64 Jolimont Street, East Melbourne VIC 3002

Accounting News

Working holidaymakers and tax returns

If your business employs working holidaymakers – or you’ve been one yourself this year! – you need to satisfy the “backpacker tax” s that came into effect from 1 January 2017.

Employers needed to issue two payment summaries to each working holidaymaker with the income apportioned before and after 1 January 2017. Only one summary is issued for 2018.

If the right visa is held (471 or 462 are most common) the tax rate is:-

0 - $37,000 15% each dollar

$37,000 - $87,000 32.5% over $37,000

etc

Employers must register their intention to hire working holiday makers.

It is advisable not to attempt to comply with these rules without help.

AcctWeb



W Marshall & Associates 64 Jolimont Street, East Melbourne VIC 3002

Important: This is not advice. Clients should not act solely on the basis of the material contained in this Commentary. Items herein are general comments only and do not constitute or convey advice per se. Also changes in legislation may occur quickly. We therefore recommend that our formal advice be sought before taking any action. The Commentary is issued as a helpful guide to clients and for their private information. Therefore it should be regarded as confidential and not be made available to any person without our prior approval.