I received my first PAYG instalment for the first time at the beginning of this year. I believe it was because the last financial year I had income from:
How can I check how much tax I still need to pay these PAYG instalments for? It says these statements were for "Activity statement – 002".
Hi @Anb
We can only assess your PAYG instalment obligation once a year when you lodge your tax return, we don’t know during the year if your circumstances have changed so we rely on you to tell us when this happens.
Based on what you have said your business income has now stopped for the current 2022-2023 financial year but there is still rental income.
To tell us about the change in circumstance you do a variation on your statement adjusting the instalment amounts to fit the amount of income you’re now receiving.
On our website under PAYG instalment you will find the details on How to vary your instalments, there is a calculator to hep you work out the appropriate amount based on your current investment income.
This will help work out how much you will need to pay and guide you through how to make the changes on your instalment form.
To locate your instalment statements using your online service go to Tax > Lodgments > PAYG instalments you will have a For action and History tab, the quarterly statement will show around the middle of September, December, March and June. Once they're lodged, they move over to the History tab where you can view and in limited circumstances amend.
Hi @Anb
We can only assess your PAYG instalment obligation once a year when you lodge your tax return, we don’t know during the year if your circumstances have changed so we rely on you to tell us when this happens.
Based on what you have said your business income has now stopped for the current 2022-2023 financial year but there is still rental income.
To tell us about the change in circumstance you do a variation on your statement adjusting the instalment amounts to fit the amount of income you’re now receiving.
On our website under PAYG instalment you will find the details on How to vary your instalments, there is a calculator to hep you work out the appropriate amount based on your current investment income.
This will help work out how much you will need to pay and guide you through how to make the changes on your instalment form.
To locate your instalment statements using your online service go to Tax > Lodgments > PAYG instalments you will have a For action and History tab, the quarterly statement will show around the middle of September, December, March and June. Once they're lodged, they move over to the History tab where you can view and in limited circumstances amend.
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