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Under new legislation passed last year, if you're in Australia on a visa subclass 414 or 462, you can't elect to be a resident for tax purposes, but this may change if you change visa types. @Tracey74's right about the working holiday maker visa tax rates, and it's definitely worthwhile checking out the "Am I a resident for tax purposes?" infomration once your new visa comes through.
Check out our tax rates for residents to get a better idea of what may change if you become a resident for tax purposes. If your application is successful and you do become a tax resident, you'll also need to let your employer know by giving them an updated withholdign declaration form so they can update their payroll detials.
Hope this helps.
September 2017 - last edited September 2017
If you apply for a de-facto visa and receive a bridging visa, working holiday maker tax rates effective as of 1/1/2017 won't apply to you. @JodieH is incorrect in saying people on visa subclass 417 or 462 can’t elect to be a resident for tax purposes.
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Tax Return and Taxback Specialist