If you own a negatively geared investment property you may be eligible to have less tax withheld from your wages each week and more money in your pocket.
Simply lodge a PAYG Withholding Variation, if this is accepted, your employer is directed to withhold less tax from your which gives you more cash flow to reduce debts, invest or put into an offset account.
Those who have a negatively geared property investment will have less taxable income than their employer estimated due to their rental property loss offsetting their employment income.
In most cases, you will receive a tax refund for overpaid taxes at the end of the year but if you prefer to get this sooner, why wait?
In particular people who have several properties which are significantly negatively geared may find it difficult to make ends meet if they don’t use a strategy such as this to manage their cashflow.
If you think you could benefit from this strategy, give us a call to speak with one of our rental property tax experts today!
Ph: 0249336888
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