This is the busy time of the year when we are all putting in our tax returns. Owners of investment properties that are negatively geared often look forward to receiving a substantial return from the Tax Office.
Many owners may not be aware that they don’t have to wait all year to benefit from the deductions available to them. Instead, by submitting a Pay As You Go (PAYG) Withholding Variation form to the Tax Office, can improve cash flow through the whole year.
By selecting this option, a property investor’s refund for the financial year is estimated. Once approved by the Tax Office, this approval is given to the investor’s paymaster and less tax will be deducted each payday.
If this option would be of benefit to you, simply speak to your Accountant who will be able to organise the correct paperwork for submitting to the Tax Office. A new submission must be made each financial year.
