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What You Need To Know About Varying PAYG Instalments

What You Need To Know About Varying PAYG Instalments

Pay as you go (PAYG) instalments allow you to make regular prepayments of tax on your business and investment income throughout the financial year.

Paying the right PAYG instalments can help you maintain a healthy cash flow and avoid a large tax bill when you lodge your tax return.

If you think your current PAYG instalments could result in you paying too little or too much tax, you can vary your instalments.

You must make variations on or before the day your instalment payment is due. Your varied amount will apply for all your remaining instalments unless you make another variation before the end of the financial year.

Use the PAYG instalment calculator to help you work out your new instalment amount or rate.

If you’ve been affected by the recent floods, you can vary your PAYG instalments and claim a credit for previous instalments paid in the same financial year. You claim this credit at label 5B on your business activity statement.

When you’re ready to lodge your variation, you can do it through myGov, Online services for business or your registered tax or BAS agent.

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

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