*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 c...
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 you...
2. Identify ALL your sources
of assessable income!
Distributions from a
family trust or
partnership.
Government
payments received
such as Austudy &
youth allowance,
includin...
3. Consider the
special rules for
those under 18.
“Know
yours?”
4. KNOW your
deductions!
“Yep!”
You may be able to claim deductions for
some expenses related to the income you
received.
But remember you must have the n...
5. Claim the RIGHT
tax offsets!
If you receive Austudy, ABSTUDY,
Newstart Allowance, youth allowance
or other government e...
If your study is directly
related to maintaining or
improving your skills in your
current job, you can claim self
educatio...
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.)...
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 ...
Tax tips for Australian students
Tax tips for Australian students
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Tax tips for Australian students

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Lodging a tax return can often be a daunting process for students… But it doesn't have to be!

As a student, It really does ‘pay’ to understand your tax obligations, so CPA Australia have created an essential guide to help students, and their parents navigate the process.
Save yourself from stress this end of financial year and learn these ‘top tax tips’ from CPA Australia.

*Note: These tax tips are for students who are Australian residents for tax purposes for the year ending June 30, 2014.

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Tax tips for Australian students

  1. 1. *For students who are Australian residents for tax purposes
  2. 2. 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…
  3. 3. Save yourself from stress this end of financial year
  4. 4. 1. Obtain your refund for tax withheld
  5. 5. 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).
  6. 6. 2. Identify ALL your sources of assessable income!
  7. 7. Distributions from a family trust or partnership. Government payments received such as Austudy & youth allowance, including any grants or awards.
  8. 8. 3. Consider the special rules for those under 18.
  9. 9. “Know yours?” 4. KNOW your deductions! “Yep!”
  10. 10. 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.
  11. 11. 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.
  12. 12. 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!
  13. 13. 7. Understand your HELP DEBT
  14. 14. 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 specificamount required to be repaid will depend on many factors includingyour taxableincome.
  15. 15. 8. Know if you are a resident for tax purposes
  16. 16. 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.
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