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• Raining heavily in Perth! Saw the funniest thing. A man running out into the rain just to throw his rubbish in the bin! He couldn’t wait… #

• Bought myself a MacBook on Monday, Been personalising it and transferring mail and programs from vista to this mac! nearly done now… #

• http://www.investmentoverview.com.au/ This is for all the Perth people. I’ll see you there tomorrow! Say Hi to me if you see me! #

Its that time of the year again when you have to do your PAYG income tax withholding variation (ITWV) applications again

For the people who are new at this I will briefly explain what this mean:

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 will be on PAYG. 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.

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 or margin loan, rates, water charges, managing expenses etc for your investment property etc. What usually happen is that you get a tax refund at the end of the 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).

By completing a PAYG income tax withholding variation (ITWV) application, 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 checks. This way i seems like you are getting more cash from our pay slips due to the reduction in tax withheld. This money can be used for anything, hopefully you use it to pay for those expenses when it happens or simply to offset interest or even earn interest (whatever you please) instead of sitting in the tax man, Mr ATO’s bank account earning interest for them.

Once you complete this form, the ATO will tell your employer to make the necessary changes to your pay slips. So get on-line today and complete one, especially if you have deductible expenses!

There are two ways of submitting the application

1. completing the e-form and submitting it on-line (highly preferred) => PAYG income tax withholding variation (ITWV) Application (On-line)
2. option printing it out and completing it yourself and ’snail’ mail it to the ATO get your accountant to do it =>
   PAYG income tax withholding variation (ITWV) Application (Paper)

Example:
Here’s a quick example of how PAYG income tax withholding variation (ITWV) will help you:
For simplicity i am going to assume the following:

• Tax rate is 30%( flat rate across all income)
• You get paid monthly
• You earn $50,000 a year
• You have $12,000 worth of investment expense (net cost from your
• Investment properties or margin loans etc) which is charged monthly

BASE CASE

• Your taxable income is $50,000, so your tax payable is $15,000 (30% x$50,000)
• Your employer will withhold 30% ($15,000 per year) of your salary and send it to the tax man
• This means your monthly pay slip is $2,916.67 ($35,000 / 12)
• You will need to spend $1,000 for your investment expense
• This leaves you with $1,916.67 for your living expenses and savings
• You get a huge tax refund at the end of the financial year $3,600 (30% x$12,000)

AFTER PAYG income tax withholding variation (ITWV)

• Your taxable income is $38,000 ($50,000 - $12,000), so your tax payable is $11,400 (30% x $$38,000)
• Your employer will withhold 30% ($11,400 per year) of your salary and send it to the tax man
• This means your monthly pay slip is $3,216.67 ($38,600 / 12)
• You will need to spend $1,000 for your investment expense
• This leaves you with $3,216.67 for your living expenses and savings
• You get NO tax refund at the end of the year, but you received $300 more a month which could be better used in your hands than the tax man, Mr ATO’s hand

So the question is will you be doing your PAYG income tax withholding variation (ITWV)? or at least find out from your accountant what this is all about!

Tags: tax, cashflow, income tax withholding variation, itwv, payg

Get Your 2 Free energy Saving Lightbulbs!

There’s 10,000 of these little babies, so click on the link below and request for your 2 Free energy Savings Lightbulbs!
Here’s the link: http://www.greenenergywatch.com.au/freelightbulbs.php

PS: This is for people in Australia only

Tags: energy, green, lightbulb

Here’s an overview of what mCorp will be covering

• Finance - Save $1000’s in interest
• Stock Market - Create real Cashflow
• Property - Create equity in a flat market
• Insurance - Protecting yourself from the worst cases
• Bringing it all together

mCorp is running this Investment Overview Evening all over the country so register where ever you are - Investment Overview Evening

If you haven’t already watched the mCorp DVD, order you FREE copy by Clicking Here

Tags: property, seminar

I think this is more about just the Eight Principles of Fun, to me this flash clip is showing us the eight principles of life. Take this to heart and act on it! I reckon if the whole world follow these eight principles, the world would be a better place for everybody. Here’s the summary from the flash clip:

Get Focused

• Stop hiding who you really are
• Start being intensely selfish

Be creative

• Stop following the rules
• Start scaring yourself

Use your wisdom

• Stop taking it all so damn seriously
• Start getting rid of the crap

Take action

• Stop being busy
• Start something

Hope you Enjoy this as much as I did.

Tags: life, inspiration

Was at one of Dave Rogers seminar last weekend and he mentioned a book called “The Five Love Languages” by Dr Gary Chapman. So, last Friday I decided to buy this book from the bookshop and also read it over the weekend that just passed. It’s definitely worth a read for people who are in relationships or intend to be in a relationship anytime in the future.

The book talks about the 5 different ‘love languages‘

• Words of Affirmation
• Quality Time
• Receiving Gifts
• Acts of Service
• Physical Touch

Everybody has a preferred ‘love language‘ so its best to communicate to that person in their language and hopefully their understand your ‘love language’ and communicate to you in your ‘love language‘.

Pretty simple heys…

• Here is “The Five Love Languages” official webpage - Click Here
• Here is a link to a summary of the 5 ‘love languages‘ with the survey which will identify your primary ‘love language‘ - Click Here
• Here is a link to an online survey of the 5 ‘love languages‘ which will identify your primary ‘love language‘ - Click Here

Tags: communication

This is a very brave guy! talk about determination and bravery! The question is, would you have done what he did, why and why not? This guy is obviously very focused & determined to complete the race and didn’t let the any excuse stop him.

Many wise men once said “there are only two types of people”

• Ones with excuses, and
• Ones with results

Which one are you?

Tags: inspiration

• http://is.gd/eZw Loan Repaid! First one so far! These guys paid it off so fast! #