Why is my PAYG Instalment so high?

It is (again) time to pay (or vary) your quarterly PAYG Instalment.  A lot of us have received the “pink form” in early July or have received a notification from MyGov that their quarterly PAYG Instalment is available on MyGov.

Some of us would ask:

What is PAYG Instalment, why do I need to pay it?

How did the ATO work out the amount?

Why this quarter’s instalment is much higher than others?

Can I “dial it down” a bit?

Let’s have a look at the What, Hows and Whys.

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in Articles / News / Personal Tax Returns / Starting a New Business / Tax Advice and Planning  by Emily Yip

2017 Annual PAYG Instalment payments

For those who have received Annual PAYG Instalments for the 2017 financial year with an amount to pay – the due date for payment is 23 October 2017.

Late payments will attract General Interest Charges (GIC) from the ATO.

If you have trouble making payment to the ATO, Aston can help you liaise with the ATO to apply for payment plans. Get in touch now!

in News  by Emily Yip