Withholding tax
#1
BE Enthusiast
Thread Starter
Joined: Jun 2005
Posts: 389
Withholding tax
Not sure how I managed to miss this but I just found out today I've been paying 46% witholding tax in one of my savings accounts.
Because I opened the account from when I was at the UK and never had a TFN this Tax is what automatically goes on the bank account.
Thing is I never knew, the bank never told me it was something I shouldnt be paying and never asked for my tfn or informed me what it was, on my part I assumed it was just what was charged.
The bank have agreed to pay me back for this year but say they cannot do anything about the previous years.
Does anyone know if I can take this up elsewhere?
Thanks
Because I opened the account from when I was at the UK and never had a TFN this Tax is what automatically goes on the bank account.
Thing is I never knew, the bank never told me it was something I shouldnt be paying and never asked for my tfn or informed me what it was, on my part I assumed it was just what was charged.
The bank have agreed to pay me back for this year but say they cannot do anything about the previous years.
Does anyone know if I can take this up elsewhere?
Thanks
#2
Guest
Posts: n/a
Re: Withholding tax
Put it in your tax return, and it gets offset as tax already paid. Therefore it should come out all OK.
The ATO will be holding it somewhere as a credit.
The ATO will be holding it somewhere as a credit.
#3
BE Enthusiast
Thread Starter
Joined: Jun 2005
Posts: 389
Re: Withholding tax
Thanks, I will give it a go, not sure about wether they will accept it being from 2 years ago but its worth a try.
#4
BE Forum Addict
Joined: Mar 2009
Posts: 1,289
Re: Withholding tax
You either need to file tax returns for those missed years. Or - if you did file tax returns in those years - file Amendments. There is a 2-year time limit on filing Amendments (from due date for the payment of tax being shown on the notice of assessment).