Hi all,
Can someone pls explain to me what a 221D form is?
thanks,
CarlinHi Carlin,
The 221D is lodged with the ATO to reduce the amount of PAYG that is deducted from your salary each pay period.
This form is lodged when you have a negative geared investment and/or substantial deductions (i.e. motor vehicle).
The form is effectively an estimate of what your tax return will show at the end of the year.If you do not prepare the 221D and have substantial deductions, you will simply receive a large refund at the end of the tax year (assuming all else being equal!).
Be careful however as there is penalties if you underestimate your income.
Cheers,
Mark Unwin
Williams Partners Pty Ltd
http://www.wp.com.auMany thanks Mark for your very clear explanation.
Best Wishes,
CarlinI think that request for an income tax variation is now called a ‘1515’ i.e. fifteen fifteen.
Tax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.auScott,
you must be reading my mind. I was just about to post that the new PAYG Withholding Variation is now covered by Section 15-15 of the Taxation Administration Act.
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