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Are You Coming to Australia on a 457 Visa and Seeking 457 Visa Tax Advice ?
If you are seeking 457 Visa tax advice, then Tax Liaison can assist, especially if you are new to Australia and don't know your Australian income tax obligations.
You are deemed to be an Australian resident if you are on a 457 Visa, but you still have a requirement to lodge an Australian income tax return.
Not lodging an Australian tax return can result in late lodgement penalties (currently at $110 a month up to a maximum of $550) and general interest charges (currently at 10.30% p.a.) for unpaid income tax liabilities.
So are you in one of the four (4) circumstances below?
1. Arrived in Australia less than 12 months ago on a 457 Visa ?
2. Arrived on 457 Visa for four (4) years sponsored by your current employer?
3. You are lodging your Australian tax return for the very first time and seeking 457 Visa tax advice ?
4. You like to pay less Australian tax, receive a larger Australian tax refund and not have any problems with the Australian Taxation Office ?
Tax Liaison CPA Accountants can help.
- We have Australian and international taxation and accounting experience with taxation rules, treaties and tax exemptions;
- As an "expat" or expatriate on a 457 Visa, you don't want to figure out how the Australian tax rules and your own country tax rules work, including the overlaps and "double-dipping". If you are from the United Kingdom, South Africa, United States, China, Hong Kong or India, we can especially help. You will need an accountant that is up to date, familar with Australian Double Tax Agreements but most importantly, how it affects you in your own pocket - without all the jargon that some accountants try to explain to you. Knowing the accounting and taxation rules are important to getting the best outcome, especially when you have been posted internationally from another country, but a lot of accountants don't know how important that is to clients.
- Another question that needs to be addressed is whether you are a resident or a non resident for Australian tax purposes. This answer can have a significant impact on your renumeration package.
- As a 457 Visa holder, you may qualify for a TAX FREE LAFHA (Living Away From Home Allowance) arranged with your employer. Tax Liaison can assist your employer to structure your LAFHA at no cost to them so you can receive more cash in your pocket.
- As a 457 Visa holder, Tax Liaison can also assist you in not having to pay the Government's 1.5% Medicare Levy tax. If you are not entitled to a Medicare card in Australia, you are not required to pay the 1.5% Medicare Levy tax or the 1% Medicare Levy surcharge. You will however need to obatain a certificate from the Medicare Levy Exemption Certification Unit of Medicare Australia confirming exemption. When you lodge your Australian tax return, you will be exempt from paying the Medicare Levy if you have the certificate. Tax Liaison can assist you in applying for this certificate.
- Most 457 Visa holders are also entitled to superannuation (pension) contributions. These are in addition to your salary and are not deducted from your salary. In most cases, you have the right to choose which superannuation scheme you would like your superannuation paid into.
People who have entered Australia on a 457 Visa and who have left Australia since 1 July 2002, may claim any superannuation they have accumualated during their stay in Australia. Tax Liaison can assist in having your superannuation refunded when you leave Australia on a permanent basis.
- We can also educate you on what work related expenses you can claim against your salary earned in Australia when we prepare your 2009 tax return so you can receive a larger income tax refund.
Would You Like to Know More ?
If you are seeking advice on 457 Visa tax, then call our office on +61 2 9810 5368 and speak to the Principal Henry Chow, one of our accountants or email our office on info@taxliaison.com.au.
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