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06 Sep 12 PAYG instalments and employee share schemes

The ATO advises that agents may have received a letter notifying them of their client's new pay as you go (PAYG) instalment rate and notional tax amount. The letter may show the instalment rate is higher than usual. This may be due to income from employee share schemes.

In the coming weeks, agents should also receive their client's quarter one activity statement. The rate shown on the activity statement is correct.

If an agent believes the rate is too high, they can vary the rate or amount once they receive the activity statement. However, the client may be liable to pay the general interest charge if they vary the instalment down and end up paying less than 85% of the actual tax they should have paid on their business and investment income.


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