Property Tax Variation Explained - Online Application

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For up-to-date information on Tax Variations for Investment Property go here - Tax Variation.

What is a tax variation - property?

Taxpayers entitled to large refunds from negatively geared investment property can access the funds held by the ATO in their weekly pay rather than waiting until their annual tax return is completed and lodged.

The tax variation for investment property can be obtained by permission from the Australian tax Office and requires an annual application form to be submitted. Once processed, the ATO notifies your employer of the rate of tax to be withheld from your periodic pay. The tax variation for your investment property will be
calculated from your individual circumstances - ie. income and all relevant deductions associated with your investment property portfolio.This is the "variation" from your normal tax rates applied to your pay.

Remember that a variation issued by the ATO only applies to the employer identified on the tax variation application form. If you change employers during the financial year, and you want a variation to continue with that new employer, it will be necessary to submit another tax variation for your investment property to the ATO.

Who should use an ITWV?

This tax withholding variation for investment property 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.

How to obtain a tax variation for property?

My Tax Zone has an online application available. The online tax variation for property can be used by any property investor wanting a tax variation for the financial year.

It is not necessary for My Tax Zone to be your registered accountant or tax agent to submit the tax variation for property. And, it doesn't interfere with you existing contact details with you accountant or tax agent or with the ATO. 

Using this online service you simply 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 from the date of issue from the ATO to the end of the financial year (30 June next).

Remember - The ATO receives a large number of tax variation for property applications during the May to June period. If you want a tax variation for property in place for the entire financial year (ie 1 Juy to 30 June) than an application will need to be submitted to the ATO no later than mid June as it could take at least two weeks to process.

Information required for application:

Personal information:
Full name; DOB; Tax File Number; address;
occupation; contact  phone no's

Employer Information:
Employer ABN; name; Postal address; employee no;
pay office  phone no; pay frequency; current pay slip

Investment/Loan information:
Rental property address or investment name; % ownership;
date first income producing; gross rent per week;
loan balance at begining of year; loan interest rate;
depreciation report deductions; other deductions relating to
the investment (eg. rates, insurance, repairs, body corporate,
borrowing expenses, manage fees, bank fees etc)

There will be some expenses that you may not be sure about.
Include as much infformation in the form as possible. If we
have any trouble completing the application we will contact you                                                           

Please contact us by email or telephone if you have any queries. 

E-tax Return

See these posts with tips, calculators and checklists to help you prepare your eTax Return (and get a better refund) with less hassle:
Web Based Tax Return App:

A benefit of using eZtax, our web based tax return app, is we have the genuine online tools, knowledge and experience to get the best tax refund for our clients, making it easy to complete your annual tax return online.

Our Web Based Tax Return App will step you through all the necessary questions to increase your  tax refund and take into account all relevant tax deductions and tax offsets. Try it now. Its FREE to get started! 

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