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PAYG for Australia Business

PAYG for Australia Business Pay as You Go You are required to pay your taxes in advance in case you fall under certain criteria's. The handout helps in explaining when you are required to pay your taxes under Pay as you Go tax assessed by Australian Tax Office. You can also pay tax as per your own calculations rather than as per the schedule given by ATO however in case the estimate falls wrong by 85% you are liable to pay interest as well as penalty.

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PAYG for Australia Business

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Presentation Transcript

  1. OUTSOURCE Your Accounting A brief on Pay As You Go (PAYG) Installments

  2. 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.

  3. 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.

  4. Periodicity of Payment

  5. Annual Payment • 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. Some business can pay tax annually if following conditions are satisfied

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

  7. 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.

  8. 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@rayvat.com COMMUNICATION ADDRESS: WEBSITE: CONTACTS: Email:

  9. Thank you

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