Income Tax Variation

Did you know?

You can apply to for a PAYG Income Tax Withholding Variation. When this is granted it allows investors to use the benefits and tax deductibility of their investment now rather than later. In other words instead of waiting until the end of the year to claim the tax deductible expenses that relate to your investment, you can lodge a variation form which will see you pay less tax from a week to week basis. The idea is that the extra cash you receive weekly by doing this can help offset the holding costs of the investment.

Below is an extract from the ATO web site

Section 15-15 in Schedule 1 to the Taxation Administration Act 1953 provides that the Commissioner of Taxation may, to meet the special circumstances of a particular case or class of cases, vary the amount an entity is required to withhold from a withholding payment.The main purpose of varying the amount of withholding is to ensure that amounts withheld during the income year best meet your end-of-year liability. An example is where the regular rate of withholding would lead to a large credit at the end of the income year because your tax deductible expenses are higher than normal.

You can lodge a tax variation form on line through the ATO web site or seek a qualified accountants advise in regards to this matter.

As a member you can access a choice of two accountants that will handle this for you at a special introductory price of $165.00. Click here to make contact with an accountant.

Click here to download the PAYG Variation Long Form (Adobe Acrobat PDF - 140KB)