Provisional tax for positive geared properties

[WBG Redcliffe]

Provisional tax for positive geared properties

I’m sure there are some of you out there who have paid this hideous tax in business. I have not come across it in property.

Last night I went along to the tax talk at the Redcliffe RSL and the big bad tax man mentioned that for those who have positive geared properties, (generating more than $2000) will be required to pay their tax in advance.

 

[Rolf Latham]

Hiya Wayne

I think u will find that any tax payer lodging a rtn with a significant investment rtn component ( read non PAYG employee) will be asked to pay their taxes on a PAYG basis, either quarterly at best or monthly at worst.

Its not so much paying tax in advance, its paying tax as it falls due...............with the ATO making certain assumptions.

ta
rolf

 

[WBG Redcliffe]

Hi Rolf,

Thats what I thought, however after the talk I went and asked the tax man to explain and he confirmed that the tax office will be using the income from the previous tax year to bill for the following year.

 

[Rolf Latham]

Plus growth in GDP

ta
rolf