When can you get a tax refund

N

neiliss

I am looking at purchasing an investment property that will stretch me financially . The monthly repayments on the mortgage will be very high compared to my salary and the property will be highly negatively geared.

When can I submit tax returns for the negative geared property to claim back some of the money, ie. would I be able to do this on a quarterly basis?

This is really a question of Cash Flow I guess to determine how much I really need to own the property before I receive the tax benefit from the ato.

Thanks
Neil
 
You can organise through your paymaster at work to have your end of year tax deductions paid in instalments, as you currently get paid. You or your accountant need to fill out a PAYG tax variation form. It is basically estimating your tax position and refund, and then, if the ATO approve, you can have your paymaster withhold less tax through the year. I wouldnt recomend underestimating, as you will be up for a bill at the end of the year, and you may also be up for penalty interest from the ATO.
 
ATO are very quick to respond - took them less than 10 days to do ours this year - maybe we got in early before the rush?
 
Thanks everyone, I will look into getting this done ASAP so that I dont end up with cashflow problems. Any other advice on this will be appreciated as well.

Regards
Neil
 
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