Can anybody please tell me the name of the Australian taxation form that allows you to pay less tax during the year rather than waiting until the end of the financial year and lodging a tax return.
Is this a better way to do things for those who have property portfolios? Would I see more money during the year opposed to getting money back from lodging a tax return or does it work out exactly the same?
Corie
Hi Corie
Sounds like you're after the PAYG withholding variation form.
http://www.ato.gov.au/individuals/content.aspx?doc=/content/00188348.htm
Your deductions should work out the same – but instead of a lump sum return at the end of the financial year, you pay less tax throughout the year (which can help with immediate cashflow).
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
cheers Jamie, that was the form I was looking for. I think improved cash flow during the year is much better than getting a lump sum at the end of the year, although a lump sum is a way of forced savings.
Yes it depends what suits your circumstances. If your portfolio is CF- then the extra money can help with outgoings. I like my tax return though. Pays for my holidays.
Just make sure you don't over estimate your expenses. Eg interest rates may drop and you pay less interest than calculated and you'll end up with a tax bill.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
