Tax Return:: 2022 Early Tax Return & Superannuation Refund

Hello, this is P&C Tax Professionals. I hope everyone had a splendid holiday and are ready to make a refreshing start to a new year!

In our very first blog post for the year, we will discuss about applying for an early tax return and getting your superannuation refund (commonly known as the Departing Australia Superannuation Payment).

Every year in Australia, the normal tax return lodgment season begins from 1 July to 31 October. If we take the 2022 financial year as an example, you would be reporting the income you have earned from 1 July 2021 to 30 June 2022 in your 2022FY tax return.

However, if you are leaving Australia before the tax season officially starts, in this case you would have to lodge an early tax return. This basically means that you do not have to wait until 1 July to report your income and expenses.

The conditions which will allow you to apply for the early tax return is as follows:

> You are no longer working in Australia

> You are leaving Australia for good before the end of the income year (i.e., 30 June)

> You will no longer derive any further income in Australia (this includes dividends from your Australian shares, interest income, etc.)

If you satisfy all of the above conditions, you are more than welcome to apply for the early tax return before you depart Australia.

On the superannuation side of things, if your current visa is due to expire or if you have cancelled your visa and you are no longer planning to re-enter Australia within 1 to 2 months, you would be eligible to apply for your Departing Australia Superannuation Payment (DASP) after you leave.

The conditions that would enable you to apply for a DASP is outlined below:

> You have currently departed Australia

> Your visa has expired and you no longer hold any visas in Australia

If you have any other questions regarding this matter, please do not hesitate to contact us through our official Facebook Page (P&C Tax Professionals – Australia) or through our email address at pnctax@naver.com.

Thank you.