Here are three common reasons you might owe tax, despite paying monthly PAYG.
- You work for more than one company
Every employer deducts tax from your salary based on your salary for that job alone. Having multiple salaries may push you into a higher tax bracket, which means you must pay in the difference.
- You have investment income
Any income you receive from an investment, like property or shares, is added to your employment income and then taxed.
- You sold an asset
When you sell an asset like a house or a painting, the income earned may be subject to capital gains tax.
This is general advice only and there are many concessions and exemptions. Please consult an accountant for personal advice about your individual situation.
#accountant #tax #investing