It would seem pretty obvious that, due to the corona virus and its impact on the Australian
economy that we are extremely dependant on China to spend their money on anything and
everything in Australia.
I don't need to rant on about the hit we are going to take because of the virus.
Its been in the media for some days now..even Chinese restaurants are losing trade etc etc.
What brings me to this post is an article I just read regarding the availability of an animal
called a "withholding variation application"
If we visit the ATO website, we can, if we want to, make an application to vary the tax taken out of our
fortnightly pay packets.
Obviously, we would have to accurately calculate that by the end of the tax year, we are entitled
to a sizeable refund. Instead of waiting for the refund in a lump sum, we can apply to the ATO
for the refund in advance in the form of reduced tax in our pay packets.
EG If you calculate that by the end of the tax year, you are entitled to get two grand back,
you then fill the form in, submit it electronically, and bingo, you get the two grand back
in your pay packet, split up over the rest of the tax year.
If done say in December, this would give you about $150 extra every fortnight over the 13
pay periods remaining. The trap of course is, your maths have to be spot on, otherwise you
pay underpay your tax and this means you get a bill....shock horror..
Human nature being as it is, how many will avail themselves of this wonderful invention.
Im just wondering how long this has been around.
Has it existed for decades, or is it just another grubberment attempt to stimulate
a failing economy....
I think us peasants are being played for suckers.....
But that's nothing new in a world that's rooted......
