Just reading the 'Retire Early' article and on p.41 (5th paragraph) it reads "… and ignorance of how investors can lodge more frequent returns with the Tax Office to generate regular cash flow".
I couldn't find anything on Google so hoping somebody here could shed some light on the statement. Not quite sure how lodging a tax return more than once a year would help increase CF but it would definitely be good to know. Any ideas?
Regards,
DerekIf you get your tax return cheque sooner then later then you could use this fund to invest further or place into an offset account.
Section 221D of the Income Tax Assessment Act provides the Commissioner of Taxation with the authority to vary the amount of tax installments to be deducted from the salary…so you can be claiming depreciation and deductions on a monthly basis rather than waiting till the end of the year to make your claims.
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Ah that makes it a bit clearer, thanks for answering. So it's along the same lines (if not the same thing) as the PAYG Income Tax Witholding variation form which would also help with the CF. Quite handy in some situations I can imagine.
Regards,
DerekPAYG Income Tax Witholding variation form is one part…there’s roughly a handful of another forms and tricks your accountant can deploy to get max tax return in the quickest possible time.
Speak to a good accountant.
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
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