All Topics / Legal & Accounting / Tax variation form for negative gearing

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  • Profile photo of CiaCia
    Participant
    @cia
    Join Date: 2004
    Post Count: 11

    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

    Profile photo of virgininvestorvirgininvestor
    Member
    @virgininvestor
    Join Date: 2007
    Post Count: 37

    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!

    Profile photo of hleunghleung
    Participant
    @hleung
    Join Date: 2007
    Post Count: 141

    The title of the form is Income Tax Variation Withholding or ITV W and yes it can be obtained on the ATO website.

    Profile photo of PosEnterprisesPosEnterprises
    Member
    @posenterprises
    Join Date: 2006
    Post Count: 290

    get help from your accountant because penalties apply if you get it wrong come lodging your tax return.

    Profile photo of CiaCia
    Participant
    @cia
    Join Date: 2004
    Post Count: 11

    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

    Profile photo of hleunghleung
    Participant
    @hleung
    Join Date: 2007
    Post Count: 141
    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. 

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

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