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  • Varying your PAYG instalments

    Due to the exceptional circumstances surrounding COVID-19, we won't apply penalties and interest for excessive pay as you go (PAYG) instalment variations when you make your best attempt to estimate your end of year tax. This is in recognition of difficulties you may face in making accurate estimates of final tax liabilities in these uncertain economic times.

    If you varied your PAYG instalment amounts in 2019–20 due to COVID-19, you may need to vary your instalments again for 2020–21 if your instalment amounts don't reflect your current financial circumstances.

    You can also vary your PAYG instalment rate or amount if you have an approved substituted accounting period (SAP). Any variation must relate to instalments made during the corresponding SAP.

    If you're in the Top 100, Top 1,000 or Top 500 private groups programs, you will need to ensure any variation to your instalment rate or payments reflect your anticipated tax liability for 2020–21. We don't expect you to vary your rate down if you anticipate making an end of year washup payment.

    Note that general interest charges may apply to outstanding PAYG instalment balances.

    See also:

    Last modified: 08 Sep 2020QC 63595