What does the end of the tax year in 2 weeks (30th June 2015) mean for a Working Holiday Maker in Australia?
With the end of the tax year approaching in just 2 weeks’ time, there is plenty of talk about lodging tax returns. But what does this actually mean for the average working holiday maker when considering their backpacker tax return?
When is the Australian tax year?
The Australian tax year runs from the 1st of July each year through to the 30th of June the following year.
How does the end of the tax year impact me?
A working holiday maker who works in Australia and pays income tax is required to lodge a tax return for each tax year they have worked in Australia. Owing to the large backpacker tax back amounts most working holiday makers get, it is also extremely wise for a backpacker to file for their backpacker tax refund.
For an instant free estimate of your tax refund amount, please see the tax calculator.
When should I lodge?
It is advisable for you to lodge after you have finished work for the tax year being claimed for. So if you are not going to work again between now and the 30th June 2015, you can go right ahead straight away and lodge. If however you are going to work right up until the 30th June 2015, you may choose to lodge within the first few weeks of July 2015.
After the 30th June passes, you should receive your PAYG summary and/or payslips up to the 30th June 2015 from your last employer – they will likely give these to you in the first 2 weeks of July. It may be wise to get on the front foot now and advise that you are expecting to receive these documents as soon as possible after the 30th June. Note – it is an obligation that they provide these documents to you.
The sooner you lodge, the sooner you are likely to obtain your tax back.