If you usually get a big tax refund each year, it may be possible to arrange to get

your refund each pay day rather than waiting for tax time.

You will need to apply for a PAYG withholding variation from the ATO.

If it’s accepted your employer will reduce the amount of tax you pay on your salary which means your take-home pay will increase.

This strategy is most commonly used by people with an investment property that is negatively geared.

Of course, this will mean that you’ll get a smaller refund at tax time or even no refund. There is also the risk that, if your estimate was wrong and you didn’t pay enough tax during the year, you could end up with a tax bill!

It’s best to speak to a tax agent or accountant to help you run through the numbers before applying for a PAYG withholding variation.