You currently have or may be considering, applying for a PAYG Withholding Variation. This allows you to receive your expected tax refund during the year as part of a reduction in your income tax withheld from wages/salaries, rather than waiting for the year end tax refund. It certainly helps with cashflow when you have investment properties or investment shares with lending attached.
It may be worth considering if:
- Your salary has increased or decreased significantly
- Investment property rental income has increased or decreased
- You have changed employer, had significant time off or received a bonus
- You have sold or purchased a property or a number of shares
(These events could mean you are having far too little or far too much tax being withheld.)
If you answered yes to any of the above, then YES you should amend your variation or apply for a new one, as not doing so may leave you with a potential tax liability at tax time. Use our fast turnaround service to ensure any adjustment needed is made before too many more pay periods go by.
For us to get this organised, we will require, where applicable;
- two of your most recent payslips
- Settlement statements for the sale or purchase of your property
- details regarding any other changes to your income or employment details.
To discuss whether an amendment is right for you, please contact our Awesome team on 07 5596 4604 or info@thefirm.com
