- July 27, 2015
- Posted by: admin
- Category: Uncategorized
The moment you get off the plane in Australia, you may hear about something called the Australian Business Number or ABN. Naturally, this becomes useful in the event you plan to work and finding a Melbourne accountant that can help you understand the basics is going to come in useful. Knowing all you can about all the business conditions and tax information required in the country for anyone working including students will go a long way for you not to encounter any surprises if you plan on getting a part time job.
Working Under ABN
When you work under the Australia Business Number conditions, you have more chances of getting tax advantages. This means that you will have to pay at the end of each financial year in Australia such as bank account costs and phone bills. In addition, you can get paid not according to your worked hours but rather according to each task you performed. Keep in mind that when you work under this premise, at the end of each fiscal year, all your income needs to have been declared. The office of taxation in Australia analyses all the information and then lets you know whether or not you need to pay more tax on top of your gross profits.
Useful for Students
Of course, a student does not need to work while in the country. However, for workers that are self employed, ABN can be very functional. This applies to people whose work includes house labour or cleaning, baby sitting, specialists in the IT field and architects. It is the employer most of the time who invites you to work under ABN or TFN. It is of course the recommendation that all students apply for these identification numbers both upon their arrival in Australia, as these documents are free for applicants and you will be able to give to your potential employers at a later date whichever number they prefer.