Take control of your finances and apply for a PAYG income tax withholding variation (ITWV) today!
With this application, you can potentially receive your investment deductions throughout the year instead of waiting for a tax refund. Our team can assist you in completing and lodging the application, allowing you to have more cash in your pay slips and use it for anything you need.
Don’t let your money sit in the tax man’s bank account, apply for an ITWV and get your tax back before the financial year ends. Call (07) 5596 4604 and speak to our team of experts.
Want To Get Your Tax Back Before the Financial Year? Then an Income Tax Withholding Variation could be right for you!
For the people who are new to this I will briefly explain what an Income Tax Withholding Variation is: PAYG income tax withholding variation (ITWV) is used for people on the PAYG (Pay As You Go) system, i.e. pretty much everybody who is on a salary. This just means that your employer is withholding some part of your salary base on your tax payable and sending it to the tax man, Mr ATO (Australian Taxation Office).
You might be thinking, what’s the point of all this and how is this going to benefit you?
Well If you have tax deductible expenses such as interest on an investment property, margin loan, land rates, water charges, property management expenses etc. then this will be useful for you. What usually happen is that you get a tax refund at the end of the financial year because your employer has withheld too much tax for the tax man (simply because your employer doesn’t know that you have investment properties or other tax deductible expenses).
If you want to reduce or vary the amount of PAYG tax withheld from your income, you can apply for a PAYG withholding variation. By doing so, you can ensure that the amount withheld during the income year matches your end-of-year tax liability. This is particularly useful if you have tax-deductible expenses that are higher than normal. You can submit your application during the year, with the deadline being 30 April of the application year. The variation is valid for one financial year, starting from 1 July if you apply in May or June.
By having a PAYG income tax withholding variation (ITWV) application completed for you by our team, you are applying for all those investment deductions to be refunded during the year via reduction in the tax withholding that’s been applied by your employer to your pay slips. This way it seems like you are getting more cash from your pay slips due to the reduction in the tax withheld. This money can be used for anything, hopefully you will use it to pay for those expenses when it happens or simply set it aside to offset interest or even earn interest in some high interest account, instead of sitting in the tax man, Mr ATO’s bank account earning interest for them.
Once we complete and lodge your application, the ATO will tell your employer to make the necessary changes to your pay slips.
Call (07) 5596 4604 today to speak to our team of experts and take the first step towards getting your tax back!