Varying PAYG

[Millsy]

I'm just about to buy my first IP and I'm looking at the deal with reducing my PAYG instalments. Can anyone tell me if its just a matter of talking with the ATO and filling out a form, or there a trick or two that I would benifit from knowing?:confused:
Would appreciate any feedback.:D

[Puppeteer]

You just need to fill in the form and send it in. It will take about 2 weeks before they get back to you.

Having just done this I can recommend that you get a Quantity Surveyor to go through you property and use that estimate for the depreciation amount.

Also, you are better to underestimate your deductions so that you still have a return. Apparently the ATO doesn't take too kindly to the variations if you owe them money at the end of the year.

Also talk to your accountant, they should be able to help you with your estimates.

You can download the form from the ATO website.

[geoffw]

I'm a person who would prefer to deal with an accountant for this sort of thing.

The form may be simple- but, if you misstate salary, there could be trouble.

You may need to restate estimated income later in the financial year.

It may well be worth an accountant just by having an IP. There's a whole new dimension involved.

A good accountant will be proactive anyway- I would strongly suggest a good IP savvy accountant (someone like Dale) to be giving you proactive good advice.

When I first bought an IP, preparing my own return, I did not even realise that depreciation of an IP was possible.

[Fester]

Hi Millsy. I do mine electronically over the Internet. They have room for only 4 IP's but I just send them an email with details of the others and works ok. I review mine throughout the year and have been pretty well spot on every year. My accountant said if your are getting a bit out by the years end you can pay a lump sum tax credit to pull everthing into line.

[Millsy]

Thanks guys.
Fester, any chance of you sending me the link for these forms? I've looked on the ATO site and are unable to find it.

[abcdiamond]

Is this the form being referred to ?:

http://www.ato.gov.au/content/downloads/NAT2036e2004.pdf

[Millsy]

Thanks again. Its nice to have this forum so your not - 'going it alone'.