2009 PAYG income tax withholding variation (ITWV)

[Rixter]

For those investors this pertains to, I just received the following advice from the ATO -

Lodge your 2009 PAYG income tax withholding variation (ITWV) application using e-variation from 1 May 2008​

After 29 April 2008, the current 2008 PAYG income tax withholding e-variation will no longer be available.

You can use e-variation to lodge any ITWV application: simply enter the relevant reason code.

To access e-variation at www.ato.gov.au

select ‘Forms & services’ from the left menu

select ‘All ATO forms’

then ‘Search’

then enter ‘2036’ into the NAT number field

then click on the link to the 2009 PAYG income tax withholding variation (ITWV) application (NAT 2036)

then follow the prompts.

How long do you have to wait for your variation?

When you lodge your e-variation application, you should receive an on-screen message with your reference number. If you don’t get this message, the transmission may still have been successful. Do not transmit the e-variation again as this will delay the processing of the application.

We will send you an email confirming receipt or your application. If you don’t get this email, please phone 1300 360 221 between 8.00am and 6.00pm, Monday to Friday.

In most cases e-variation applications are processed within 14 days. Please wait 21 days before phoning to check on the progress.

More information , If you have more questions:

visit our website www.ato.gov.au


email us at [email protected], or phone 1300 360 221 between 8.00am and 6.00pm, Monday to Friday.

Erin Holland
Deputy Commissioner of Taxation


I hope this helps.

 

[rodimus]

do u mean when we do that electronically, we will automatically see a bigger paycheque from opur employer? Or do we need to inform our boss etc?

 

[Rixter]

You can lodge your application electronically or print off a pdf hard copy and post it off snail mail.

Either way, the ATO still notify your employer as is usual practice.

Hope this helps.

 

[Pushka]

Seems like only a couple of months ago I did the variation for 2008 year. Where did those 12 months vanish?

 

[Rixter]

Seems like only a couple of months ago I did the variation for 2008 year. Where did those 12 months vanish?

You're not wrong there........reminds me I better do 2007 return.

 

[rodimus]

Is the old forms better or we must use the e-form from now?

I want to do mine too but havent got around to it yet.....

 

[Rob Williams]

I like the eForm as you can just load up lasts years data and make the necessary changes. Easy as. They process the online application much faster than the snail mail one's too.

 

[SE7EN]

Hi,

What do other forumites tend to do when submiting the ITVW with regard to declaring income.

My partner and I are payed penalties on top of our base salary, and also tend to do a lot of overtime, which means our salaries can vary greatly from year to year.

Should we just quote our base salaries? or, should we estimate our income based on the previous years group certificate?

 

[Rob Williams]

SE7EN, The ITWV is designed to give you, month by month, the tax refund you would otherwise get at the end of the year. At the end of the financial year, the your tax situation would be based on your actual earnings, which in your case would include penalties, overtime etc. So, if you were to use only the base salary in your ITWV, then the monthly variation would not be in alignment with the final outcome when you submit your return.
You need to provide an estimate as to your earnings for the coming year, which would be higher than your base salary, by the sound of it. If you think it will be similar to the prior year, then last years Groupie should provide a reasonable figure to work with.

 

[charttv]

Hi,

What do other forumites tend to do when submiting the ITVW with regard to declaring income.

My partner and I are payed penalties on top of our base salary, and also tend to do a lot of overtime, which means our salaries can vary greatly from year to year.

Should we just quote our base salaries? or, should we estimate our income based on the previous years group certificate?

I used to have this problem too. The thing with the variation is that you can submit as often as you like. At one point, I was sumitting about once a month and the ATO were responding in kind so the system seemed to be working. It costs nothing to lodge if you do it yourself and once you have loaded up all the details they can be saved and brought up for amendment at the touch of a button. It took me about an hour to lodge the first time and then about 5 minutes for each subsequent lodgement.

 

[SE7EN]

I used to have this problem too. The thing with the variation is that you can submit as often as you like. At one point, I was sumitting about once a month and the ATO were responding in kind so the system seemed to be working. It costs nothing to lodge if you do it yourself and once you have loaded up all the details they can be saved and brought up for amendment at the touch of a button. It took me about an hour to lodge the first time and then about 5 minutes for each subsequent lodgement.

Excellent, I wasn't aware this was possible.

This will be my first time submitting an ITWV, so I wasn't sure how the process worked.

Thanks for your help!

 

[rodimus]

hi guys,

I need to file a ITWV for my interest paid each month for the Macquarie Fusion Fund (a capital protected trust investment). Which code should I enter? So many codes that seems to apply.......

 

[Rob Williams]

Would it be one of the 09C (0-3) codes which cover a variety of managed funds. Think you just have to go with the one that's the best "fit".

 

[rodimus]

thanks!

I was going halfway thru the form, and got stuck when they ask me how much income i have since July 2007. Got to go home to do some accounting tonight!

Or can I just blast an approx figure in now?

 

[rodimus]

Hi
in Section D, 6, it says "Amount of Deduction relating to this investment". WHat is this referring to? Is it monthly or yearly?

then 7. NUmber of investment units purchased.

I dont know how many units, or do they mean $ purchased?

Lastly, after finishing the form, it asks if you want to send it to the ATO electronically.
BUT, at the end of the form it also say print out and post to ATO (address).

Do i have to do both?

 

[Dave Hooper]

To access e-variation at www.ato.gov.au

select ‘Forms & services’ from the left menu

select ‘All ATO forms’

then ‘Search’

then enter ‘2036’ into the NAT number field

then click on the link to the 2009 PAYG income tax withholding variation (ITWV) application (NAT 2036)

Bloody hell they like to make it hard don't they? Here's their process;

Type web address
Click link
Type 4 numbers
Click Go
Click link

Why not just give you the link to begin with?

It's http://www.ato.gov.au/businesses/content.asp?doc=/content/00096490.htm

Just one click, so much easier

 

[Rixter]

Bloody hell they like to make it hard don't they? Here's their process;

Type web address
Click link
Type 4 numbers
Click Go
Click link

Why not just give you the link to begin with?

It's http://www.ato.gov.au/businesses/content.asp?doc=/content/00096490.htm

Just one click, so much easier

It was written by a govt public servant and afterall what if you lost the link?

 

[zayne]

Anyone tried submitting thiers yet? I just gave it a go and got an error "File transfer failed due to error: 400 Bad Request." Wondering if thats just me?

 

[Rixter]

I'll do both mine and the trouble n strifes too, over the next couple of weeks.

 

[rodimus]

i just did mine successfully.

Even the ATO woman called me telling me i should correct a few things on the form, then she said its all fine.