If you have been affected by COVID-19 and are expecting substantially less business or investment income this year, you could vary your pay as you go (PAYG) instalments.
You can vary instalment amounts multiple times throughout the year to reflect your expected end of year tax liability. You should review your tax position regularly and vary PAYG instalments if your situation changes. The varied amount will apply for the remaining instalments for the income year, or until another variation is made.
You must make variations on or before the payment due date.
The ATO understands it may be difficult to accurately estimate final tax liabilities in 2020–21. The ATO will not apply penalties or interest for excessive variations if you have have made your best attempt, but general interest charges may apply to outstanding PAYG instalment balances.
For more information please contact your Client Relationship Manager.