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Why use an ITWV?
Taxpayers entitled to large refunds can access the funds held by the ATO in their weekly pay rather than waiting until their annual tax return is completed and lodged. There are various circumstances where this is appropriate, and sometimes necessary:
Negatively geared investments such as investment property (residential or commercial) or share portfolio
Large deductions relating to allowances received from your employer – eg. car expenses
Tax Offsets not taken into account in your PAYG withholding – eg senior citizens tax offset
Who should use an ITWV?
This form should be used when the payee (employee) wants to reduce their pay as you go (PAYG) withholding rate for the year ending 30 June next.
How do you use an ITWV?
Using this online service you can provide us with the information necessary to lodge an ITWV application form with the Australian Taxation Office (ATO). Once processed, the ATO will notify your employer of a “varied” amount of tax to be withheld from you regular pay.
Information required for application:
Personal information:
Full name; DOB; Tax File Number; address; occupation; contact phone no’s
Employer Information:
Employer ABN; name; Postal address; employee no; pay office phone no; pay frequency; current pay slip
Investment/Loan information:
Rental property address or investment name; % ownership; date first income producing; gross rent per week; loan balance at begining of year; loan interest rate; depreciation report deductions; other deductions relating to the investment (eg. rates, insurance, repairs, body corporate, borrowing expenses, manage fees, bank fees etc)
Other:
There will be some expenses that you may not be sure about. Include as much infformation in the ITWV form as possible. If we have any trouble completing the application we will contact you.
Please contact us by email or telephone if you have any queries.
