ITWV Application 2010 - Nearly time to start working on it.
- Thread starter Rob Williams
- Start date
Not really. It's up to your employer to vary your payments. I won't be putting in another one between now and July and have instructed my employer to keep the withholding the same as current. At any time I can submit a variation for next financial year. That variation will be based on how much I have earned & how much tax I've paid YTD. The ATO will send an adjustment to the employer based on projected income / expenses until the end of the year. No biggy.
My accountant has always said the same thing so the ATO must be very clear in their advice about this. However, I would be very interested to know whether anyone has found themelves in this situation & what the outcome was.
Just working on mine, last year put ours in on 17 June and it took effect from possibly 2nd pay-run in July.
Hopefully, they've not dropped the ball this time !
Hopefully, they've not dropped the ball this time !
You can put in multiple ITWV so what you should do is put your estimate now then around April next year you do your estimate again and if it looks like you're overestimated and will end up paying the ATO then just submit another ITWV with updated estimate.
The ATO will send out another notice to your employer and this will put you back on track and no worries about ATO not approving any future ITWV because you overestimated.
The ATO will send out another notice to your employer and this will put you back on track and no worries about ATO not approving any future ITWV because you overestimated.
Can I ask please what happens in the following example: your salary is $60K and the annual PAYE tax is $12K. You have 2 negatively geared IPs in your own name and expect/calculate your tax refund for 2009/10 as being $16K. You submit a ITWV Application so as to access your refund during the year. Your employer is instructed to reduce your PAYE tax to $nil. So that covers $12K of your refund.
What happens to the remaining $4K? Can you get that from the ATO (as a lump sum?) or do you have to wait until your 2009/10 tax return is processed?
Thanks.
What happens to the remaining $4K? Can you get that from the ATO (as a lump sum?) or do you have to wait until your 2009/10 tax return is processed?
Thanks.
Hey Gordon, you can't pay any less than zero % tax 
The other $4k will come back as a lump sum from the ATO after you lodge your return.
I aspire to zero %. Clearly I need to buy more negatively geared IP's.
The other $4k will come back as a lump sum from the ATO after you lodge your return.
I aspire to zero %. Clearly I need to buy more negatively geared IP's.
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Thanks Rob.
So the ATO won't advance you the remaining $4K even though via the ITWV they're basically advancing you $12K via 12 x $1K instalments through the year. They'll accept your application but won't pay out in full until after EOFY.
Seems a bit inconsistent...
So the ATO won't advance you the remaining $4K even though via the ITWV they're basically advancing you $12K via 12 x $1K instalments through the year. They'll accept your application but won't pay out in full until after EOFY.
Seems a bit inconsistent...
??? They won't pay it at EOFY either... you made no taxable income that year so there is no tax to pay at all. You can't get a refund if you haven't paid any tax! And the ATO isn't into paying people for losing money either...
But you can roll forward the loss to offset against gains made in future financial years...
Thanks HiEquity.
...and that carried forward loss of $4K from 2009/10, per my example, could be included within a 2010/11 ITWV Application providing you were not paying 0% tax in that year...
...and that carried forward loss of $4K from 2009/10, per my example, could be included within a 2010/11 ITWV Application providing you were not paying 0% tax in that year...
Well done, Lizzie. That seems to be a good place to be in for sure !
Ok no bagging me for being so late with completing or attempting to complete the ITWV for this FY.
I have gone to the ATO web site and followed the prompts to down load the e version to no avail. l have worked through the help section and still all l get is a blank screen once l click download.
l also get "DONE " on the task bar.
any tricks!!! to this l should know about?
cheers
yadreamin
I have gone to the ATO web site and followed the prompts to down load the e version to no avail. l have worked through the help section and still all l get is a blank screen once l click download.
l also get "DONE " on the task bar.
any tricks!!! to this l should know about?
cheers
yadreamin
I am having problems too. It says I can use last years data for this year, so I can load last year's file and update as I go. So I scroll through making amendments where needed but when I try to submit it, it totally refuses to allow me to change the date. Then it gives me the error message that it must be dated today's date. Well I damn well know that so let me change it.......Rixter, I am using IE 8.0.6
It doesnt work on firefox. Check out the minimum specs required to run the program on the ATO ITWV eform download page for more information.
Cant help you out on that one. Try starting as new form for this year and see if you have problems. Otherwise phone ATO.
Hey hey whos a cleaver chicken
I used to use I E so l thought l would log on through that server and it worked so l have now lodged our 2 ITWV forms successfully.Saved $400 at the accountants
Thanks heaps Rixter for the tip.
cheers
yadreamin
yadreamin, ya dreaming that i would pay $200 for someone to complete an ITWV on my behalf for 200 bucks, more like 80-90
