When you are moving from Working Holiday Maker (WHHM) Visa to a Temporary Skills Shortage 482 (TSS482) you need to ensure that you complete the attached Withholding Declaration form and give it to your employer.
The ATO receives your tax status from your employer, so without doing this you could end up under or over paying tax. It could come as quite a shock when you are completing your end-of-year tax returns.
“If you’re on a working holiday visa, you’ll be taxed at 15% for the first $37,000 you earn. If your residency status changes during the financial year, you’ll need to notify your employer by completing a withholding declaration to notify them of the change in your residency status and you elect to start claiming the tax-free threshold.
When your residency status changes partway through a financial year, you’ll be entitled to a pro-rata tax-free threshold based on the number of months you’ve been a resident of Australia. If you’re concerned you won’t have enough tax withheld based on your situation, you can request extra tax to be withheld by completing an upwards variation form.”
Should you have any queries in relation to your working visa please contact our office at firstname.lastname@example.org.