Varying PAYG instalments
The ATO is reminding taxpayers that they can vary their pay as you go (‘PAYG’) instalments if they think the amount they pay now will be more or less than their expected tax liability for the year, by lodging a variation through myGov or Online services for business.
Instalments for those who are PAYG instalment amount payers have been increased by the gross domestic product (‘GDP’) adjustment factor of 2% for the 2022/23 income year.
Please Note: Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.
