Hi There
A bit of advice needed! Has anybody been in the situation, where they have a variance set up with the ATO, where you actually have to pay them(ATO) money? Those investors (there would be many) who utulise the variance, to help with there cash flow. But what happens when your calculations are incorrect, ie you own them money. Are there fines involved – do they stop you from using this, in the following year? I note in the forms that you fill in, there is something like "The Commissioner MAY cancel your variance"
Any help or suggestions, would be greatly appreciated!!!!
Thanks
qbnjuggernaut
Hi,
I've been using a variation (ITWV) for a few years now.
If your variation is (I think) 10% over what you stated as your NET income then yes the ATO will most likely kill any ITWV in place at the time of lodgement or disallow the next application.
If you are going to be over, RING THEM and pay extra into your tax account (or see a financial advisor to reduce tax in some other manner)
If I'm over, I pay extra to super, pre-pay interest on my loan(s) and /or buy some dodgy Great Southern trees!
Cheers
Have had a lotta dealins with ATO folk in various lives over the years … and ya know somethin? …. these folk are human
They will beat ya ta death with the great tomes of legislation … particularly the tax avoidance bit .. if ya do the wrong thing (and so they should
)But I have to say .. if you are up front with them … they can be a great ally .. and (as I said) great folk (and NO .. I don't work for em
) …So? .. they was a 'screw up' … be up front with em.
If you didn't use an accountant to step through all with you .. tell em – your bad .. you'll use an accountant next time .. can they recommend one … etc etc ..
If you used an accountant .. tell em .. sack the accountant .. tell em the truth … and why ya need the variance etc etc ..
Get the advice on ya next year BEFOREHAND … take it to them .. explain it to them .. ask their view .. is there anything you or your NEW accountant missed .. whatever .. but YOU must make the first move … and be up front.
and … DO NOT yak at the counter .. tell em ya want the super .. or whatever .. get a meeting room and talk through it ..
You'd be suprised .. they really only want the genuine baddies .. lotsa folk screw up … from experience … 9 times outta 10 … they understand that (ya may get a whack) … but thats ok …
give it a go
RobL wrote:Have had a lotta dealins with ATO folk in various lives over the years … and ya know somethin? …. these folk are humanThey will beat ya ta death with the great tomes of legislation … particularly the tax avoidance bit .. if ya do the wrong thing (and so they should
)But I have to say .. if you are up front with them … they can be a great ally .. and (as I said) great folk (and NO .. I don't work for em
) …So? .. they was a 'screw up' … be up front with em.
If you didn't use an accountant to step through all with you .. tell em – your bad .. you'll use an accountant next time .. can they recommend one … etc etc ..
If you used an accountant .. tell em .. sack the accountant .. tell em the truth … and why ya need the variance etc etc ..
Get the advice on ya next year BEFOREHAND … take it to them .. explain it to them .. ask their view .. is there anything you or your NEW accountant missed .. whatever .. but YOU must make the first move … and be up front.
and … DO NOT yak at the counter .. tell em ya want the super .. or whatever .. get a meeting room and talk through it ..
You'd be suprised .. they really only want the genuine baddies .. lotsa folk screw up … from experience … 9 times outta 10 … they understand that (ya may get a whack) … but thats ok …
give it a go
your right they are human and I've never had an issue with seeking assistance from them.
BUT if you are so far over that its OBVIOUS you lead them down a garden path, forget a ITWV for the next year.If you have heaps to right down see an accountant
Cheers
agreed P … that may be the 'whack'
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