New 2008 ITWV Available

For those advanced Investors who this concerns.....I just received the following email from the ATO -

Income tax withholding variation for 2007–08 online

Our records show that you lodged your 2006–07 year income tax withholding variation (ITWV) application electronically.

What’s available online for 2007–08
The 2008 PAYG income tax withholding variation (ITWV) application (e-variation) is expected to be available online by 1 May 2007.

The 2007 e variation will not be available online after 29 April 2007.

To access the e-variation application visit www.ato.gov.au and select ‘Forms & services’ from the left menu, then select ‘All ATO forms’, ‘Search’, then enter ‘2036’ into the NAT number field, then click on the link to the 2008 PAYG income tax withholding variation (ITWV) application (NAT 2036) and follow the prompts to download the e-variation application.

The e-variation application can be used to lodge any of our ITWV forms – just select the relevant reason code.

How long do you have to wait for your variation?
After you transmit an e-variation application you should receive an on-screen reference number if you are successful, or an error message if unsuccessful.

If either has not appeared after 10 minutes, your transmission may still have been successful. For this reason, we ask that you do not transmit the e-variation again as this will delay the processing of the application.

If your submission has been successful, you will be sent an email confirming receipt. If, after three days, you have not received a confirmation email from us, please phone 1300 360 221 between 8.00am and 6.00pm, Monday to Friday, for assistance.

In most cases e-variation applications are processed within 14 days. However, please wait 21 days before phoning to check on the progress of your application.

More information
If you need more information or have any questions you can:

* email us at [email protected]
* phone 1300 360 221 between 8.00am and 6.00pm, Monday to Friday, or
* fax us on (07) 3213 3188.

Margaret Crawford
Chief Operating Officer and
Deputy Commissioner of Taxation
 
Thanks Ric

I have always made use of in the variations in past, helped cash flow no end. I now do no not have payg tax so not a issue though
I am always surprised to hear of people doing it tough through the year and then getting big refund, always nicer to get fatter pay cheque!!
Different strokes... i suppose.
 
I agree. The extra cashflow back goes towards the holding cost of an additional IP you would not normally be able to hold otherwise.

Goes towards maximising you cashflows plus also increases your asset base exposure. :D
 
Thankyou for that. While I like to get a tax refund (didnt happen last year grrr) I will need to do send in the form this year to help with cash flow.
 
Would love to be able to use an ITWV, but alas, hubby's (PAYG) income is far too variable with overtime/allowances being huge one pay and non-existent a couple of pays later, not to mention salary sacrificing complicating things. I'd be worried that too much would be "given back" and we'd end up with a huge tax bill and penalties at year end.

Can anyone explain how the ATO calculates the variation in such a situation? Any help would be much appreciated!

Cheers
LynnH
 
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