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memberus(Initiate)Initiate
12 Sept 2021

I have changed my SMSF's PAYG insalments to annual notice.

I far as I understand, the yearly installment for 21/22 financial year will be issued in early July 2022 and due date 21st October 2022.

Now I am trying to figure out chicken and egg situation.

Do I have to wait for this installment first and then submit my tax return? Will the PAYG amount be considered in 21-22 tax return even if PAYG statement is issued and paid after 30 June 2022?

If I finalise tax return in July 2022 (via tax agent), can annual PAYG be logded with $0 amount as my actual tax amount for 21/22 has already been calculated and submitted?

1,219 views
3 replies
1,219 views
3 replies

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Most helpful replyATO Certified Response

KylieATO(Community Support)Community Support
ATO Certified Response13 Sept 2021

Hi @memberus

Good question!

If you lodge the tax return before the PAYG instalment is processed, it won't be added into the income tax return, leaving you with a debt. Give it a few weeks time, you'll then have the PAYG instalment finalise, leaving you with another debt. We then have to do an escalation to put the PAYG instalment on the return and move that payment across to the PAYG instalment debt. It's all a bit of a mess.

But! Easy fix. You can manually finalise the PAYG instalment using online services or by posting the PAYG instalment back to us.

Remember that if you vary a PAYG instalment to less than 85% of your income tax liability, you can be penalised, so I wouldn't recommend varying your instalment to nil, even if it's after the return is lodged.

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