Archive for the ‘Taxation’ Category

PAYG Withholding Variation Application 2010
Thursday, April 16th, 2009

Lodge your PAYG withholding variation application 2010 using e-variation from 1 May 2009.

After 29 April 2009, the current 2009 PAYG withholding e-variation will no longer be available.

You can use e-variation to lodge any PAYG withholding variation application: simply enter the relevant reason code.

  • To access e-variation at www.ato.gov.au
  • select ‘Find a form or publication’ from the left menu
  • select ‘All forms’
  • then ‘Search’
  • then enter ‘2036′ into the NAT number field
  • then click on the link to the PAYG withholding variation application 2010 (NAT 2036)
  • then follow the prompts.

How long do you have to wait for your PAYG Variation?
When you lodge your e-variation application, you should receive an on-screen message with your reference number. If you do not get this message, the transmission may still have been successful. Do not transmit the e-variation again as this will delay the processing of the application.

We will send you an email confirming receipt or your application. If you do not get this email, please phone 1300 360 221 between 8.00am and 6.00pm, Monday to Friday.

In most cases e-variation applications are processed within 14 days. Please wait 21 days before phoning to check on the progress.

More information
If you have more questions:

  • visit the ATO website www.ato.gov.au
  • phone 1300 360 221 between 8.00am and 6.00pm, Monday to Friday, or
  • email ATO at ITWvariation@ato.gov.au

If you want to find out more information regarding the benefits of doing a PAYG Withholding Variation then you may want to visit:

Filed under: Rental Property, Tax Deductions, Taxation — Tags: , , — Yong-Long Lai @ 10:31 pm
Tax Bonus - Checklist
Wednesday, March 11th, 2009

What do I need to do to get the Tax Bonus?

  • The bonus will be available to Australian resident taxpayers who paid net tax in the 2007-08 financial year. (This simply means you actually paid at least $0.01 worth of tax in 2007-2008, if you didn’t then you don’t get the bonus)
  • Taxpayers must lodge their tax returns for the 2007-08 financial year by 30 June 2009 to be eligible. (Obviously, they won’t know if you are eligible until you actually done your tax return for 2007-2008, so I guess if you haven’t done it yet, you have a good reason to do it now)
  • Taxpayers will not need to apply for the payment. The Australian Taxation Office will make the payment to taxpayers after determining eligibility for the 2007-08 financial year. (this means, its going to be automatic. If you gave the ATO your bank details last year, then most likely you’ll be expecting the Tax Bonus in your bank account in the next few weeks. Otherwise be expecting a cheque in your mailing address)

You can get all the details of the Tax Bonus here:

How Much Tax Bonus will I get?

  • A $900 bonus will be paid to taxpayers with taxable income up to and including $80,000.
  • A $600 bonus will be paid to taxpayers with taxable income exceeding $80,000 to $90,000.
  • A $250 bonus will be paid to taxpayers with taxable income exceeding $90,000 to and including $100,000.

Remember the aim of the Tax Bonus is to stimulate Australia’s economy and the Government encourage you to spend it. ie. Buying Australian goods/services. Buying electronic goods could mean up to 50% of the price you paid goes to an overseas company. Services are the best way to keep the money in Australia, e.g. plumbers, electrician, builders, gardeners etc.

Happy spending/investing!

Filed under: Taxation — Tags: , — Yong-Long Lai @ 10:52 pm