Budget Carefully
You know how much your income and basic expenditures are, so pay all bills immediately at the start of each month and you will know exactly how much remains.Keep records of your expenditures.
This will help you recognise the areas in which you spend the most money and will also be helpful when you file your income tax return. Many international students do not earn enough money to pay income tax, but may have federal and state tax withheld from their paychecks during the year. The government will give this money back to you after you file a tax return July of each year. A record of your income and expenditures will be required when filling out these forms.
Taxation
Here is some important information about tax in Australia and how it may affect you. This is adapted from http://www.aust-immig-book.com.au/if_taxation.html
The Australian Taxation Office (Tax Office) collects money – taxes – from businesses and individuals. This money is used to provide important community services including schools, hospitals, education and infrastructure such as roads and railways.
If you earn money in Australia, you may be required to pay tax. The money you earn – or income –may be from a job, a business or from investments in rental property or shares, both in Australia or overseas.
The Australian tax system requires you to tell the Tax Office about your income so the correct amount of tax can be calculated.
In helping you to fulfil this important community responsibility, the Tax Office requires you to be honest in the information you provide. The Tax Office endeavours to treat you fairly and with respect.
More information on business and taxes is available on the Tax Office website on www.ato.gov.au/businesses
For superannuation go to www.ato.gov.au/super
|
