Varying Your PAYG Instalments
You can vary your PAYG instalments throughout the year if you think you will pay too much tax, compared with your estimated tax for the year.
To assist businesses affected by the COVID-19 pandemic, the ATO won’t apply penalties or interest for the 2020–21 income year for excessive variations when you make your best attempt to estimate your end of year tax. However, general interest charges may apply to outstanding PAYG instalment balances.
Variations don’t carry over into the new income year, so if you made variations in the 2019–20 income year, you may need to vary again in 2020–21. Your varied amount or rate will apply for all your remaining instalments for the income year, or until you make another variation.
Calculating and paying the right PAYG instalment amounts will help you manage your cashflow.
Contact avance if you want to vary your PAYG instalments.