Hi All,
I had a thought about using an income tax withholding variation to lower my PAYG tax rate to help cover interest payments on finance used for share trading. I'm debt free at the moment but at some point I may want to change that. Is an ITWV suitable or allowable for traders or is it exclusively for real estate and share investors?
For those not familiar with an ITWV it is an application to the ATO to lower your PAYG tax rate so you can use the difference to service investment loans (ususally negative gearing). Rather than pay with normal after PAYG tax money and claiming a large deduction at the end of financial year the expected rebait is applied on a weekly basis to your PAYG figure so the end of financial year claim is minimal.
Thanks
Splint
I had a thought about using an income tax withholding variation to lower my PAYG tax rate to help cover interest payments on finance used for share trading. I'm debt free at the moment but at some point I may want to change that. Is an ITWV suitable or allowable for traders or is it exclusively for real estate and share investors?
For those not familiar with an ITWV it is an application to the ATO to lower your PAYG tax rate so you can use the difference to service investment loans (ususally negative gearing). Rather than pay with normal after PAYG tax money and claiming a large deduction at the end of financial year the expected rebait is applied on a weekly basis to your PAYG figure so the end of financial year claim is minimal.
Thanks
Splint
