I was told I could get a credit for previous instalments if my instalment rate changes. Is this correct?
You may be entitled to a credit from earlier instalments in the same income year if you have varied your instalment rate and the rate you have written at T3 is less than the instalment rate pre-printed at T2. You can only claim credits if you have varied your instalment rate and your earlier instalments in that income year were based on a higher instalment rate. You may also be entitled to a credit if you use option 1 and vary your instalment amount. For more information, refer to 5B – Credit from PAYG income tax instalment variation.
Related Questions
- What credit is granted for work completed in a Dental Assistant program or previous work experience in a dental field?
- My bill shows a credit carried over from the previous year. Do the instalments on my bill include the credit?
- I was told I could get a credit for previous instalments if my instalment rate changes. Is this correct?
