We started letting an apartment in 2nd half of Oct 2016. Completed Form 12 accordingly. Revenue informed us they would collect the tax due through a credit adjustment for 2018 (the 2016 liability was small).
Question is, when we complete our tax return (Form 11) this October (for 2016), and pay preliminary tax for 2017, do we:
(a) at the same time need to settle 2016, overriding the original plan or
(b) will revenue still collect the tax due for 2016 through the credit adjustment they originally proposed.
Question is, when we complete our tax return (Form 11) this October (for 2016), and pay preliminary tax for 2017, do we:
(a) at the same time need to settle 2016, overriding the original plan or
(b) will revenue still collect the tax due for 2016 through the credit adjustment they originally proposed.