normally takes about 2 weeks for the TFN
application to be processed.
Lodgement of tax return
If you are required to lodge a tax return and you do not get a registered Tax
Agent to do it for you, you must lodge the return by 31 October.
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