Which form do I need to get my negative gearing return monthly?

[DanielG]

Hi,

Just a quick one, there was a form one could submit to the ATO to receive one's tax return monthly instead of yearly. It was called something variance or whatnot, can anyone help me out?

Also, is there any downside or anything I should be aware of before submitting this form?

Thanks

 

[Cherry Pro]

Hi Daniel

The form is called an Income Tax Witholding Variation - itwv and you can submit an e variation online.

http://www.ato.gov.au/businesses/content.aspx?doc=/Content/6650.htm

I've been completing this for over the last 5 years and can see no real downside, just helps you plan tax evenly through the year.

 

[jaycee]

Income Tax With-holding Variation Form

Work out your figures and don't overstate your expected expenses, or you'll end up with a tax bill at the end of the year.

 

[Lawry]

Did mine for FY 2012 just recently, went for the paper form option (not eform/ online). Posted it in and got the confirmation back from ATO within about a week.

 

[Lamingtons]

I am trying to do this for FY12 and the eform is not possible to 'deal' with.
Do i have to notify my employer?

 

[Mry]

I am trying to do this for FY12 and the eform is not possible to 'deal' with.
Do i have to notify my employer?

The way it works is
1. You lodge the form.
2. The ATO process it to come up with the new % of withholding.
3. The ATO send a letter to your employer and to you.

Your employer is then mandated to adjust the amount of withholding on your salary. All you need to do is step 1 and the tax office does the rest.

http://www.ato.gov.au/individuals/content.aspx?doc=/content/00188348.htm

The e-variation is the quickest way to get it done faster with much less form filling required.

 

[Lamingtons]

Thanks for that Mry, I have successfully got into the eform.
Looks like my accountant can do it for me as well. I might save it for him as I am a useless CPA. LOL

I am seeing him in two weeks. Thanks for the info again!

 

[jaycee]

Thanks for that Mry, I have successfully got into the eform.
Looks like my accountant can do it for me as well. I might save it for him as I am a useless CPA. LOL

I am seeing him in two weeks. Thanks for the info again!

Are you an accountant ?

 

[Lamingtons]

Are you an accountant ?

I'm CPA but industry. Not public practice.
There's a ton of sub-skills in Accounting.

 

[jaycee]

I'm CPA but industry. Not public practice.
There's a ton of sub-skills in Accounting.

Surely you understand

GROSS = TOTAL PAY - Expenses
Nett = GROSS PAY - Tax

 

[Lamingtons]

Surely you understand

GROSS = TOTAL PAY - Expenses
Nett = GROSS PAY - Tax

What's wrong with outsourcing to someone who has the expertise instead of me spending more time on this when i can be generating more money elsewhere?

 

[jaycee]

What's wrong with outsourcing to someone who has the expertise instead of me spending more time on this when i can be generating more money elsewhere?

Nothing...

How much time are you saving ?

How much money you making during this time above what it costs you ?





Always good to learn

 

[Strategy]

Hi there,

Form says last day to fill the form was in may, so cant we do in middle of the year?

 

[sydsider]

You can still do it in the middle of the year. Just did mine last week due to sheer laziness.

If you want to be safe always overstate your income and understate your deduction slightly. I was told there's a margin of error of 10% so if the final income you declared on the PAYG variation is more than 10% below the actual income when you lodge your tax return ATO might disallow you from lodging future PAYG variations.

 

[santaslayer]

Is it possible for someone to submit such a form if their income ranges wildly from fortnight to fortnight?

 

[Mry]

Even if your income varies wildly, you still need to hammer down an estimate of your weekly salary and your annual figure.