All Topics / General Property / ATO PAYG Form

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  • Profile photo of JoeBorgJoeBorg
    Member
    @joeborg
    Join Date: 2003
    Post Count: 2

    Hi,
    Can anyone tell me about the PAYG form that allows you to get a tax concession weekly rather than at the end of the year.

    I would also like to know how long it takes to set this up.

    My situation is that I am due to settle on a property pretty soon and would like to know when I need to engage an accountant to lodge this form for me.

    Any help is greatly appreciated

    Profile photo of eesholeeeshole
    Member
    @eeshole
    Join Date: 2005
    Post Count: 63

    Hi JoeBorg,

    Here is a link to the ATO website which explains how it all works. http://www.ato.gov.au/individuals/content.asp?doc=/content/17023.htm

    Here is a link to download the form itself.
    http://www.ato.gov.au/corporate/content.asp?doc=/content/43572.htm

    Basically I think you fill it in, lodge it with the ATO, they send you back a document confirming your new PAYG withholding instalments, you give that document to your Payroll dept, then Payroll applies the new tax instalments to your pay.

    I believe this is how it works. I don’t actually use it myself. Anyone else have this in place and can add some advice?

    eeshole

    Profile photo of christobellchristobell
    Participant
    @christobell
    Join Date: 2004
    Post Count: 30

    Yes that is correct Joeborg..but you do not need to give anything to your pay office..the ATO send them and you a similar letter advising the percentage of tax to be withdrawn from you salary, depending on your circumstances..the proceedure takes around 3-4 weeks. You cant get it started untill your tenant moves in and you have a date and know what rent they will be paying. Christobell

    Profile photo of JoeBorgJoeBorg
    Member
    @joeborg
    Join Date: 2003
    Post Count: 2

    Thanks Eeshole and Christobell, I appreciate the quick replies.

    I already have a tennant but I have not yet exchanged, can I lodge this form before I exchange?

    Cheers
    Joe

    Profile photo of maniyakmaniyak
    Member
    @maniyak
    Join Date: 2002
    Post Count: 10

    You can lodge the Withholding Variation any time you like – its just an estimate of your taxable income for the year. Do an ACCURATE budget, if you ask them to withhold too little tax they will do, but you may be denied this in future years. Lodging now will just be for 2004-05, and you have to do it again for next year, why not wait until then whne you have better figures?

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