In general terms an individual or entity will enter in the Australian Taxation Offices (ATO’s) PAYG Tax Instalment system, if they have a tax payable position in their most recently lodged Income Tax Return that is the result of income other than salary.
The instalment amount is generally split over four quarters and is calculated by the ATO as the previous years tax payable plus an incremental adjustment upwards. Upon lodgement of your Income Tax Return, instalments paid in advance during that year are applied as a credit towards the tax payable in the current years Income Tax Return.
If you believe your instalment amount provided by the ATO is too high it is possible to alter your PAYG Instalments in line with a reduced earning position in the current year.
Logistics Professional Services Property Development & Construction Wineries & Tourism
Providing accounting and superannuation services to clients in greater Melbourne, Macedon Ranges, Mount Macedon, Gisborne, Woodend and surrounding areas.
The Trustee for Marwood Unit Trust T/A Langley McKimmie (ABN 50 673 209 917) is a Corporate Authorised Representative Number 1244425 of the SMSF Advisers Network Pty Ltd ABN 64 155 907 681 AFSL 430062 www.san.com.au