Hello Chasers,
The PAYG Instalment system is not widely understood by many taxpayers and consequently many get caught out by the impact on their cash flow.
Individuals or trusts – including sole traders – would be automatically entered into the PAYG system if they had instalment income from their latest tax return of $4,000 or more, tax payable on their latest notice of assessment of $1,000 or more and a notional tax of $500 or more. (𝙉𝙤𝙩𝙞𝙤𝙣𝙖𝙡 𝙩𝙖𝙭 𝙧𝙚𝙛𝙚𝙧𝙨 𝙩𝙤 𝙚𝙨𝙩𝙞𝙢𝙖𝙩𝙚𝙙 𝙩𝙖𝙭 𝙤𝙣 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨 𝙖𝙣𝙙 𝙞𝙣𝙫𝙚𝙨𝙩𝙢𝙚𝙣𝙩 𝙞𝙣𝙘𝙤𝙢𝙚, 𝙖𝙙𝙟𝙪𝙨𝙩𝙚𝙙 𝙛𝙤𝙧 𝙩𝙖𝙭 𝙡𝙤𝙨𝙨𝙚𝙨; 𝙘𝙝𝙖𝙣𝙜𝙚𝙨 𝙞𝙣 𝙡𝙖𝙬; 𝙖𝙣𝙙 𝙤𝙩𝙝𝙚𝙧 𝙛𝙖𝙘𝙩𝙤𝙧𝙨 𝙩𝙝𝙖𝙩 𝙢𝙖𝙮 𝙖𝙛𝙛𝙚𝙘𝙩 𝙩𝙝𝙚 𝙘𝙖𝙡𝙘𝙪𝙡𝙖𝙩𝙞𝙤𝙣 𝙤𝙛 𝙩𝙝𝙚 𝙘𝙪𝙧𝙧𝙚𝙣𝙩-𝙮𝙚𝙖𝙧 𝙩𝙖𝙭 𝙡𝙞𝙖𝙗𝙞𝙡𝙞𝙩𝙮)
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