Tax Variation Form

Hello fellow members..
this is my first post..just dived into the world of investment property..
I have a question and hoping someone can help..

I am planning to lodge a tax variation form with ATO so that I can get tax benefits every fortnight in my pay instead of claiming all at the end of the financial year..

Does anybody know how much it costs to lodge one? My accountant is asking 250$, is it reasonable? I thought it's bit high. Who else can lodge this? Broker?

Thanks in advance.
 
Hello fellow members..
this is my first post..just dived into the world of investment property..
I have a question and hoping someone can help..

I am planning to lodge a tax variation form with ATO so that I can get tax benefits every fortnight in my pay instead of claiming all at the end of the financial year..

Does anybody know how much it costs to lodge one? My accountant is asking 250$, is it reasonable? I thought it's bit high. Who else can lodge this? Broker?

Thanks in advance.

I do mine online for free. Get it from teh ATO website. You just need details of what your expected rent income and outgoings will be for the year plus details of your current salary and what tax is deducted from it which you can get from your most recent payslip.
 
I do mine for free, crunch the numbers in excel first to calculate expenses then lodge it online via the ATO website.

If you are unsure about doing it, negotiate with the accountant to do it for $100. Watch how they do it and keep the supporting documentation for your records so you can do it yourself for free next year.

Don't forget if you do stuff it up or if your circumstances change you can submit as many as you like throughout the year.
 
hi macdub, i was in the same situation this year.....never had applied for variation earlier.....i would suggest have a go at doing yourself....it wasn't hard nor easy....regardless it was good experience and made me learn few things along the way...look at this forum which has some handy tips from fellow members.....good luck

http://somersoft.com/forums/showthread.php?t=88445
 
I do my own online....its quite easy.

Just need to know your total expenses & incomes for the year.

I simply use the figures from my previous years tax return adjusted with payg/rental income increases and leave the repairs/maintenance as you dont know what they'l be.

By doing so it keeps my projections on the conservative side.
 
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Whatever the accountant charges, you will get a further 10% GST charge on top of that. It would take far less than an hour to complete your own variation.
 
thanks guys..very helpful info..I am not feeling confident enough to do it myself but would like to give it a go..many thanks..
 
Suggestion

If you submitting a DIY PAYG Variation just dont over estimate the deductions. Under estimate then that way there is some fat. One way may be to leave some deductions for the final return such as travel, repairs etc.

If you lodge your final return in a year or so and find there is a debt it can result in penalties.

There can be more work/same for an accountant doing a variation v's a final return. Expect it to cost approx same as a tax return. Also one thing to carefully watch. make sure you have a NAME of someone ATO should send notices to at employer. Not to "HR"...Ensure all personal payroll details are provided too.
 
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If you submitting a DIY PAYG Variation just dont over estimate the deductions. Under estimate then that way there is some fat. One way may be to leave some deductions for the final return such as travel, repairs etc.

If you lodge your final return in a year or so and find there is a debt it can result in penalties.

There can be more work/same for an accountant doing a variation v's a final return. Expect it to cost approx same as a tax return. Also one thing to carefully watch. make sure you have a NAME of someone ATO should send notices to at employer. Not to "HR"...Ensure all personal payroll details are provided too.

great advise..many thanks Paul..
 
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