Property investors: this is for you!

If you haven’t heard of the PAYG tax variation, we are about to help your cashflow if you are negatively gearing a property…

Instead of receiving your refund as a lump sum in your tax return, the PAYG tax variation allows you to receive the refund over the course of the year. This is distributed to you via a reduction your tax in your employment pay.

While you can apply for a PAYG withholding variation yourself, your best option is to use an accountant. 
Once the application is approved, the tax department tells your employer your new tax rate – and your take-home pay effectively increases.
Keep in mind you’ll need to apply for this each year. If you change jobs during the year, you’ll also need to put in a new application to the tax office.

Want to learn more? Check out this video!

The PAYG tax variation doesn’t replace your normal tax return. You will still need to visit an accountant at the end of the year to calculate the actual amount of tax.

If you want to see how the PAYG tax variation may benefit you, reach out to our team today!