Pay As You Go (PAYG) income tax instalment variations and refunds now available

By March 24, 2020Blog, COVID-19

What is available and to whom?

Quarterly tax instalment payers can vary their current and prior PAYG instalments on their activity statement for the March 2020 quarter. 

How do I get it?

To access this option you must vary the amount of your PAYG instalments on your March activity statement before the instalment is dueTaxpayers who vary their PAYG instalment rate or amount can also claim a refund for any instalments made for the September 2019 and December 2019 quarters. 

When and how will it be paid?

Variations to current or prior period PAYG instalments amounts will be applied by either reducing the amount payable on the current activity statement or when the variation results in a credit, it will be applied through the activity statement system and refunds should be issued within 14 days of processing. 

Penalties or interest charges will not be applied to varied instalments for the 2019–20 financial year. 

Monthly payers wanting to vary their instalment rate and claim refunds for previous amounts paid will need to contact the ATO directly. 

For more information please click here. 

Remember, we’re here to help!

Here’s what Advivo is doing to help our clients and friends through these turbulent times and we urge you to please contact us sooner rather than later if you would like any assistance with these.