PAYG instalments #Accountant # Bookkeeper #Tax #Accounting #Bookkeepper #Affordable #Payroll #GST

Updated: Jan 8, 2021

Whether you run your own business or earn investment income, planning ahead for your income tax is important to help you keep a healthy cash flow.

Pay as you go (PAYG) instalments help you do this. By making regular payments (instalments) throughout the year you won't have to pay a large tax bill when you lodge your tax return.

Your payments are made based on your business and/or investment income (which is also known as instalment income). When you lodge your tax return, all the amounts you've paid during the year will be offset against any tax you owe for the year.

PAYG instalments are different to PAYG withholding. With PAYG withholding, employers collect tax from the payments they make to employees and contractors and send it to the ATO. This helps those people meet their own income tax liabilities.

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