In the world of finances, staying informed is crucial. Here’s the latest on the ongoing issue with Pay as you go (PAYG) instalment variations.

The Issue

The ATO are addressing an issue affecting PAYG instalment variations. Rest assured the ATO is actively working to resolve it swiftly.

Action Steps

If you’ve recently lodged a variation on your activity statement after June 16, it’s advisable to review your statement before your next lodgment. Ensure accuracy, especially if you’re a quarterly or monthly lodger with a statement period ending on July 31. You might need to re-input your variation details for correctness.

Good News for Some

Quarterly payers who commenced a new income year on July 1, 2023, need not worry; this issue should not affect your next activity statement.

Where to Turn

Should you require guidance while reviewing your activity statement, reach out to your registered tax or BAS agent. They’re equipped to guide you through the process.