How will Withholding Tax be deducted?

Withholding tax will be collected when you make a full withdrawal from your Blossom account. The amount withheld will be clearly displayed in your app when you make your withdrawal request. If you have not made a full withdrawal during the year, we will collect your withholding tax by making a withdrawal for you after the end of the financial year. A maximum of 15% of your earnings (your earnings, not your total investment!) will be collected by us. The withholding tax will then be paid to the Australian Taxation Office (ATO) on your behalf.

At the end of the financial year, it’s possible that the amount of withholding tax we withheld for you may have been too much. If we’ve withheld too much tax, we will refund the excess to you.

This is not tax advice. We recommend you seek your own advice from a tax professional.