9 March 2021
Now is a good time to check your pay as you go (PAYG) instalments still reflect your expected end of year tax liability.
If your circumstances have changed and you think you will pay too much (or too little) in instalments for the year, you can vary your instalments on your next activity statement.
You can vary your instalments multiple times throughout the year. Your varied amount or rate will apply for your remaining instalments for the income year or until you make another variation.
If you continue to be affected by COVID-19, we won't apply penalties or charge interest to varied instalments relating to the 2020-21 income year. This applies when you have made your best attempt to estimate your end of year tax liability.
We no longer issue activity statements or PAYG instalment notices on paper once you have lodged electronically. So if you vary an amount or rate online, it will result in an end to paper activity statements and instalment notices.
You'll need to consider this when deciding how to lodge, revise and vary future activity statements and instalment amounts.
Remember, registered tax agents and BAS agents can help you with your tax.
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