Are you likely to have a tax payable liability again in the current financial year, compared to the previous year?

To vary a PAYG (Pay As You Go) instalment to NIL using the myGov system in Australia, you can follow these steps:

1. Log in to your myGov account:

Visit the myGov website (my.gov.au) and log in using your username and password. If you haven't linked your ATO account to myGov, you will need to do so before proceeding.

2. Access the ATO services:

Once logged in, you will see a list of available government services. Locate and select the Australian Taxation Office (ATO) service to access your tax-related information.

3. Navigate to the PAYG instalments section:

Within the ATO service, look for the section related to PAYG instalments or tax payments. The exact location may vary depending on any updates made to the myGov interface.

4. Select the relevant period:

Choose the relevant financial year or period for which you want to vary your PAYG instalment to NIL. The system should display the details of your current instalment obligations for that period.

5. Access the PAYG instalment variation option:

Look for an option that allows you to vary your PAYG instalment. This may be labeled as "Vary PAYG instalment" or similar wording.

6. Declare nil instalment amount:

Select the option to declare a nil instalment amount or zero variation. The system will prompt you to confirm that you want to vary the instalment to zero.

7. Submit the variation:

Once you have confirmed your intention to vary the PAYG instalment to NIL, submit the variation through the myGov system. The ATO will be notified of your request.

It's important to note that the process and interface within the myGov system may change over time, so it's always recommended to review the instructions provided on the myGov website or contact the ATO directly for the most up-to-date guidance on varying your PAYG instalments to NIL.

To accept the PAYG (Pay As You Go) tax instalment and lodge it with the Australian Taxation Office (ATO), you can follow these steps:

1. Determine if you are required to report and lodge: 

Confirm whether you are obligated to report and lodge a PAYG tax instalment with the ATO. The requirement to report and lodge a PAYG instalment typically applies to individuals and businesses who meet certain criteria set by the ATO, such as having a certain level of income or being in specific industries.

2. Calculate your PAYG instalment amount: 

Use one of the ATO-approved methods to calculate your PAYG instalment amount. The ATO provides several options, including using the instalment rate provided by the ATO or estimating your own income and tax payable. Ensure that you accurately calculate the amount based on the appropriate method.

3. Prepare your activity statement: 

If you are lodging a PAYG instalment as an individual, you will generally use the Individual tax return instructions provided by the ATO. For businesses, the activity statement is used to report and lodge the PAYG instalment. Ensure that you have the necessary information, such as your income, expenses, and any applicable deductions, to complete the activity statement accurately.

4. Lodge the activity statement: 

Once you have prepared your activity statement, you can lodge it with the ATO. There are several methods available for lodging, including:

   a. Online through the ATO's Business Portal: 
This method allows you to lodge your activity statement electronically using the ATO's secure online portal. You will need to have a registered account with the Business Portal.

   b. Using a registered tax agent (Befinancial Pty Ltd): 
Please reach out to our office if you require any further assistance. 

   c. Paper lodgement: 
In some cases, you may be allowed to lodge a paper activity statement. However, the ATO encourages electronic lodgment for faster processing.

5. Make the payment: 

If you have an amount payable as part of your PAYG instalment, ensure that you make the payment by the due date. The payment options will be outlined on the activity statement. Common methods include BPAY, electronic funds transfer (EFT), or credit card payment.

6. Keep a record: 

It is important to keep a record of the activity statement lodgment and any payments made. Retain copies of your activity statements, receipts, and any related documents for future reference or in case of ATO inquiries.

Remember, the exact steps and procedures may vary depending on individual circumstances, entity type, and any specific requirements imposed by the ATO. It is advisable to refer to the ATO's official website, consult our office, or contact the ATO directly for the most accurate and up-to-date information regarding accepting and lodging PAYG tax instalments.

If you require any assistance with this service, please do not hesitate to contact our office.

Note that services are subject to the hourly rates chargeable by the team member you engage with and can be estimated ahead of time at your request. 

From past engagements, a fee for a NIL or variation PAYG instalment lodgement is between $66 - $110 (per lodgement) depending on the complexities involved. If it is likely to fall outside of this range, you will be notified in advance.

Contact - 1300 699 161
Email - info@befinancial.com.au
32 Main Rd Bakery Hill, VIC 3350