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ATO Asset Betterment Assessments.
Asset betterment is where the ATO compares the assets & liabilities of a taxpayer to their reported taxable transactions and identifies unexplained wealth. The ATO can then issue a default assessment based on their assessment of what your income should have been.
Varying PAYG instalments due to Covid-19.
Taxpayers can vary their pay as you go ('PAYG') instalments throughout the year if they think they will pay too much, compared with their estimated tax for the year.
To assist taxpayers who continue to be affected by Covid-19, the ATO has stated that it will not apply penalties or interest on varied instalments for the 2021/22 income year for excessive variations when the fund has taken reasonable care to estimate its end of year tax.