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