Have your hours cut back at work and you can’t afford to pay the bills? What assistance is available to you?
You can apply to have the tax withheld from your pay reduced for the rest of the financial year, so you don’t have to wait to get a refund when you lodge your tax return.
If you are considering this, you need to know:
- The variation will apply for the remainder of the financial year.
- The last date for lodgment of your variation application for the current year is 30 April 2020.
- If the amounts withheld do not cover your actual tax liabilities at the end of the year, you will have to pay the balance in your annual tax return.
You cannot get a variation if any of the following apply:
- Your tax returns are not up to date.
- You have a debit assessment for the previous year as a result of a previous withholding variation.
- You have outstanding tax or superannuation debts.
If you want to apply for a variation, you can lodge your application online: PAYG withholding variation application (e-variation)