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When you vary a PAYG instalment on an activity statement, you must write a reason code at label T4. Choose the reason from the following list that best describes why you decided to vary your instalment amount or rate.
Change in investments
Your investment strategy or policy has changed and this will significantly affect your annual tax liability. For example:
Current business structure not continuing
Your current business has stopped trading or has changed its structure. For example, your business has:
Significant change in trading conditions
Abnormal transactions relating to your business income or expenses will significantly affect your annual tax liability. For example:
Internal business restructure
You have restructured your business. For example, it has undergone an expansion or contraction, which will significantly affect your annual tax liability.
Change in legislation or product mix
A change in legislation, or the product mix of your business, will significantly change your annual tax liability.
Financial market changes
Your business is involved in financial market trading and has been affected by domestic or foreign financial market changes. This includes businesses whose income is affected by changes in financial products, such as banks and finance and insurance businesses.
Use of income tax losses
You will be using income tax losses, including capital losses transferred from another entity that will significantly affect your annual tax liability.
A head company can vary its consolidated instalment based on its estimate of the expected consolidation outcomes for the year. When varying as a result of consolidation, use the special variation code 33 on the consolidated activity statement.
For more information, refer to How to vary pay as you go (PAYG) instalments.
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