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Bookie_lee(Initiate)Initiate
6 Aug 2024

According to ATO as a large withholder if you withheld more than $1 million. You'll get a new Payment Reference Number (PRN) to quote when you pay on the set payment dates. You're not required to report PAYG withholding on your activity statement. You should still reconcile your reported STP and paid amounts. Based on this how, in case of an over payment of PAYG how will the refund request be executed? Is there any additional process as we tried connecting with ATO but were redirected multiple times and didn't get a solution.

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ATO Certified Response
PayrollDeanne(Taxicorn)Taxicorn
ATO Certified Response7 Aug 2024

Hiya @Bookie_lee 👋


Large withholders reduce their next PAYGW payment by the amount of the recovery. The method for large is very different from SMEs!


Let me give you an example:


Pay period (PP) 07 of 26 PAYGW = 950,000

PP 08 of 26 PAYGW = 975,000

PP 09 of 26 PAYGW = 860,000 (because a correction was made that refunded part of a prior pay period PAYGW)

PP 10 of 26 PAYGW = 960,000


You reduce your PAYGW amount. No need to report it, except if it exceeds the materiality threshold.


Deanne

Bookie_lee(Initiate)Initiate
8 Aug 2024

Thank you for your support could you also advice if the same in case of an over payment of PAYG in previous year how will the refund request be executed? Can we adjust for last year PAYG in current financial year?

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As a large withholder advice how to request ATO for refund. | ATO Community