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#EveryoneNeedsaPlan to Vary the Pay-As-You-Go (PAYG) Instalment
Posted by G. Dean McKinnon
on 14 March 2022
The ATO will issue a Pay-As-You-Go (PAYG) instalment notice to a taxpayer based on the tax paid in the previous Financial Year but you are able to vary the PAYG instalment, depending on your circumstances.
The PAYG instalment issue usually rises when tax is payable on non-employment income such as back interest, share dividends, self-employment income, et cetera. The ATO assumes the taxpayer will be earning the same level of income in the following Financial Year and so they issue the instalment notice.
However, quite often the taxpayer will not be earning the same level of income in the following Financial Year and therefore the instalment notice can be varied (to NIL if it is anticipated the income will not continue). If you received an ATO PAYG instalment notice and you believe it needs to be varied, it is recommended you contact your tax adviser to discuss your options.
McKinnon Financial Planning coordinates all tax requirements, including PAYG instalment notice variations, for our Total Service Clients, so if you need someone to co-ordinate all your tax matters, do not hesitate to contact us and arrange your free initial appointment to discuss your Financial Planning requirements.
The PAYG instalment issue usually rises when tax is payable on non-employment income such as back interest, share dividends, self-employment income, et cetera. The ATO assumes the taxpayer will be earning the same level of income in the following Financial Year and so they issue the instalment notice.
However, quite often the taxpayer will not be earning the same level of income in the following Financial Year and therefore the instalment notice can be varied (to NIL if it is anticipated the income will not continue). If you received an ATO PAYG instalment notice and you believe it needs to be varied, it is recommended you contact your tax adviser to discuss your options.
McKinnon Financial Planning coordinates all tax requirements, including PAYG instalment notice variations, for our Total Service Clients, so if you need someone to co-ordinate all your tax matters, do not hesitate to contact us and arrange your free initial appointment to discuss your Financial Planning requirements.
Author:G. Dean McKinnon
| Tags:Tax |
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