Beware of PAYG Instalment Variations (Sep 24 Tax Update)

Relevant For:

Small-to-medium business owners looking to manage their tax obligations effectively.

Key Points:

• Varying PAYG instalments to defer tax may incur substantial ATO interest charges.
• Ensure PAYG instalments cover at least 85% of actual tax payable to avoid the general interest charge.
• Interest rates on unpaid amounts are currently 11.36% per annum.
• A proposed change from 1 July 2025 will deny deductions for ATO interest charges.
• Plan ahead to mitigate unnecessary costs.

Full Article:

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