Timing of tax savings: June tax instalments

As tax is paid quarterly through PAYG instalments, it is not necessary to wait until lodgement of the 2015 tax return in order to get the tax benefit of, say, a large or double superannuation contribution. If taxable income for 2015 is going to be lower than 2014 (due to superannuation contributions or any other reason) it is a simple matter to reduce the June 2015 instalment that would otherwise be payable.

Please contact our office if you think your 2015 income will be significantly lower than 2014 and we can reduce your June 2015 tax instalment. This must be done prior to the due date, which is 28 July 2015.