Taufel, the ICC Umpire of the Year for the past four years, has yet to sign a new deal with the International Cricket Council (ICC).
''It is important to spend time with my family, spend more time with my kids,'' Taufel was quoted as saying by the Herald Sun.
''I am always looking for new opportunities, not necessarily umpiring,'' the ICC Elite Panel added.
ICC does not allow its umpires to officiate in Test matches in their own countries.
The 37-year-old Taufel, who is officiating the first England-New Zealand Test at Lord's, has officiated in 51 Tests, 124 one-dayers and 11 T20 internationals.