The PAYG Instalment System is a new taxation system which commenced from 1st July 2000. PAYG Instalments eliminated Provisional Tax, but introduced Quarterly Income Tax Payments which now apply to virtually all business taxpayers.
This paper analyses how the PAYG Instalment System operates in five pages, under the headings:
- What Is PAYG Instalments?
- To Whom Does PAYG Instalments Apply?
- Calculation Of PAYG Instalment Payments
- Example Of Calculation Of "Taxable Percentage"
- Example Of Calculation Of "Quarterly Instalment Payment"
- Variation Of Quarterly Instalment Payment
- Partnerships
- Trusts
- Charities
- Annual Lodgement
- Business Activity Statement
- Credit For Reduced Pay As You Go Instalments
- Annual Income Tax Return
