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Adam Sellars

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PAYG Instalment Variation Warning

The ATO are cracking down on people who vary their PAYG Instalments to $0 (or another low figure) as a way of deferring their tax until the end of the year. We are starting to see the ATO charge interest on the amounts that should have been paid, which in some cases can end up being a substantial amount given the ATO interest rate is currently above 11%.