form for the ATO for employer to pay less PAYG for negative gear?
- Thread starter rodimus
- Start date
Im using the form. Have been for many years......why use your money when you dont have to. The ATO dont pay you interest to hold your money until you claim it back at the end of the FY.
You could be doing more things with it - like using it towards the holding costs on another IP
Its the best thing since sliced bread!
You only answer the questions that are relevent to you. Half the questions I leave blank.
Oh I forgot to mention this:
I bought this property in my Hybrid Trust, then I bought income generating units in the trust to negative gear so I can claim more tax against my salary.
Also, the property is in building stage, but im already paying for the land interest every month.
Is it still ok to use this form eventhough its not rented out yet and bought in a trust?
I bought this property in my Hybrid Trust, then I bought income generating units in the trust to negative gear so I can claim more tax against my salary.
Also, the property is in building stage, but im already paying for the land interest every month.
Is it still ok to use this form eventhough its not rented out yet and bought in a trust?
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I would suggest you speak to your tax professional for clarification on that one. Who do you use and what have they told you?
If the above 2 reasons are the only reasons for you not being able to use the form then your accountant is wrong. Interest is claimable while the property is being built before it earns rental income. Therefore a PAYG variation form can be completed. In fact I have done this and it really helps to fund the shortfall in the cashflow of the property before it starts to generate rental income.
http://www.ato.gov.au/formflow/forms/nat2036.htm
This is the link to the online version. It isn't as bad as it looks. You can save the file and use it as a template year after year.
Mine was processed within a week and my next monthly pay was $1,200 better off. Allowing me to fund another property.
I want to nominate the person who invented the ITWV process for a Nobel Prize for services to property investors!
This is the link to the online version. It isn't as bad as it looks. You can save the file and use it as a template year after year.
Mine was processed within a week and my next monthly pay was $1,200 better off. Allowing me to fund another property.
I want to nominate the person who invented the ITWV process for a Nobel Prize for services to property investors!
