Australian citizens and permanent residents, are obligated to file tax returns every year with their country of residence, no matter where they live. However, there are some tax planning strategies that may benefit an individual who has an offshore tax account in Australia. For example, if the individual lives and works in Australia then he or she may be able to defer paying tax until the end of his or her financial year. This allows both the tax authorities in Australia and the foreign country to collect tax refunds at the end of the financial year. In some cases, the tax amount still has to be paid, but it may be a smaller amount.
The way to learn more about tax planning is to find an experienced tax accountant in Australia and talk to him about your Australian tax returns. If you decide to use a tax professional, make sure that you meet with several before making your final decision. As most accountants work on a commission basis, they will only advise you on the right course of action. In some cases, the tax returns can be filed electronically and the tax refunds sent directly to the account holder. In other instances, tax returns must be mailed to the tax accountants’ office in Australia.
Tax returns for the financial year ended June 30th are now due for filing by anyone who owns real estate in Australia. July is the deadline for most individuals and corporations to file their tax returns for the previous year. Because this is an important deadline, most tax accountants in Australia have a full staff of qualified tax professionals who are ready to assist individuals and corporations with their tax issues.