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.
Please feel free to contact our office on (03) 5427 8100
if you would like our assistance.
We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.
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