Hi everyone,
I just lodged my 2024–25 tax return. My Notice of Assessment shows I was due a refund of $1,990.80. However, only $139.80 actually went into my bank account.
When I checked my Statement of Account, I saw that the rest of my refund was transferred to my Integrated Client Account (business PAYG instalments) in three chunks of $617 each.
Here’s the issue:
- Last year my business income was about $15,000, so the ATO set my PAYG instalments based on that figure.
- This year, my business only earned around $3,000.
- Because I didn’t vary my PAYG instalments during the year, the system still treated those instalments as payable debts and offset my refund against them.
So essentially, I’ve overpaid tax instalments that I didn’t actually owe based on my lower income, and I’ve lost most of my refund because of it.
My questions are:
- Is there any way to have those overpaid instalments refunded now, or do I just have to wait until next year’s return?
- Going forward, where exactly in myGov can I lodge a PAYG variation so I don’t get stuck overpaying again?
Thanks in advance I just want to make sure this doesn’t happen again.
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382 views
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