info@remaccounting.com.au
  • (03) 8797 5399
  • Recent News – REM Accounting
    • Home
    • Our Difference
    • Services
      • Accounting & Tax
      • Self-Managed Superannuation Funds
      • Business Advisory
      • CFO Advisory
    • Resources
      • Recent News
      • Useful Links
    • Contact Us

    Using PAYG instalments for your business and investment income

    By admin • 29 October 2020 • Tax
    Using PAYG instalments for your business and investment income

    Pay as you go (PAYG) instalments are payments you can make throughout the year to avoid accumulating a large tax bill to pay at the end of the year. Making these payments is a great way to budget for income tax and keep a healthy cash flow.

    To qualify for PAYG instalments, you must earn over a threshold amount from your business or investment income (also known as instalment income).

    The amount that you pay in PAYG instalments throughout the year will be offset against any owed tax for the entire year. But it is important to lodge your activity statements and pay all PAYG instalments before lodgment of tax returns if you want these to be included in your tax assessment.

    There are two options for calculating and paying PAYG instalments:

    • Instalment Amount: Simplest option which involves paying instalment amounts the ATO calculates based on relevant information.
    • Instalment Rate: You calculate the instalment amount using instalment rate provided by the ATO and your instalment income. Therefore, dependent on income as you earn it and not predetermined.
    Tweet
    0
    Getting the most out of your bank account
    Taxation of your investment income

    About the Author

    admin

    You Might Also Like

    • The pre mixed investment options that are available to you

      The pre-mixed investment options that are available to you

    • Do you need to be paying luxury car tax

      Do you need to be paying luxury car tax?

    • Which records you need to keep for the rental properties you own

      Which records you need to keep for the rental properties you own

    • 3 amounts not classified as income

    No Comments

      Leave a Reply Cancel Reply

      You must be logged in to post a comment.

      Recent Posts

      • Responding to difficult employees
      • Things that you should not include in a will
      • The pre-mixed investment options that are available to you
      • What salary packaging can involve
      • Spotting unauthorised and mistaken transactions

      Archives

      • March 2021
      • February 2021
      • January 2021
      • December 2020
      • November 2020
      • October 2020
      • September 2020
      • August 2020
      • July 2020
      • June 2020
      • May 2020
      • April 2020
      • March 2020
      • February 2020
      • January 2020
      • December 2019
      • November 2019
      • October 2019
      • September 2019
      • August 2019
      • July 2019
      • June 2019
      • May 2019
      • April 2019
      • March 2019
      • February 2019
      • January 2019
      • December 2018
      • November 2018

      Categories

      • Business
      • Legal
      • Money
      • People
      • Super
      • Tax
      • Web

      RECENT COMMENTS

        Subscribe & Follow

        Subscribe to our newsletter and keep up to date with the latest news from REM Accounting & Advisory

        REM accounting logo
        • Accounting & Tax
        • Self-Managed Superannuation Funds
        • Business Advisory
        • CFO Advisory

        Association LogoAssociation Logo
        Copyright © 2018 REM Accounting and Advisory | Privacy Policy

        Liability limited by a scheme approved under Professional Standards Legislation