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What is a PAYG Instalment?

April 26, 2017instalment PAYG

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What is a PAYG Instalment?

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Pay As You Go (PAYG) Instalments or “PAYGI” is basically the prepayment of tax. It is a system for paying instalments towards your expected tax liability on your business and investment income for the current year. Your actual tax liability is calculated when your annual tax return is assessed. Any PAYG Instalments that have been paid during the year are credited against any tax liability. So, if you have underpaid you will be required to pay more, if you have overpaid you will receive a refund. If you wish to look at your options for PAYG Instalments, please contact your accountant for advice.