Our SMSF's 20/21 tax return was subbmittted in July 2021 via accounting company.
After it was completed we were requested to pay two amounts to ATO:
1. PAYG for Mar-Jun 2021 (let's say $250)
2. Tax for the period from 01 Jul 20 to 30Jun 21
That last PAYG amount was not accounted for in tax return, as it was issued later. Doesn't that mean that we are now overcharged for our 20/21 tax by $250?
That last PAYG amount was not accounted for in tax return, as it was issued later.
Doesn't that mean that we are now overcharged for our 20/21 tax by $250?
Yes - ask accountant for report from ATO online services showing whether it has been applied to 2021 tax return calculation.
That last PAYG amount was not accounted for in tax return, as it was issued later.
Doesn't that mean that we are now overcharged for our 20/21 tax by $250?
Yes - ask accountant for report from ATO online services showing whether it has been applied to 2021 tax return calculation.
Hi @memberus
Yes - this is the issue if you lodge before the PAYG instalment is finalised.
Not to worry, though. @Bruce4Tax is right. If your accountant can't see the total of all four quarters in the tax return calculation, they (or you) will need to get in contact with us to let us know so we can fix it up.
Thank you
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