All Topics / Finance / Negative gearing & reducing tax on your pay

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  • Profile photo of maree_bradrossmaree_bradross
    Member
    @maree_bradross
    Join Date: 2007
    Post Count: 401
    January 31, 2010 - 3:18 am

    I will be speaking to our accountant tomorrow – but thought someone here might know?
    When we do our tax return we elect to have our IP deduction paid in a lump sum. The accountant asks if we want to vary the tax we pay through our respective payroll offices, but we elect for the lump sum.
    We now need some access to money (to do some pressing things with the rental property and was wondering what is involved it doing the variance through your pay? Also can it be backdated to July 09?
    Thanks in advance.
    Maree

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    January 31, 2010 - 7:50 am

    Hi Maree

    Your Account would lodge a 221D Tax variation form and when it comes back from the ATO would hand the letter into you respective employers and they would take less Tax out from the pay period onwards.

    You are unable to back date and need to wait until June 30 to obtain the balance of the refund.

    Richard Taylor | Australia's leading private lender

    Profile photo of maree_bradrossmaree_bradross
    Member
    @maree_bradross
    Join Date: 2007
    Post Count: 401
    January 31, 2010 - 8:14 am

    thanks heaps Richard

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    January 31, 2010 - 8:18 am

    Always a pleasure Maree.

    Richard Taylor | Australia's leading private lender

Viewing 4 posts - 1 through 4 (of 4 total)

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