PAYE change with work

In investing everybody(well not everybody) generally sees what they can claim on tax and contacts the ATO and then changes the amount of tax they pay each year by recieving like a little bit each week or so instead of the lump sum when the new financial year starts.
So my question is, can you contact the ATO and tell them not to take any money out for tax and thus make you have a debt to pay the ATO in the new financial year. But with this extra money that you are accumulating over the year that you would normally pay in tax is put in a savings account(e.g.ING DIRECT). You then would earn alot of interest on it, and then when you have to do the tax you only pay back the amount that you should have payed before.
Thus you are gaining an invisible income with which you can you to generate interest. The only benefit at the end is the interest as thge principle(the tax you get each week back) has to be payed back when tax is done.

Is this a viable and practical option to gain some interest(free-money)???

I am getting so creative, that i didn’t know if i should put this in the creativity forum or the finance, but as it include tax and stuff its here in finance. Hope to hear what everyone has to say. Thanks.

Regards Christopher Fife.