To vary or not to vary, that is the question

Hayley Lock & Caroline Lawless explain why it’s important to understand the PAYG instalment system.

If you are one of the lucky individuals who is receiving gross business/investment income (instalment income) of $4,000 or more during an Australian tax year, chances are you will soon receive some correspondence from the Australian Taxation Office (ATO) advising that you have entered the Pay-As-You-Go (PAYG) instalment system.Essentially, the PAYG instalment system is a way of prepaying the taxes owing in relation to your ‘instalment income’ throughout the year as opposed to waiting until yo...

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Authors: Hayley Lock, Caroline Lawless

Published Date: 04 September 2019