3 January 201905:16 PM - edited 3 January 201905:17 PM
I have a question which someone may know the answer to. I am currenty transferring from a 417 working holiday visa to a sponsored 482 visa. My question is, if I don't provide my employer with a withholding declaration when I switch from a 417 visa to a 482 visa and continue getting taxed at a rate of 32.5% which I am being taxed at the moment, will I be able to claim the overpayment of tax while at the end of the financial year?
If I earn $37,000 on my 482 visa before the end of this tax year and continue being taxed on the tax rate of 32.5% which I am currently on, I will pay the following tax:
$37,000 x 32.5% = $12,025
Whereas I should be paying the following as a resident for tax purposes:
$37,000 - $15,439 = $21,561 x 19% = $4,096.59
Therefore I should be entitled to a tax refund of $7,928.41 when I submit my tax return after June 2019. Is this correct assuming I do not submit a withholding declaration?