Voted as one of the coffee capitals of the world with it being said many times that “it’s nearly impossible to find a bad cup of coffee in Melbourne”, many expats are attracted to start a new life in Melbourne.
A large number of expats make the move primarily due to work reasons, having been offered employment. A basic understanding of the Australian personal tax system is thus required.
The Australian tax system is progressive, meaning the higher a person’s income, then the higher the rate of tax paid.
The rate of tax an expat pays on their income depends on whether they are regarded as an Australian resident for tax purposes. An Australian tax resident pays tax at a lower rate than a non-resident and, generally, pays tax on “world-wide” income, ie, income whether earned in Australia or outside Australia.
Various laws and rules exist and apply to determine tax residence and to avoid “double taxation”. Taxes are paid on a taxpayer’s taxable income. What this means is that a taxpayer can , as a general rule, deduct monies they have spent to gain their income, from the income they are paid (such as the expenses of a motor vehicle used in the course of employment, a laptop, phone) thus reducing their tax liability.
Professional, specialist expertise and advice from a qualified accountant and tax advisor is strongly suggested for anyone making a move to Melbourne.
Our E-Team member are experts tax advisors and will ensure that all aspects of your personal tax is looked after.
Kingston & Knight Accountants
Kingston & Knight Accountants is the top choice in Accounting, Taxation, and Business Firm services in Melbourne.
They provide expert service for reasonable rates driven by their commitment to delivering effective and uncompromising high-quality results and continuous passion for excellence.
To know more about Kingston & Knight Accountants, please see contact details below:
Contact Person: Jason Zhang