I am a private investor. My aunt who is a non-resident foreigner lent me money. How do I pay 10% withhold tax to ATO?
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And what form should I write?
Thanks!
Hi @kaiiii,
You report and pay the withheld amount through a business activity statement (BAS). You must be registered for pay as you go (PAYG) withholding. When you pay interest to your aunt, you need to withhold 10% tax from the interest payment. Once you've withheld the tax, you report this amount using label W3.
The withholding applies when you make the interest payment, credit it to your aunt's account, or otherwise deal with the payment on her behalf. You'll need to withhold the tax at the time one of these events occurs.
If you don’t have an ABN, use this form to register for a PAYG withholding account. We can also help you over the phone if you’d prefer to call us.
That would be great. May I please have phone number?
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