I am not a business owner or investor, but I received this payG installment last week. Why? And how does it work? Could it be because of the interests I earned in my saving accounts last financial year?
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Hi @janj
Nope, you don't wait for us to confirm, you pay the varied amount by the due date.
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That would be it. If you had a significant payable on your last tax assessment then the ATO will most likely enter you into the PAYG instalment system. They ask you to pre pay tax so spreading the burden over the year so you aren't ladled with a tax bill on your next tax return. If you know your tax payable will be less next year (e.g. you spent the money you had in the bank) you are able to vary the instalment amount. See the back of the form for information on this. Don't ignore the instalment letter, it is regarded as a debt. Either pay the amount or vary before the due date.
Hi Taxduck,
If I vary my instalment amount, do I need to wait from ATO's confirmation for the amount or can I go ahead and pay the amount that I vary? Thank you!
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