Is it possible to have pay your income tax at the end of the financial year instead of having it come out of your pay during the year each pay cheque ?
Hi there,
My understanding is the following:
if you are payg then you… pay as you go…
Otherwise you can defer it to the end of the year – but check with your CPA.To put it in Kiyosaki terms – get on the right hand side of the quadrant asap.
Have a great day!
(Oh – I really enjoy reading your posts! Keep them coming!)
Marco
If you are -ve gearing then you can also complete a 221D form to submit to the tax office to reduce the amount of tax taken out of your pay each period. I believe you basically project what your expenses and income are likely to be and based on this you get the new tax rate. A letter is sent to your employer for them to make the adjustment in each pay. If your situation changes, you just submit a new 221D. This is probably over simplified, but you get the gist.
roger doger
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