5 May 2024 |29 Apr 2024 |Original Activity Statement for the period ending 31 Mar 24 - PAYG Instalments | $395.00 | $395.00 DR
28 Feb 2024 |Original Activity Statement for the period ending 31 Dec 23 - PAYG Instalment | $395.00 DR
The $ 395 not sure where is that coming from that too for two different years. I'm a bit lost and scared that if unpaid this will raise as a debt. I do not have a business.
@ElJones Thanks, that really great info. Really appreciate your help.
Hi @parth2104,
Welcome to ATO Community ๐
The ATO appears to have automatically entered you into a system that helps you avoid the shock of a big tax bill at the end of the tax year. It's known as PAYG instalments, see here. If you're not running a business, the amount of your investment income in your previous tax return (like interest, dividends or rent) can tip you into entering the PAYG instalments system. โ
While the 2 instalments for $395 appear to be in different years, they are still part of the same tax year (1 July 2023 to 30 June 2024). These instalments are like pre-payments to any income tax liability for your 2024 income tax return. ๐๏ธ
When you lodge your tax return, if you're owed money, any excess may be automatically refunded. ๐ซด
The reason the instalment amouts appear in Activity Statement Account 4 (rather than your Income Tax Account 001) is because a different account is required to record instalments.
If your circumstances have changed, (say for example, you no longer receive much investment income any more and shouldn't have to prepay tax), feel free to give them a ring and discuss your options. ๐๐
@ElJones Thanks, that really great info. Really appreciate your help.
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