Why tax variations are important to a property investor’s cashflow
1. What is a tax variation?
Designed by the Australian Taxation Office (ATO), a tax variation is a pro-forma tax return which estimates your taxable income for the upcoming financial year.
The tax return is put together to take into consideration your income with any property or other deductions. WSC Group can prepare the variation for you and, once you sign it, it is lodged with the ATO. Your payroll office will then receive information from the ATO requesting the amount of tax taken out of your pay is reduced.
2. Why do I need to complete it?
For property investors:
3. When can I complete a tax variation?
A tax variation can be completed once a property has been completely constructed and can be updated as each new property is purchased.
We should do a review of your variation mid-year in January/February.