Tweets on 2008-07-23
- 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… #
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
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:
BASE CASE
AFTER PAYG income tax withholding variation (ITWV)
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
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Here’s the link:
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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
Be creative
Use your wisdom
Take action
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‘
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…
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”
Which one are you?
Tags: inspiration