Hi
I have spent an hour googling and cannot find the answer.
I have entered the PAYG instalment system for one year now and it was a pain to keep up with the quarterly payments. I missed the first one by one month because I got no notice through the mail or anywhere then randomly one day I went into my MyGov account and it said I was in debt.
So, I have opted to switch to Annual Payments as of yesterday (16th August).
My situation is I have lodged my tax return for FY 2023 - FY2024. I have paid the extra tax as well that came out of that Tax Return Submission.
My 1st quarterly instalment for FY2025 is due 28 October.
Now that I have opted for Annual Instalments, when should I expect a notice for that payment - this year or next year?
If I have to pay again in October the entire annual payment a year in advance I'd rather switch back to Quarterly instalments.
The ATO material isn't helpful at all and sheds no light on Annual instalment payments.
Thanks
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