Overview of Tax
The Australian financial year is from 1 July to 30 June.
By 31 October each year, all Australian taxpayers must complete a tax return - "the TaxPack". This is a self-assessment system, whereby each taxpayer declares their income and allowances to arrive at their own tax liability.
Tax File Number (TFN)
Every Australian resident with earnings from employment or investment needs a Tax File Number (TFN). You should apply for your TFN soon after arrival - either at a Tax office, via post or online. Your TFN will be allocated and sent to you within 28 days, but if you get work in the meantime, just tell your employer you have applied, so you don't get taxed on a higher rate.
Australian Business Number (ABN)
If you run a business, you will normally be required to register for an Australian Business Number. You will also have to register for the Goods and Services Tax (GST) if your turnover exceeds $75,000 per annum. See the ATO website for more.
Important - Please Read
UK & Australian Taxation - FAQs
Am I taxed on monies I bring into Australia at the time I move to Australia?
Generally not. However, should you
leave funds overseas waiting for a better rate of exchange, the movement in the rates from the date of residency to their actual transfer may be assessable/deductible in Australia.
Special rules apply to certain types of payments. For example, an income distribution from a UK trust after you arrive in Australia (become an Australian tax resident) could be subject to Australian tax.
What happens if I leave property in the UK?
What happens if I decide to rent out the property?
In addition, as an Australian tax resident you will need to report the rental income received less any expenses for the financial year 1 July to following 30 June and pay your Australian taxes less any UK taxes paid.
Do I pay tax in Australia on my UK Income?
Yes, as an Australian tax resident you are subject to tax on your worldwide income & gains. (See next two questions regarding temporary residents who are generally exempt from tax on foreign income & gains)
Does my visa have any affect on my tax position?
The new temporary resident tax measures were introduced with effect from 1 July 2006. Individuals who qualify as 'temporary residents' will be exempt from Australian tax on certain foreign source income or capital gains.