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It’s that time of year again when we all scurry around trying to find receipts in order to complete our annual tax return for the Australian Taxation Office.
The Australian income year starts on 1 July and ends on 30 June the following year. Depending on your circumstance you may want to lodge a return.
Receipts for costs that are legitimate are able to be claimed as a work-related expense for tax purposes.
It’s important because we all want to minimise the amount of tax we pay and claiming legitimate expenses is a way to achieve this.
If you work in Australia, tax will be withheld from your pay as you earn it each week or fortnight and you may need to lodge a tax return each year.
It’s no different for overseas visitors who have worked in Australia and paid tax throughout the year.
The requirement to lodge a tax return will depend on how much income you have earned during the year.
417 and 462 Working Holiday visa holders and COVID-19 pandemic event 408 visa holders pay 15% tax from the very first dollar earned for the first $45,000.
Higher rates of tax will apply above this threshold.
| Taxable income | Tax rate |
| $0 – $45,000 | 15% on each dollar up to $45,000 |
| $45,001 – $120,000 | 32.5% on each dollar over $45,000 up to $120,000 |
| $120,001 – $180,000 | 37% on each dollar over $120,000 up to $180,000 |
| $180,001 and over | 45% on each dollar over $180,000 |
You don’t need to lodge a tax return if all of your income was earned as salary or wages while you were a WHM and the total of your taxable income for the income year was less than $45,001.
For more information, see tax table for working holiday makers.
If you are an Australian resident or hold any other visa, then you don’t pay any taxes if your annual income is below $18,200, however over and above that figure, the following tax rates apply:
| Taxable income | Tax rate |
| $0 – $18,200 | Nil |
| $18,201 – $45,000 | 19% on each dollar over $18,200 up to $45,000 |
| $45,001 – $120,000 | 32.5% on each dollar over $45,000 up to $120,000 |
| $120,001– $180,000 | 37% on each dollar over $120,000 up to $180,000 |
| $180,001 + | 45% on each dollar over $180,000 |
For more information, go to ato.gov.au/occupations or make an appointment with a registered tax agent or accountant to help you.
And yes, the costs of engaging a professional to help you complete your tax return is a claimable expense.
