Applying for your Tax File Number in Australia(TFN)
The "Tax File Number in Australia" (TFN) is the equivalent to the National Insurance (NI) number in the UK.
You need your TFN if you have earnings from employment or investment in Australia and will be a tax resident in Australia.
Apply for your Tax File Number in Australia TFN as soon as you move to Perth, you don't have to wait until you have a job.
It takes 2-4 weeks to obtain your TFN Number which, you will need before you can start work. You will also need a TFN Number to apply for child benefit.
In Australia Income Tax is payable on money you earn during the course of employment (your employee will deduct income tax directly from your wages each pay period)and any money earned on investments (this includes foreign investments).
TAX ON INVESTMENTS AND FOREIGN INCOME
There are lots of little things you can claim back for when you submit your tax return which, include things such as:-
INCOME TAX RETURNS
The tax year runs from 1 July to the 30 June each year. At the end of which you are required to complete an Income tax return. Referred to as a Self Assessment Tax Pack the return should be completed by the 31st October each year.
The Self Assessment must be completed by everyone who is an Australian resident for tax purposes and who has paid tax during the tax year.
Because everyone in Australia who has an income has to complete a tax return you will find that you can get it done for you at very little cost.Source: www.immigrate-to-a-new-life-in-perth.com