Now is a good time to check your pay as you go (PAYG) instalments still reflect your expected end of year tax liability.
If your circumstances have changed and you think you will pay too much (or too little) in instalments for the year, you can vary your instalments on your next activity statement.
You can vary your instalments multiple times throughout the year. Your varied amount or rate will apply for your remaining instalments for the income year or until you make another variation.
If you continue to be affected by COVID-19, the ATO will not apply penalties or charge interest to varied instalments relating to the 2020-21 income year. This applies when you have made your best attempt to estimate your end of year tax liability.
If you vary an amount or rate online, you will no longer receive paper activity statements and instalment notices. These will be issued electronically. You will need to consider this when deciding how to lodge, revise and vary future activity statements and instalment amounts.
Please contact your Client Relationship Manager should you have any questions about your PAYG.