What is the PAYG Installment system?
Pay As You Go (PAYG) instalments is a system for paying instalments of your expected tax liability on your business and investment income for the current income year. Depending on your circumstances, you can pay your PAYG instalments liability by: quarterly instalments – everyone in the PAYG instalments system can pay quarterly; two instalments per year – for some primary producers and special professionals; or, a single annual payment – if your liability is less than $8000 you are eligible. Companies and superannuation funds with a turnover of more than $1 million are required (unless they are eligible to pay annually) to work out their instalments based on their quarterly income and their instalment rate. For all other taxpayers the Tax Office works out the amount for you, based on your last assessed tax return. You pay the amount in quarterly instalments or where eligible in two instalments. If you prefer to pay four instalments per year, you will have to work out your own PAYG inst
Pay As You Go (PAYG) instalments is a system for paying instalments of your expected tax liability on your business and investment income for the current income year. Depending on your circumstances, you can pay your PAYG instalments liability by: quarterly instalments – everyone in the PAYG instalments system can pay quarterly; two instalments per year – for some primary producers and special professionals; or, a single annual payment – if your liability is less than $8000 you are eligible. Companies and superannuation funds with a turnover of more than $2 million are required (unless they are eligible to pay annually) to work out their instalments based on their quarterly income and their instalment rate. For all other taxpayers the Tax Office works out the amount for you, based on your last assessed tax return. You pay the amount in quarterly instalments or where eligible in two instalments. If you prefer to pay four instalments per year, you will have to work out your own PAYG inst
