BenParticipant@benny636Join Date: 2018Post Count: 2
I am relatively new to the property investing forums and I am currently a student, 21 who is heavily into investing education and would like ask some questions to help develop investment strategies. This is my first question, sorry if its obvious but I reckon it’s always better to get an experienced opinion. Anyway I will ask many more questions down the track. This one is in regards to PAYG tax when holding investment property/s, assuming residential:
Is it better to apply for Tax Withholding Variation Form or wait till the end of the FY for the return?
Is it possible at all to not pay tax during the year until it’s all due at the end of the FY, to thus gain interest?
Out of these options which is recommended for investment property/s?
Are there any fees/concerns that must be considered via the recommended investment option you chose above?
Young investor educating myself on property!TerrywParticipant@terrywJoin Date: 2001Post Count: 16,190
Are you a spender or a saver? Generally it would be better to get the tax savings every paycheck, but not if you are a spender perhaps.
If your estimated deductions are enough you won’t have to pay any tax, but you can’t just go making up figures to artificially reduce the tax paid through wages. If you do there could be penalties imposed.BenParticipant@benny636Join Date: 2018Post Count: 2
Thanks for the help.
I would likely be classed as a saver as I am currently trying to save every dollar I can for my deposit. After I purchase my 1st investment property, the plan is to use my tax savings to either help pay the loan off, place it in an offset account and/or save up for the next deposit.
Young investor educating myself on property!