Tuesday 31 March 2009

Varying your PAYG amounts

Given the current economic downturn, SMSFs can vary their PAYG amount due to a change in their financial circumstances.

If you need to vary the amount, you can do so by lodging your business activity statement or instalment notice on or before the payment's due date. 

You may also be entitled to a 20 per cent reduction to your PAYG instalment amount if you pay quarterly PAYG instalments using the amounts printed on your activity statement; you carry on a business with an annual turnover of less than $2 million; or you receive income from a partnership or trust that is carrying on a business which has an annual turnover of less than $2 million.