S1E20 Income tax in Australia and basics on preparing your income tax return

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The Koala Club Podcast

Kevin and Trang

29 episodes

4 days ago

Are you an overseas student thinking of higher education in Australia? Or are you already in Australia but want to hear about the experiences of other international students? The Koala Club Podcast is a podcast hosted by Kevin and Trang, who will share their journeys from day 1 of arriving in Australia, through to graduation and everything in between. They will cover all education, work, and lifestyle stories as a student in Australia, and share handy tips they have learnt along the way. Check out our radio interview with ABC Illawarra: https://fb.watch/8XyJSF-ltO/ Like & follow us on Facebook (https://www.facebook.com/koalaclubpod) and Instagram @koalaclubpod Logo & artwork by @soleil.boo on Instagram

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S1E20 Income tax in Australia and basics on preparing your income tax return

The Koala Club Podcast

27 minutes 58 seconds

3 years ago

S1E20 Income tax in Australia and basics on preparing your income tax return

It’s tax time in Australia! That means it’s time for you to lodge your income tax return. We know from experience that in your first (or tenth!) year in Australia, tax can be an overwhelming and complicated area! That’s why we’ve put together this episode to take you through the very basics of the Australian income tax system, and how to prepare your income tax return as an international student. We also break down what you must know about Tax File Numbers and the TFN declaration. This episode contains must-know info on your income tax, do not miss this! Disclaimer: we are not giving financial advice in any way, all information is general in nature and does not apply to your specific individual scenarios. Please seek professional advice if you have any questions :) If you’re listening to this on Spotify or Apple we would be so grateful if you could leave us a rating/review! Timestamps: (2:48) What is a Tax File Number? (7:39) Background to preparing your income tax return (11:31) The income tax return (19:55) The TFN declaration Links: Applying for a TFN: https://www.ato.gov.au/individuals/tax-file-number/apply-for-a-tfn/ ATO tax withheld calculator: https://www.ato.gov.au/Calculators-and-tools/Tax-withheld-calculator/ Income tax rates: https://www.ato.gov.au/rates/individual-income-tax-rates Income tax deductions: https://www.ato.gov.au/Individuals/Income-and-deductions/Deductions-you-can-claim/ Medicare & exemption: https://www.servicesaustralia.gov.au/medicare-and-tax?context=60092 Individual tax return instructions: https://www.ato.gov.au/Individuals/Tax-return/2022/ Tax volunteers: https://www.ato.gov.au/Individuals/Your-tax-return/Help-and-support-to-lodge-your-tax-return/tax-help-program/ TFN declaration form: https://www.ato.gov.au/uploadedFiles/Content/IND/Downloads/TFN_declaration_form_N3092.pdf Working out your tax residency: https://www.ato.gov.au/Calculators-and-tools/Work-out-your-tax-residency/ Social Media: Facebook - The Koala Club Podcast -https://www.facebook.com/koalaclubpod/ Instagram -https://www.instagram.com/koalaclubpod/ Youtube - https://www.youtube.com/channel/UCw-5VTzdXOr0qRTELchqufw

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