Introduction of Australian immigrant living tax and pension

# Chinese # Introduction In the immigrant life in Australia, pension insurance and tax payment account for a very important proportion. How do immigrants who have just landed in Australia handle these two things? Let me introduce the living tax and pension for Australian immigrants. Welcome to read!

Australian immigrant living tax strategy

Knowledge point 1: Even if the annual income is 0, tax returns should be made.

Knowledge point 2: What aspects can be refunded?

1. real estate tax refund, real estate investment is the most important to the Chinese community, but it is also very painful to pay VAT at 50% of the net income when selling. First of all, it is clear that the sale of owner-occupied housing does not need to pay value-added tax, but it also loses all kinds of tax rebate concessions for investment housing. The real estate tax rebate mentioned here is limited to investment houses, so it is one of the tax avoidance methods to obtain tax relief through interest, maintenance and depreciation when holding, and refinancing is also a good opportunity to avoid tax. The specific methods of saving money, labor and tax avoidance in real estate investment will be explained in detail in the following article.

2. Put the income into the pension account. Australia allows taxpayers to put some wages and pensions into pension accounts after consultation with employers, because the tax rate of pension accounts is lower than income tax (especially for high-income groups), and putting them into pension accounts is equivalent to paying less taxes. The disadvantage is that you must wait until the legal retirement age to take it out.

3. Necessary equipment related to work, such as bags and work clothes. If you are an actor, congratulations, your clothes and cosmetic bag can be returned.

4. Travel expenses between the two workshops, including the loss of private cars and fuel costs.

5. Bank interest and stock loss, the bank has deducted taxes and fees before giving you interest, so if your total income does not reach the tax rate deducted by the bank when filing tax returns, the tax bureau will return the extra interest deducted when filing tax returns to you. As for the stock loss, it can't be counted as income, but it can save money by subtracting the stock loss of the previous year from the stock profit of the next year and then paying taxes. To tell the truth, the tax on Australian stock income is also 50%, and stock trading is not suitable for Australia.

6. Family trust funds and husband and wife tax avoidance, and there is a high-end game of tax avoidance, which is very suitable for middle-class families and businesses. That's a family trust fund. Members must be family members, but the shareholding ratio can be changed at any time, which is equivalent to your income being distributed to your family members according to the shareholding ratio. After sharing, everyone bears his own tax rate, and the tax payment becomes lower. For couples, if one of them has no income and stays at home full-time, they can get some tax benefits by buying a pension, or redistribute property and reduce the tax rate of the one with high income.

7. Tax refund for children. Giving birth to a child in Australia has great benefits, not only the birth fee, but also the free maternity leave salary for 0/8 weeks in public hospitals/KLOC (the man also has one week's maternity leave salary), milk powder fee and related tax rebates. The tax refund for each child is different.

8. Delay or advance payment for tax avoidance. Retirement pension, severance payment, bonus, dividend, annual leave, long-term service fee, sick leave and other income with certain flexibility will be recorded after 1 (next fiscal year), and the tax payment of these expenses can be postponed for one year.

Professional newspaper fees, industry annual fees, business-related bills, auto insurance, loan interest, charitable donations, etc. You can pay before the fiscal year, you can get a tax refund this year, and you can get the money one year in advance.

Introduction to Australian pensions

Australian pension is a government welfare and an income guarantee for the elderly in Australia after retirement. Whether you have a retirement provident fund or have never worked in Australia, you can get it from the welfare department when you are over 65. This does not need to pay any money to the government or an institution. This is the welfare of the elderly. Whether you can get a pension or not depends on the income and assets of the applicant to meet the requirements of living conditions. The pension is linked to the inflation rate, adjusted every two years and received every two weeks. Pensioners can get preferential medical drugs and other health benefits. Other benefits provided by the government to pensioners include reduced transportation fees, local taxes, electricity charges and car registration fees.

Age requirement for application

You must be 65 years old or above.

From July 20 17, the pension age was raised to 65 years and 6 months, and then it was extended for 6 months every two years until it reached 67 years in July 2023.

According to the date of birth, the eligible ages are as follows:

1 952 July1to1953 February 31–65 years and 6 months.

1 954 65438+1October1to1955 June 30th–66 years old.

1 955 July1to1956 February 3 1-66 years and 6 months.

From 1957 65438+ 10/0/-67 years old.