Thousands of Australians living abroad don’t realize they still have to file a tax return each and every year. Now it does seem a little odd to file a tax return when you don’t even live in the country anymore but the truth of the matter is it’s the law. Remember, you are technically still a citizen of Australia and as such you have their protection should something go wrong. In reality, it is your duty to inform the government of your circumstances. It doesn’t matter whether or not you reside in the country for two days out of the year or two hundred, you are required to file.
You Can Save On a Lot of Tax
There is a high tax exemption threshold for Australians living abroad. This means you are going to pay considerably less tax, but while this can be a fantastic thing for you, it isn’t always as simple either. The process to file a tax return and obtain a tax refund is extremely difficult and it is one very murky area, too. However, if you have experience in dealing with this then you should find it plain sailing. Usually there is a lot of money to be saved, especially when you file early. Don’t miss that deadline otherwise you’ll face a fine.
A Complicated Procedure
To be honest the legalities of the expatriate tax return is extremely complicated and very lengthy. For those who want to decipher the regulations surrounding the tax return will be very brave because there are many who just don’t understand. The truth of the matter is while there are simple ways to save money you are going to go through a very long and complicated procedure. Unfortunately, nothing is free in life and you are going to work hard to understand the expatriate tax return system.
You Need Professional Help to Understand the Conditions
As said above, the process can be quite difficult because there are lots of forms to go through but if you get someone on your side to help, it will be much simpler. Professional tax accountants who deal in expatriate tax returns are the best people to seek help from. They know the tax laws better than anyone else and can actually make the process much easier for you to understand. What is more, they can handle the tax return forms which means you have more time to sit back and relax.
Follow the Rules
The expatriate returns system is quite complicated at the best of times but once you have some experience dealing with it, it will be a lot easier – as long as you follow all tax laws and rules. Of course if you were to get help to file then you don’t really need to worry because you know everything is being taken care of. Yes, taxes are worrying always but try and remain calm. If you have a little help then you should find it easy. You can save a lot of money and you might even see a nice tax refund.
Find out more informations here: http://time.com/money/4213768/expat-taxes-2016-fatca-tips/