If you worked in any of these countries, you could be due a Tax Refund

A Guide for Skilled Visa Workers in Australia's Oil, Gas, and Mining Sectors

#TaxTipsAustralia #Featured

Working in Australia's thriving oil, gas, and mining sectors as a skilled visa worker can be an exciting opportunity. 

Whether you’re planning your trip or have secured an Australian permanent work visa already, you’ll need to get to grips with some of the aspects of taxation in Down Under!

With tax season approaching, we’ve put together this guide that aims to provide you with valuable insights into navigating tax returns and refunds in Australia, ensuring you make the most of your financial situation.

Understanding your tax residency

The first step to managing your tax affairs is determining your tax residency status. 

This depends on factors such as the duration of your stay, ties to Australia, and the nature of your visa. As a temporary resident, you are generally taxed only on income earned in Australia. 

However, if there comes a time when you secure permanent residency, your worldwide income could be subject to Australian taxation. Consulting with a tax professional can help clarify your specific situation.

Visa types for skilled workers

There are multiple visa types available to skilled workers who are living in Australia.

For example, 189 Visa, 190 Visa, 491 Visa, 489 Visa, and the 191 Visa.

Each one offers a good option to live and work in Australia, but not all will be applicable to you.

It is imperative to do research before applying for a skilled worker visa to make the process easier.

Skilled visa workers in Australia

Filing a tax return and claiming a tax refund

All workers, including skilled visa holders, are required to lodge a tax return each financial year. This process involves reporting your income and claiming deductions. 

It’s a good idea to keep detailed records of your earnings, expenses, and any allowable deductions related to your work. This will help you when filing your documents.

Ensuring you claim everything possible will maximise your oil, tax refund in the oil, gas & mining sectors in Australia.

A lot of people leave their tax refunds with the taxman in Australia, primarily because they were not aware that they could claim one!

That’s why it’s always worth checking how much you’re owed.


Claiming work-related deductions

If you are a skilled visa worker on an Australian work permit in the oil, gas, and mining sectors, you’ll often incur various work-related expenses. 

These may include tools, safety gear, uniforms, travel expenses, and more. 

To claim these deductions, ensure you have proper records and receipts as proof. 

The Australian Taxation Office (ATO) provides comprehensive guidelines on eligible deductions for different industries, and staying informed can help you reduce your taxable income.

The average tax refund Down Under is AU$2600


Will I make Superannuation contributions?

As a skilled visa worker in Australia, you will more than likely pay into a superannuation scheme along with your employer. 

Superannuation is an essential part of the Australian retirement savings system. However, you may not wish to retire in Australia. That’s why there is an option to claim your Superannuation refund.

The refund you will receive is called a ''Departing Australia Superannuation Payment’’ or DASP and you can only claim it if your visa has expired and you’ve left Australia.

If you are a working holidaymaker on either a 417 or 462 visa, your superannuation refund will be taxed at a rate of 65%.

If you are on any other visa, your super refund will still be taxed at 35%.

Yes, paying tax on your refund is a pain but you'll still get a substantial amount, maybe even enough for another holiday!

Taxback can claim your tax refund with ease!

Taxback can help you claim a potentially HEFTY AUSTRALIAN TAX REFUND - so it’s definitely worth checking out what you’re owed.


Do I need to register for Goods and Services Tax?

While GST doesn't typically apply to wages, it's essential to understand GST rules if you provide any services or sell goods on the side.

If you're working as an independent contractor, for example, you may need to register for GST and report on your business activity.

Failing to comply with GST requirements can result in penalties.

The average tax refund Down Under is AU$2600


How Taxback can help you

Navigating the complexities of Australian taxation can be challenging for most relative newcomers.

As a skilled visa worker contributing to the Australian economy, understanding your tax obligations is crucial for your financial well-being. 

That’s where Taxback can help you!

Seeking assistance from a tax agent like us, with extensive Aussie tax knowledge, you can ensure you don't miss out on any potential deductions and that your tax return is filed correctly and on time.

By familiarizing yourself with the nuances of tax residency, deductions, superannuation, and GST, you can potentially secure a substantial tax refund! 

Remember that seeking advice from tax professionals like Taxback will provide you with highly personalized guidance tailored to you and your tax circumstances, ensuring that you can make the most of your time down under!

About The Author

Rory Lynskey - Digital Content Executive @ Taxback.com

Rory is the Digital Content Executive at Taxback.com. Rory graduated from Technological University Dublin with a degree in Journalism in 2019, and has had his work published both online and in print at a national and regional level.

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