Advance Tax Payments Australia

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OUTSOURCE Your Accounting

• A brief on Pay As You Go (PAYG)
• Installments

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A brief overview on Pay as You Go for Small
Business

• This Presentation is aimed at explaining
• basic compliance requirement for PAYG
• rule.
• It explains when you are liable to PAYG
• and its calculation.

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P-a-y-g
As a general rule, PAYG is to be paid in
following circumstances

• You have reported 2,000 or more of gross
  business and
• investment income on your previous tax return (
  It also excludes the income on which tax has been
  witheld as well as capital gains earned)
• Tax payable on your last assessed tax return
  is more than
• 500 (disregarding any voluntary payments
  or PAYG
• installment credits that were applied)
• Tax payable is more than 250 in current year
• You are not entitled to the Seniors and
  pensioners tax
• offset.
• In case of Non residents it is payable
  whenever income
• accrues to an Assesses.

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Periodicity of Payment
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Annual Payment
Some business can pay tax annually if following
conditions are satisfied

• The most recent notional tax was less than 8000
• Business is registered for GST and it is payable
  annually
• if you are a partner in a partnership registered
  for the GST and the partnership reports and pays
  GST annually.

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Quarterly Payment

• ATO will send Quarterly activity statement which
  needs to paid quarterly
• The payment schedule would be as under

Quarter Instalment due by
July - September 28 October
October - December 28 February
January - March 28 April
April - June 28 July
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PAYG as per YOUR own calculation

• An individual can opt to pay installments as per
  the calculation done by individual himself
  however You may have to pay interest if your
  installment amount or rate is based on an
  estimate that is less than 85 of the actual tax
  payable on your investment and business income.
• However if the PAYG installments are as per the
  calculation of ATO there would be no need of
  penalty.

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Rayvat Accounting.
Plot No 10, G.I.D.C Electronic Park 
IT/ITES SEZ Kolwada Road, Gandhinagar- 382026,
Gujarat, India.
www.rayvataccounting.com Rushabh Shah
Mob 91 9712381843 . Skype rushabh_s_shah
rushabh_at_rayvat.com
COMMUNICATION ADDRESS
WEBSITE
CONTACTS
Email
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Thank you