06 Sep 12 New PAYG instalment details and payment options
The ATO advises that in the coming weeks, agents may receive a letter for some of their pay as you go (PAYG) instalments clients. The letter will list those clients whose details have recently changed, and who may be entitled to account for their instalments annually. Rather than a separate letter for each affected client, agents will receive one letter with a list of the updated clients and their new details.
If any of the listed clients want to elect to account for their instalment obligations annually, agents can use the Form Client 5 software, and lodge a Choosing to pay an annual pay as you go (PAYG) instalment form (NAT 3133). Agents will need to list each client's tax file number, and lodge the form by 29 October 2012. If agents have more than 20 clients who want to make this election, they will need to lodge more than one form.
If the election is not made, clients will continue to pay instalment amounts quarterly.