PAYG Income tax overpayments
Did you pay the too much for your PAYG Income tax instalment this quarter?
The ATO have advised that a mistake was made where some businesses received an instalment rate for the 2020-21 financial year based on the former company tax rate of 27.5% instead of the new rate of 26%.
If you have lodged and paid your Jul-Sep20 BAS which included a PAYG Instalment, it may have been calculated on the old rate. If this is the case, the ATO will refund the overpaid amount shortly.
If you have lodged, but not paid that quarterly BAS, you should see the amount payable has been corrected.
If you varied the instalment rate amount or rate on this BAS, the variation will continue until the start of the next income year.
Future activity statements will have the correct rate applied.
