Jordan Jones is employed at a local library on a casual basis but sources most of his income from a substantial investment portfolio that he manages in his spare time. Jordan reports his investment income and pays a PAYG instalment quarterly using an IAS (Type B) Option 2. Jordan has a pre-printed instalment rate of 22% but due to an increase in his borrowing costs, Jordan believes this may be too high. He has provided the following information relating to his expected investment income for the year:

Dividend Income	39,339
Interest Income	28,301
Investment deductions	33,820
Estimated income tax payable	10,146
T1 instalment income for the September quarter	15,890

REQUIRED: 

Calculate Jordan’s revised instalment rate and complete the Option 2 box on his September IAS, including the variation reason code. Record the calculations that you used in the text box below then record on the Activity Statement panel:

Calculations:

	Option 2: PAYG Instalment Rate
	PAYG Instalment income		T1
	If varying the T2 rate, complete T3, T11, T4
	New varied rate		T3					.			%
		T3 x T1	T11	$
				Write the amount at 5A on the front
Reason code for variation			T4