Tax & Accounting
Connect Advisors is an ideal choice for expats moving to Melbourne who require tax and accounting services.
They are commitment to delivering effective and uncompromising high-quality results for their clients covering all aspects of tax and accounting.
Tax & Accounting for Expats in Melbourne
Australia has comprehensive tax laws particularly for permanent residents. Everyone working in Melbourne is required to complete a tax return after each financial year which commences on July 1 and concludes on June 30.
Key Tax & Accounting tips you should know as an expat in Melbourne
- Australia has a progressive tax system meaning the more you earn the more tax you pay.
- Tax is withheld by your employer at each pay cycle. Over or under payment is rectified when you lodge your tax return.
- Unless you are a “temporary resident” you will be taxed on your worldwide income. It is advisable that you seek tax advice before arriving in Melbourne so you are aware of the tax obligation on your foreign income.
- Only the federal government levies income taxes in Australia. There are no state income taxes.
- Australia has a broad capital gains tax system on investment assets.
- Expats moving to Melbourne with share options are advised to seek advice on the tax obligations arising from their options before they arrive in Melbourne.
Tax & Accounting for expats establishing a business in Melbourne
- Australia has comprehensive business tax laws for both domestic and foreign companies. It is advisable that businesses entering the Melbourne market seek the services of a local tax advisor that can assist with navigating the tax system.
- Australia has a GST (Goods and Services Tax) which applies to most products and services. Business earning over a certain revenue are required to register for GST and report on a regular basis, most commonly quarterly.
- In addition to business tax, businesses establishing in Melbourne are required to pay payroll tax to the state government which is a percentage of the wage payments made to employees.
- Employers are required to pay superannuation to their employees which is percentage of the employee’s income and is paid to their nominated superannuation fund.
Download the Tax & Accounting Melbourne Chapter
The Tax & Accounting Melbourne Chapter written by Jason Zhang, Connect Advisors, provides further detailed information about issues you need to be aware of in regards to Business Taxes in Melbourne.DOWNLOAD NOW