LATEST ACCOUNTING NEWS
Budget 2020 - A very comprehensive break down.
Budget 2020 - Fact Sheets
Budget 2020 - At a Glance, Overview, Outlook
Temporary home office expenses shortcut extended again
JobKeeper extension – changes implemented
JobKeeper Participants – are “workers”
Commissioner registers updated JobKeeper alternative tests
Varying Pay As You Go (PAYG) Instalments
Reminder of Medicare Levy Surcharge (MLS)
September update of latest COVID-19 initiatives.
ATO JobKeeper 2.0 guidance surfaces
Expats Return to Australia – Travel Expenses
Profession to be relied on for post-JobKeeper turnover certificates
Update of Superannuation contribution rules from July 1, 2020
Expats & COVID-19 Impacts on tax residency
Economic recovery could be slower than anticipated: RBA
High Court rules in favour of employers on personal leave accruals
JobKeeper Phase 2 - Latest Update
Payroll Tax 2020 concessions and JobKeeper
High alert issued over myGov tax time scam
Extended director penalty regime to catch out ‘zombie companies’
SG amnesty deadline - 7 September
‘Hundreds’ to be contacted in ATO early super compliance blitz
90,000 SMEs to benefit from new JobTrainer program
Quarter 3 July - September 2020
Quarter 2 April - June 2020
Quarter 1 January - March 2020
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Varying Pay As You Go (PAYG) Instalments

 

The first instalment of 2021 income tax, due for quarterly taxpayers on 28th October may be varied down.

 



       


If your business or investment income has been affected by covid-19 (or any other factors) and has reduced, the instalment can be varied.


You must make a variation on or before the payment due date.  An estimate of  tax payable for the year, based on the current circumstances, will result in a reduced instalment.


You can vary instalment amounts multiple times throughout the year, reflecting current income and legislation announcements (e.g. new depreciation write offs, new incentives).


The varied amount will apply for the remaining instalments for the year, or until another variation is made.


Importantly, it should be done before the payment due date – and payment made of the recalculated amount.


An estimate of next years tax payable during this pandemic can be extra-ordinarily difficult, but the Australian Taxation Office have advised that no penalties will be imposed if a best attempt is made, although general interest charges may apply to outstanding PAYG.


 


 


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10th-October-2020
 
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