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Tax variation

Discussion in 'Accounting & Tax' started by Logan, 8th Aug, 2015.

  1. Logan

    Logan Well-Known Member

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    afternoon pc crew, I am looking at getting my first tax variation for an IP, I am still shopping and will pick up a few more IPs in the next month or so. Should I wait until I have finished buying for the year and do them all together (I have no real issue carrying the loss until then) or should I get it done as I purchase each IP ?

    Thanks Logan
     
  2. Rixter

    Rixter Well-Known Member

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    You can update your ITWV as many times as you want throughout the year. I did it online myself so get it back working for you asap. The ATO doesnt pay you interest for holding money thats rightfully yours until you claim it all back.
     
  3. D.T.

    D.T. Adelaide Property Manager Business Member

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    I'd rather do it once properly myself
     
  4. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

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    Doing it once makes sense. A lot can go wrong and reliable estimates are critical.
     
  5. blackenator

    blackenator Well-Known Member

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    I am in the same situation is it difficult to update yourself?
     
  6. Rixter

    Rixter Well-Known Member

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    No its easy...add up all incomes, subtract expenses including deprec etc
     
    legallyblonde likes this.
  7. blackenator

    blackenator Well-Known Member

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    Doesn't that become a bit tricky with tax brackets etc especially since you may move to another income bracket with the rental income?
     
  8. Rixter

    Rixter Well-Known Member

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    The ATO work all that out based on what you've stated in your ITWV application and then sends a letter to your employer advising them how much to vary your tax each pay period.
     
  9. blackenator

    blackenator Well-Known Member

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    Oh wow awesome didn't know that I will try to do this myself and see how I go. Thanks Rixter
     
  10. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

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    You will need your most recent payslip and full employer contact details also.
     
  11. Rixter

    Rixter Well-Known Member

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    Is payslip a new requirement this year Paul? I've never provided a payslip for the past 16 years.

    Just employer's ABN, address, phone & contact person details.
     
  12. blackenator

    blackenator Well-Known Member

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    I tried to do it online and I got stuck with the reason codes I didn't know which one to use sigh
     
  13. Rixter

    Rixter Well-Known Member

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    I used: 08A0 Real estate, that is, property investment.

    I hope this helps.
     
  14. blackenator

    blackenator Well-Known Member

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    Ah thanks I will try again the tax agent I have asked is only charging me 100 bucks so I might just part with that money. Thanks for your help Rixter much appreciated
     
  15. Befuddled

    Befuddled Well-Known Member

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    I've done it myself the last couple of years.

    The most difficult part of the process is filling in the super buggy form. It doesn't work on firefox or chrome, you need IE. The form validation in it is terrible. I remember a date field was resting on 31st of July and I went and changed the month to June. The validation chucked an error saying it was an invalid date. So I tried to change the day, but the same error appeared every time I clicked on the mouse so I couldn't actually make the change.... had to close the whole form and start again.

    Save regularly, be prepared for some frustration.

    Was also called up to clarify the method of depreciation used for deductions.