Tax File Number Australia
Question: what happens if I work ussing my old tax file number in australia on a holiday visa?
Working on an expired Australia TFN
Answer: TFNs don’t expire – we keep the same numbers throughout our life and they never need to be renewed.
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Tax File Numbers Privacy
Deadline looms for nonprofits | By Magdalena Wegrzyn © 2010 Longmont Times-Call
LONGMONT – If you’re a small nonprofit, the tax man cometh this month. But he’s not looking for taxes. Nonprofit organizations that operate on $25,000 or less a year and have not filed annual returns for the past three years have until Oct. 15 to submit their information to the Internal Revenue Service to avoid losing their tax-exempt status.
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Tax File Number Application In Australia
Question: Tax File Number – Victoria, Australia?!?!?!?
We put in our tax file number application forms at school on Friday and they said it could take a few months till we actually get our numbers.
I was just wondering whether you are able to get a part time job before you get the number?
Thanks heaps! =]
Answer: A couple of things…
1. Because you’re under 18, your employer will not have to withhold any amounts from your pay if they are not more than $112 (if you’re paid weekly), $225 (if you’re paid fortnightly) or $489 (if you’re paid monthly). If this is the case, whether you have a tax file number or not is irrelevant.
2. If your payments are likely to be over these amounts, your employer has a ‘grace’ period of 28 days (the time it normally takes to process your tax file number) in which they don’t have to withhold tax from your pay at the highest marginal tax rate (46.5%), if you indicate on your tax file number declaration form that you have applied for a tax file number. After this period, if you haven’t supplied your tax file number your employer must withhold tax at 46.5% from your pay (but you will probably get this back at the end of the year anyway).Hope that makes sense.
POLITICAL HOT TOPICS: Friday, July 2, 2010
The CNN Washington Bureau’s morning speed read of the top stories making news from around the country and the world. WASHINGTON/POLITICAL For the latest political news: www.CNNPolitics.com CNN: Witnesses offer support, opposition to Kagan as hearing concludes Supreme Court nominee Elena Kagan’s confirmation hearing by the Senate Judiciary Committee concluded Thursday …
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File Tax Online Australia
Question: Australia income tax on online income?
Hi there,
I am migrating to Australia soon as i recently got my Permanent Residency status there. I currently am in Nepal and work online for a US based firm and they send me monthly salary via wire transfer which is not taxed as there is no such system in Nepal.
Now, I want to continue this job, but my question is, when they wire me the money to my Australian bank account each month, will I be taxed? I have not yet applied for a tax file number and I will basically be a student in Australia, who will work online from home (but i am on a Permanent Residence status and not a student visa)
Thanks
Invictus
Answer: Hi Invictus,
As a former freelance IT consultant who used to work at home in one country for a client in another foreign country, I know it for a fact that you are required to pay income tax in the country in which you physically perform your service. You do not owe taxes in the country in which your client is registered, simply because you do not have a tax identification in that country. The fact that you say that in Nepal you don’t pay taxes because there is no tax system there, means that you are lucky to get away without paying them right now. Unfortunately, Australia does tax your income, so you will owe the going rate (I think it’s 30%, not completely sure, though) to the Australian government. The only possible chance for you to try and get around it would be to have your client continue to pay to your account in Nepal, then wire transfer from there to Australia, as though it were your private money. The only disadvantage is that you would have to pay exchange commissions twice; once to change from US$ to currency in Nepal, then again from currency in Nepal to AUS$, plus twice the bank bank fees for international transfers. It would probably be easier to just pay the local taxes in Australia and be done with it, rather than just make the banks richer with your hard-earned money.
If you are doing it freelance, then you will also need to hire a (local) accountant in Australia to do your bookkeeping, so that you can be sure that it is done right, and in accordance with the local tax laws, so you don’t get into trouble for tax fraud.
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Germany-based InfraVest, the largest private wind power company in Taiwan, said Friday it will withdraw from the island because it does not have confidence in the government’s energy policies.
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Application Tax File Number
Question: Does a Canadian Company Receiving Royalty Income from the US require an (EIN) Employer Identification Number?
It would appear from what I have read, that the Canadian recipient of the royalty income need only file a Certificate of Foreign Status of Beneficial Ownership For United States Tax Withholding – Form W-8BEN with the US Person paying the royalty in order to claim treaty relief from the 30% withholding tax otherwise required to be withheld from the payment. Therefore application for an EIN is unneccessary
Answer: Tim,
You are correct that a Canadian recipient of royalty income need only file Form W-8BEN to claim treaty relief from the 30% withholding and does NOT need an EIN. Form W-8BEN is used by the beneficial owner of the royalties and NOT a pass-through entity such as a partnership, NOR is Form W-8BEN used if the recipient has a business in the U.S. (in which case you would have an EIN).
Under U.S. law, a 30% withholding tax applies to royalties. This rate is generally reduced to 10% under the U.S.-Canada income tax treaty and for certain royalties, to 0% (zero). See IRS publication 597 (http://www.irs.gov/pub/irs-pdf/p597.pdf), in particular page one (second paragraph) that states the rules are reciprocal and page 3 (the top left section on 10% and 0%withholding). You do not mention the type of royalty payment, but note that computer software royalties are at 0%.
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Lawmakers will start 2010 with a hefty to-do list thanks to a lot of unfinished tax business they left on the table in 2009. The chief example: the estate tax.
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