Corporate Tax PAYG Concessions are available to small and medium businesses in March 2020 BAS.

Corporate Tax PAYG Concessions

Business Taxpayers with PAYG instalments are entitled to:

1.Vary the PAYG instalment amounts to zero from the March 2020 quarter; and

2. Claim a refund for any instalments made for the September 2019 and December 2019 quarters.

The ATO have advised to:

  • Manually vary the PAYG instalment for the March 2020 quarter to $0;
  • Provide the reason on the BAS: “significant change in trading conditions”;
  • Claim a 5B credit to refund the instalments paid for the September and December quarters – that is manually enter the amount at 5B.

This does not change the net liability and is a Cashflow benefit only.

Large Businesses are encouraged to contact the ATO.