Fifo And The Mining Industry. Fifo accountant

industry

As you may be well aware, working as a mining professional in Australia entitles you to certain tax benefits beyond the scope of the average tax payer, one such tax advantage is the special zone tax offset.

The general idea is that you are receiving a tax offset for working in a rural area, the offset differs from a tax deduction as it does not lower your taxable income but puts money directly into your pocket.

There are three different zones for Special Zone Tax Offset, Zone A, B and Special. Special zone providing us with the highest tax offset, followed by A then B (For a list of the tax offsets in each zone, as well as a list of which zone your location is in please visit ATO website).

In order to claim the Special Zone Tax offset you must have lived in the location for more than 183 days for the year (not necessarily continuous), or lived in the zone for more than 183 days over the previous two years and not have claimed the offset last year.

For any further queries, please contact your local fifo accountant.

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