hi ATO,
I had received this quarterly PAYG installment letter last year since my income from interests exceeded the $4000 threshold - 1st due date for payment as per this cycle is Feb 28th 2024. This year my income from interests will significantly be lower since I have made an investment. In this context I tried to change the option given to me by exploring option "Vary Rate" which is the 3rd Option. I had previously called you guys in relation to Option 3 and basis my interests earned in current fiscal year expected for future months leading up to June 2024 , I calculated my PAYG installment income to be $1150 which then multiplied by 37% new varied rate came to $425 which if divided by 4 quarters comes to a sum of $106 however, I am asked to pay $425 up front ? I thought I should be paying $106 per quarter which comes to $425. Did I need to keep the PAYG installment income to be $425? Can I opt out of this PAYG installment thing?
Additionally, I am not able to pay the above amount over the ATO online portal as status is showing lodged with payment due by 28/02 however, I dont see any provision to pay this amount.
Firstly I dont qualify for this program anymore as per my current financial structure and basis my understanding I should pay only $106 (across all quarters) which should be refunded back to me by ATO post Sept '24.
Kind Regards,
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