September Quarterly PAYG instalment notices are due on 28th October.
Many taxpayers earning non-salaried income – e.g. income from business and investments will have received their September 2018 Quarterly Instalment notices.
The PAYG instalment relates to tax payable towards your 2019 year-end tax i.e – due in most cases May 2020 when you lodge your 2019 Tax return, via our program
This quarters PAYG instalment notice amounts are due on 28th October 2018, so plan now for payment.
In some case, the amounts payable on the notice may look outrageously large or wrong!
If this is the case, then please talk to us, and we can discuss the variation of the quarterly amount. To this, it needs to be done soon not on the date due.
There may be those taxpayers who chose to vary their instalment to NIL. That’s okay providing you don’t believe you will owe tax for 2019 year for investment and business income.
We are noticing the ATO are acting on those who vary but end up owing tax upon lodgement. One taxpayer has been refused by the ATO a repayment plan based on his incorrect variation.
We often suggest that clients pay this one but vary later instalments as the year progresses.