14 September 2020
You can vary your pay as you go (PAYG) instalments if you think you will pay too much compared with your estimated tax for the year.
To assist businesses affected by COVID-19, we 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.
Variations don't carry over into the new income year. If you made variations in the 2019-20 income year, you may need to vary again in 2020-21.
You can vary your instalments throughout the year. Your varied amount or rate will apply for all your remaining instalments for the income year, or until you make another variation.
We encourage you to review your tax position regularly and vary your PAYG instalments as your situation changes.
Calculating and paying the right PAYG instalment amounts will help you manage a healthy cash flow.
General interest charges may apply to outstanding PAYG instalment balances.
Remember, registered tax agents and BAS agents can help you with your tax.
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