Rental Properties and ITWV's

(see http://www.mytaxzone.com.au/ for online ITWV applications)

ITWV applications should be used when the payee (employee) wants to reduce their pay as you go (PAYG) withholding rate for the year ending 30 June 2008. Using this online service you can provide us with the information necessary to lodge an ITWV application form with the Australian Taxation Office (ATO).

Once processed, the ATO will notify your employer of a "varied" amount of tax to be withheld from you regular pay. The variation is valid for the whole of the 2008 tax year (1 July 2007 to 30 June 2007).

ITWV's are most common for the following circumstances:

* Negative gearing of investment portfolio - eg: investment property (residential or commercial) or shares
* Large deductions relating to allowances received from your employer - eg. car expenses
* Tax Offsets not taken into account in your PAYG withholding - eg senior citizens tax offset

For details of information required to finalise your ITWV application see http://www.mytaxzone.com.au/.

FREE fact sheet on claiming car expenses ==> Claiming a Deduction for Car Expenses

By David Maynard

CEO - My Tax Zone

Copyright 2014. My Tax Zone.