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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