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Part 1 – Budget reminders. Under the Hood.
Part 2 – Budget reminders. Under the Hood.
Part 3 – Budget reminders. Under the Hood.
Comprehensive list of COVID-19 initiatives and packages.
Businesses not meeting obligations warned as ATO restarts compliance programs
Employers cautioned over ‘hard and fast’ decline in turnover eligibility
‘Follow the spirt of the law’, warns ATO
$120m in JobKeeper clawed back by ATO, new compliance areas highlighted
Budget 2020 - A very comprehensive break down.
Budget 2020 - Fact Sheets
Budget 2020 - At a Glance, Overview, Outlook
Temporary home office expenses shortcut extended again
JobKeeper extension – changes implemented
JobKeeper Participants – are “workers”
Commissioner registers updated JobKeeper alternative tests
Varying Pay As You Go (PAYG) Instalments
Reminder of Medicare Levy Surcharge (MLS)
September update of latest COVID-19 initiatives.
ATO JobKeeper 2.0 guidance surfaces
Expats Return to Australia – Travel Expenses
Profession to be relied on for post-JobKeeper turnover certificates
Update of Superannuation contribution rules from July 1, 2020
Expats & COVID-19 Impacts on tax residency
Economic recovery could be slower than anticipated: RBA
High Court rules in favour of employers on personal leave accruals
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Varying Pay As You Go (PAYG) Instalments

 

The first instalment of 2021 income tax, due for quarterly taxpayers on 28th October may be varied down.

 



       


If your business or investment income has been affected by covid-19 (or any other factors) and has reduced, the instalment can be varied.


You must make a variation on or before the payment due date.  An estimate of  tax payable for the year, based on the current circumstances, will result in a reduced instalment.


You can vary instalment amounts multiple times throughout the year, reflecting current income and legislation announcements (e.g. new depreciation write offs, new incentives).


The varied amount will apply for the remaining instalments for the year, or until another variation is made.


Importantly, it should be done before the payment due date – and payment made of the recalculated amount.


An estimate of next years tax payable during this pandemic can be extra-ordinarily difficult, but the Australian Taxation Office have advised that no penalties will be imposed if a best attempt is made, although general interest charges may apply to outstanding PAYG.


 


 


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10th-October-2020