Tax variation form for negative gearing

Viewing 6 posts - 1 through 6 (of 6 total)

Cia
Participant
@cia
Join Date: 2004
Post Count: 11
December 5, 2007 - 9:02 am
Hi
I have just bought a property. The average monthly incomeis 1,200 per month & the interest repayment is 4,000 per month.

I know there is a way that you can pay less tax during the year thus easing the burden of interest repayments. From memory there is some tax variation from to fill out.
Does any one know where I can find this document that I need to fill out & send the the tax office or have any other info about it?
Cheers
Cia
virgininvestor
Member
@virgininvestor
Join Date: 2007
Post Count: 37
December 5, 2007 - 9:45 am
The form is on the A.T.O (Australian Tax Office) website. But I would get a depreciation report first and give this to your accountant to so they can fill out this form for you to maximize your return!
hleung
Participant
@hleung
Join Date: 2007
Post Count: 141
December 5, 2007 - 10:40 am
The title of the form is Income Tax Variation Withholding or ITV W and yes it can be obtained on the ATO website.
PosEnterprises
Member
@posenterprises
Join Date: 2006
Post Count: 290
December 7, 2007 - 6:48 am
get help from your accountant because penalties apply if you get it wrong come lodging your tax return.
Cia
Participant
@cia
Join Date: 2004
Post Count: 11
December 13, 2007 - 8:05 am
I got the form thanks but the submission date is for May 2008 which I expect is for 2008/09 tax year. I wonder can I still do a variation for this financial year?
Cheers
Cia
hleung
Participant
@hleung
Join Date: 2007
Post Count: 141
December 15, 2007 - 10:24 am
Cia wrote:
I got the form thanks but the submission date is for May 2008 which I expect is for 2008/09 tax year. I wonder can I still do a variation for this financial year?
Cheers
Cia
Yes, you can submit the ITVW up to May 2008. After that date you can submit an ITVW for 2008/2009 financial year.