Do You Need to Vary Your PAYG Instalments

Pay as you go (PAYG) instalments are regular prepayments of tax on your business and investment income. When you pay regular instalments throughout the year, you should not have a large tax bill when you lodge your tax return.

If you think the amount you pay now will be more or less than your expected tax liability for the year, you can vary your PAYG instalments. The varied amount or rate will apply for all your remaining instalments for the income year, or until you make another variation. You can lodge your variation through myGov or Online services for business. You need to make variations on or before the payment due date.

If you’re a PAYG instalment amount payer, your instalments have been increased by the gross domestic product (GDP) adjustment factor. For the 2022–23 income year, this is 2%.

We encourage you to review your tax position regularly, so your PAYG instalments reflect your expected tax for the year.

Source: ATO

Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with:

– an experienced team of Accountants providing Tax & Business Advisory services
– Bookkeepers to help you with BAS, IAS & Payroll
– Financial Planning advice around Wealth Creation, Super & Aged Care Strategies
– Mortgage Broking services for Home Loans, Investment Loans, Business and even Vehicle Finance

While you’re here why not check out our site and see what we might be able to help you with…………