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Tax Tips *For Students! *For students who are Australian residents for tax purposes
Lodging a tax return can seem daunting for students. And for parents, helping to navigate, these uncertain waters can be challenging… But it doesn’t have to be…
with these top tax tips for students From CPA Australia Save yourself from stress this end of financial year
1. Obtain your refund for tax withheld
The only way you can get back the income tax that has been withheld is to lodge a tax return. Tax can be withheld from your pay, and any interest income you earned during this financial year if you have NOT provided your tax file number (TFN).
2. Identify ALL your sources of assessable income!
This includes any income earned from: Working as an employee or contractor… (including tips). Investment income from bank interest or dividends on shares received. Distributions from a family trust or partnership. Government payments received such as Austudy & youth allowance, including any grants or awards.
3. Consider the special rules for those under 18.
If you’re under 18 some types of income may be taxed at a higher rate… The types of income this applies to are: Income received as a beneficiary from a trust Interest, dividends, rent & royalties
“Know yours?” 4. KNOW your deductions! “Yep!”
Things you can claim You may be able to claim deductions for some expenses related to the income you received. But remember you must have the necessary receipts or credit card statements. Uniforms Protective clothing Related mobile and internet costs Subscriptions Union fees
5. Claim the RIGHT tax offsets! If you receive Austudy, ABSTUDY, Newstart Allowance, youth allowance or other government education payments, you may be eligible for a beneficiary offset. This ensures you won’t pay tax on those payments.
If your study is directly related to maintaining or improving your skills in your current job, you can claim self education expenses! These include: Course books Text books Stationery Student union fees Depreciation of assets like computers & printers 6. Identify self education expenses!
7. Understand your HELP DEBT
If you have a HELP Debt… Don’t fret! Repayments only commence once you earn over $51,308! (for year ending June 30, 2014.) The specific amount required to be repaid will depend on many factors including your taxable income.
8. Know if you are a resident for tax purposes
If you are an overseas student studying at an Australian education institute for six months or more, you WILL be regarded as an Australian resident for tax purposes. That means you will pay the same tax rate as other residents and have access to the tax free threshold. You are only entitled to a pro rata tax-free threshold if you are only an Australian resident for part of the year.
You should always consult your registered Tax agent. Happy EOFY from CPA Australia. These tax tips are for students who are Australian residents for tax purposes for the year ending June 30, 2014.