Australian immigrant life tax strategy
Knowledge point 1: Even if the annual income is 0, you have to go to the tax return
Knowledge point 2: What can be refunded
1. property tax rebate, property investment for the Chinese community is the top priority, but the sale of 50% of the net proceeds of the payment of value-added tax is a pain in the neck. First of all, the first clear, since the sale of housing is not required to pay VAT, but also lost the investment in housing a variety of tax rebate concessions. The property tax rebates mentioned here are limited to investment houses, so getting tax relief through interest, maintenance and depreciation while holding is one of the ways to avoid tax, and refinancing is also a good opportunity to avoid tax. The specific real estate investment to save money, save energy, tax avoidance methods, will be followed by an article in the detailed explanation.
2. Put the income into the pension account, Australia allows taxpayers and employers to negotiate their own part of the salary and pension together into the pension account, because the tax rate of the pension account is lower than the income tax (especially high-income groups), put into the pension account is equivalent to less tax, the shortcomings of the statutory retirement age must wait until you can take out.
3. necessary work-related equipment, such as bags, work clothes, etc. If you are an actor, congratulations, your clothes, cosmetics and bags can be refunded hahahaha awesome
4. travel costs between two jobs, including private car wear and fuel costs.
5. bank interest and stock losses, the bank has deducted the tax before giving you the interest, so if your total income does not reach the tax rate deducted by the bank when you file your tax return, the tax office will give you back the interest deducted when you file your tax return. As for the stock loss, it can't be offset against your income, but you can save money by subtracting the previous year's stock loss from the subsequent year's stock profit before paying the tax. To be honest, the tax on stock gains in Australia is also 50%, and speculation is not suitable for Australia ah.
6. Family trust funds and tax avoidance between husband and wife, there is a tax avoidance high-end play, very suitable for the middle class and above and do business with the family, that is, the family trust fund, members must be family members, but the proportion of shares can be replaced at any time, the equivalent of your income according to the proportion of shares to the members of your family, after the sharing of each person to bear their own tax rate, the amount of tax paid becomes lower. For couples, if one party has no income and works full-time at home, you can get some tax benefits by buying a pension, or you can redistribute the property so that the party with the highest income has a lower tax rate.
7. Tax rebates for children, there are great benefits for having children in Australia, not only the maternity fee, public hospitals are free, up to 18 weeks of maternity pay (the man also has a week of maternity pay), milk powder, and related tax rebates, each child tax rebates are also different.
8. Postpone or pay in advance to avoid taxes. You can delay paying taxes on pensions, severance pay, severance pay, bonuses, bonuses, dividends, annual leave pay, long service pay, sick leave pay, and other flexible income for a year by scheduling it to be paid after July 1 (the next fiscal year).
Professional newspaper fees, annual industry fees, business-related bills, car insurance, loan interest, charitable donations, etc. can be paid before the financial year, you can get a tax rebate in the current year, get the money a year earlier.
Introduction to the Australian Pension
The Australian Pension is a government benefit and a source of income for older Australians after they retire. Whether you have a retirement fund or never work in Australia, you can go to the Welfare Department to collect it when you are 65 years old or above. You don't need to pay any money to the government or any other organization, it is a government benefit for the elderly. Whether or how much you can receive will depend on your income and assets, as well as your residency requirements. Pensions are indexed to inflation, adjusted every two years and paid every two weeks, and all pensioners receive discounted medical drugs and other health care. Other benefits offered by the government to pensioners include reductions in transportation costs, local taxes, electricity and car registration fees.
Age conditions for claiming
You must be aged 65 and over
From July 2017, the age for claiming the pension was raised to 65 years and six months, and will then be deferred by six months every two years until July 2023 when it reaches the age of 67 years old.
According to the date of birth, the ages eligible to claim are as follows:
July 1, 1952 to December 31, 1953 - 65 years and 6 months
January 1, 1954 to June 30, 1955 - 66 years
July 1955 January 1, 1955 to December 31, 1956 - 66 years and 6 months
From January 1, 1957 - 67 years