Hi,
Can anyone tell me about the PAYG form that allows you to get a tax concession weekly rather than at the end of the year.I would also like to know how long it takes to set this up.
My situation is that I am due to settle on a property pretty soon and would like to know when I need to engage an accountant to lodge this form for me.
Any help is greatly appreciated
Hi JoeBorg,
Here is a link to the ATO website which explains how it all works. http://www.ato.gov.au/individuals/content.asp?doc=/content/17023.htm
Here is a link to download the form itself.
http://www.ato.gov.au/corporate/content.asp?doc=/content/43572.htmBasically I think you fill it in, lodge it with the ATO, they send you back a document confirming your new PAYG withholding instalments, you give that document to your Payroll dept, then Payroll applies the new tax instalments to your pay.
I believe this is how it works. I don’t actually use it myself. Anyone else have this in place and can add some advice?
eeshole
Yes that is correct Joeborg..but you do not need to give anything to your pay office..the ATO send them and you a similar letter advising the percentage of tax to be withdrawn from you salary, depending on your circumstances..the proceedure takes around 3-4 weeks. You cant get it started untill your tenant moves in and you have a date and know what rent they will be paying. Christobell
Thanks Eeshole and Christobell, I appreciate the quick replies.
I already have a tennant but I have not yet exchanged, can I lodge this form before I exchange?
Cheers
JoeYou can lodge the Withholding Variation any time you like – its just an estimate of your taxable income for the year. Do an ACCURATE budget, if you ask them to withhold too little tax they will do, but you may be denied this in future years. Lodging now will just be for 2004-05, and you have to do it again for next year, why not wait until then whne you have better figures?
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