Here's the 2011 ITWV Application link.
You can either lodge it electronically online or download the pdf and post it snail mail.
You can either lodge it electronically online or download the pdf and post it snail mail.
2011 PAYG withholding variation application
- Thread starter Rixter
- Start date
Thank you.
I haven't had time to read it yet (will do tomorrow).
Is it difficult to do? Ours is just for IP's?
My accountant charged $90- each (hubby and I) last year.
We didn't do it this year due to low interest rates (nearly neutral).
But with extra purchases plus higher interest rates I might do it again.
I haven't had time to read it yet (will do tomorrow).
Is it difficult to do? Ours is just for IP's?
My accountant charged $90- each (hubby and I) last year.
We didn't do it this year due to low interest rates (nearly neutral).
But with extra purchases plus higher interest rates I might do it again.
Yes its very simple.....enter all your income. enter all expenses and send it off.
We do ours online....last year I had my variation letter back from them in 8 days including the snail mail postage time from Qld.
I use this years incomes & expenses to keep it on the conservative side. So any expenses increases (a dead set certainty) will be a bonus.
We do ours online....last year I had my variation letter back from them in 8 days including the snail mail postage time from Qld.
I use this years incomes & expenses to keep it on the conservative side. So any expenses increases (a dead set certainty) will be a bonus.
$90! Do you have anything else besides an IP?
Travel bug not its not hard to do.
In saying that im booked in mid may for my accountant to do mine lol.
can't remember what im gonna get charged.
I got some other tax issues to discuss so yeah ill knock those over while im their... this thread actually a good reminder for me to check the diary.
For those with majority of debt variable I/R is anyone judging their Interest bill on a higher rate then currently on? Eg. CBA 6.66variable anyone using say 7%
Whats the ruling something like more then 10% out and they can say no to you lodging another one? Is their any penality if you 10% out or just pay back?
Regards,
RH
In saying that im booked in mid may for my accountant to do mine lol.
can't remember what im gonna get charged.
I got some other tax issues to discuss so yeah ill knock those over while im their... this thread actually a good reminder for me to check the diary.
For those with majority of debt variable I/R is anyone judging their Interest bill on a higher rate then currently on? Eg. CBA 6.66variable anyone using say 7%
Whats the ruling something like more then 10% out and they can say no to you lodging another one? Is their any penality if you 10% out or just pay back?
Regards,
RH
Here's a link to ATO penalties, more specifically to failing to withhold PAYG amounts. I cannot confirm that this is the penalty that will be administered though.
http://ato.gov.au/individuals/content.asp?doc=/content/82390.htm&page=8&H8
http://ato.gov.au/individuals/content.asp?doc=/content/82390.htm&page=8&H8
That was with 2 IP's.
Our accountant years ago used to do it for nothing (1 IP) so I was surprised when I got the bill.
We have more now but I'll do it online. Thanks for the post Rixter.
I have a excell workbook.
Each IP has its own sheet in the book.
I input the weekly rents & annual expenses for each IP onto the respective IP sheets.
The book calculates its all into the corresponding boxes on a final sheet that is identical to the last page (Section F) on the ITWV form.
I then input that into the ITWV application form.
You have to do a new one for each financial year......the current one you have going will stop at the end of the FY.
By the way, I forgot to mention that you can also update a ITWV application throughout a financial year (up to May) when ever your circumstances change and you see the need to do so. Simply resubmit a new one.
I hope this helps.
Yes its very simple.....enter all your income. enter all expenses and send it off.
We do ours online....last year I had my variation letter back from them in 8 days including the snail mail postage time from Qld.
I use this years incomes & expenses to keep it on the conservative side. So any expenses increases (a dead set certainty) will be a bonus.
I'll be seeing the accountant for the first time Monday. So I'll talk to them about it. I was thinking of just getting the big tax return at the end of the year but this makes more sense to me doing it this way. To reduce your tax fortnightly.
Yes, the ATO do not pay you interest for holding onto money thats rightfully yours do they.
By not claiming it back throughout the FY you are effectively giving yourself a pay cut through out the year until such time as you lodge your return & claim it at the end of FY.
That money you are missing out on along the way has to be supplemented from somewhere, and usually comes from cuts to your lifestyle budget.
Ultimately what you do with it is entirely up to you. IMHO tho, better off getting your hands on it and getting it working for you sooner, harder & for longer along the way.
Better off using it for holding extra additional investments than you would have normally been able to hold, thereby increasing your asset base and exposure to future growth - thereby acceleration your wealth.
I hope this helps.
Thanks Rixter,
Any chance of a copy of the spreadsheet - it sounds very useful!
Cheers
Neil
Neil the ITWV sheet is only one sheet of a multi page book that Ive purposely built to my specific portfolio structure.
As such the ITWV page itself will not operate independently on its own because it extracts data (within the entire book) specific to how I've structured our portfolio.
Its not a sheet generically formatted. I could send you the sheet but there is no input areas where you can enter data.
