Itwv

[Minxdamanx]

Just a couple of quick queries re THE ITWV application.


I've left it late for this year so will do one for the 09/10 Financial Year. The following year's form is available online from May 1st - is that correct?

Blushingly stupid question follows
We are joint tenants in our 2 x IP's. So I fill one out for each of us and HALVE the income and expenditure on each application?

I printed out this year's form last night and thought I'd give it a dummy run.

Thank you all

 

[Rob Williams]

Sounds like you're on the right track with your application. Yes, an application each with half income and expenses each.
If you were to do one for the current financial year, they will apportion the entire year tax benefit to the final months of the year. Or you can do as you plan to do and just do one for the coming year and get a return for this year.
You're doing great!

 

[Minxdamanx]

Ta Rob

I was so wary of asking that question, as it seemed too obvious, I just couldn't find anywhere where it actually SAID that!

If what you say is the case regarding the current year, I will submit one online later in the week when I have all my ducks in a row. Would I (or rather, would you ) just estimate my losses for the balance of the year or show it on current figures (to end of January) and show actuals on my tax return?

Thanks for the prompt (and gentle) response - much appreciated.

 

[Rob Williams]

If I were you (or me), I would use actuals up to now, then estimate for the remaining months of the year to June 30.
If I were me (which I am) I would underestimate those expenses (for example, reduce or exclude altogether depreciation) so as to give yourself some margin for error.
The worst that can happen in that situation is that you get a tax cheque from the ATO in July in addition to the pay by pay tax break you have received.
Hope I'm making sense. It makes sense when I do it, just not sure I'm explaining myself OK.

 

[Minxdamanx]

Perfect sense.

And once we would out who we all are, we'll be doing even better!

One of our IP's is costing us substantially at the moment in repairs, so I'll estimate income and other expenditure for the rest of the year and leave out repairs and maintenance for the whole year and that way I can't possibly be too far out.

Thanks again. I think I'm all good now.

 

[Minxdamanx]

Amazing response. I submitted our forms electronically on the 18th of February and had the letter stating our variation on the 24th.

Well done ATO!

 

[Rixter]

Amazing response. I submitted our forms electronically on the 18th of February and had the letter stating our variation on the 24th.

Well done ATO!

Yeah they are usually very fast online..within 10 days included them posting the variation letter back by snail mail.

 

[Minxdamanx]

Yes I was delighted Rick. I'm assuming they posted our confirmation letter on the same day they sent letters off to payroll department/s so it should come into force from next pay.

By the way if anyone is putting it off or doesn't think they can do it themselves - it was a breeze - but I do keep a reasonable account of my figures on s/sheets and Property Manager Pro which certainly helped.

Thank you very much for all advice given everyone.