Weekly Tax Variations for Property Investors

New Service - Weekly Tax Variations for Property Investors - ITWV Online.

We have officially launched a new online ITWV application. This service could dramatically improve your cashflow.

Who should use an ITWV?

This form should be used when the payee (employee) wants to reduce their pay as you go (PAYG) withholding rate for the year ending 30 June next.

Why use an ITWV?

Taxpayers entitled to large refunds can access the funds held by the ATO in their weekly pay rather than waiting until their annual tax return is completed and lodged. There are various circumstances where this is appropriate, and sometimes necessary:Negatively geared investments such as investment property (residential or commercial) or share portfolioLarge deductions relating to allowances received from your employer - eg. car expensesTax Offsets not taken into account in your PAYG withholding - eg senior citizens tax offset.

How do you use an ITWV?

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 your regular pay. The variation is valid for the whole of the financial year (1 July 200X to 30 June 200Y).

For ITWV's to be in place for 1 July 2008, applications need to be lodge no later than mid June.
Go to our web page for more info..... http://www.mytaxzone.com.au/

By David Maynard CEO
My Tax Zone

Copyright 2014. My Tax Zone.