2010/11 PAYGW Variations

[JamesGG]

Just a quick note for those who may be interested;

The last day for lodging 2010 PAYGW Variations will be Friday 30th April.
The first day for lodging 2011 PAYGW Variations will be Tuesday 4th May.

If you have a current variation in place, note that in most cases it will expire at the end of this financial year. Official processing times are 28 days with the tax office and so you should lodge before the end of May to be assured of the new withholding rate applying to your first paycheque for 2011.

The form to search for on the tax office website is NAT 2036.

 

[Brett IP]

Thanks for the advice, I will lodge mine as soon as able.

My friend does the full payroll process for a company and adjusts his own tax accordingly (conservatively), wonder if this is OK considering he still gets a refund at the end of the year....

Anyone?

 

[EarlyRetirement]

Brett - as I understand it, what your friend is doing is perfectly fine. The ATO are more concerned with people fuding the figures and having to pay money back at the end of the financial year.

 

[Brett IP]

I thought it would be fine as trades people etc only pay tax quarterly/ half-yearly or whatever dependant on their set up. So as long as he has paid enough tax at year end I cant see there would be too much trouble.

Cheers

 

[BV]

Thanks for the reminder James
I'll do the sums and see if it's worth applying for next year.
Cheers

 

[Rixter]

Thanks James....as soon as the new 2011 applic form is on the ATO's site I will fill it out and lodge it online.