Hi everybody,
sorry if someone has already asked this question. What is this "Tax Variation Form" i keep hearing about? People tell me I can get some money back early. can some1 explain to me what it is and how it works?
Thanks
PropertySeeker, find out more here – http://www.ato.gov.au/corporate/content.asp?doc=/content/00136083.htm
Property seeker you might find these posts below useful as well
https://www.propertyinvesting.com/forums/getting-technical/legal-accounting/4322944?highlight=variation%2Cform
https://www.propertyinvesting.com/forums/property-investing/help-needed/4323303?highlight=variation%2Cform
https://www.propertyinvesting.com/forums/property-investing/help-needed/4323635?highlight=variation%2Cform
https://www.propertyinvesting.com/forums/property-investing/general-property/4324168?highlight=variation%2Cform#comment-170824PropertySeeker,
In the accounting circles, its commonly called the Section 221D form.
Its basically a form to instruct your employer to take out less tax each month in anticipation of a tax refund (due to negative gearing). Instead of getting a big refund after lodging your tax return, you may get 1/12th of your refund every month instead (via lower tax taken out rom your employer).
You don't necessarily get a bigger refund from lodging S221D form, just sooner. So you benefit from the earlier cashflow (time value of money).
Feel free to shoot me an email. I've written an article on this recently which gives you a numerical example.
Regards
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