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  • Varying your pay as you go instalments

    You can vary your pay as you go (PAYG) instalments throughout the year 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. 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.

    We encourage you to review your tax position regularly and vary your PAYG instalments as your situation changes.

    Remember, registered tax agents and BAS agents can help you with your tax.

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      Last modified: 22 Sep 2020QC 63720