PAYG (GDP-Adjusted Instalment Estimate) Worksheet

You can use the What-if GDP-Adjusted Instalment Estimate worksheet (xPG) for calculating PAYGI Instalments tax payable based on GDP-adjusted notional income.

The GDP adjustment method is available to individuals, multi-rate trustees, eligible small business entities as well as companies and certain super funds with $2m or less of instalment income for the previous income year.

Taxpayers can vary their quarterly instalments under s 45-112 of Sch 1 of the TAA if they consider their income is expected to be lower or higher than the amount determined by the Commissioner using the GDP adjustment factor.

Click Maintenance > Rates > GDP Uplift for PAYGITI for the current rate.

Instalments calculated will be defaulted to the Estimate Instalment fields in the Assessment details screen in the taxpayer's Return properties > PAYG/Lodge tab.

To complete the xPG

Click Preparation > Schedule > PAYG (GDP-Adjusted Instalment income estimate).

You can choose to use values from the current year or the two immediate prior years tax returns. The ATO bases the first quarterly or monthly instalment on the last tax return you lodged.

The xPG opens with all the amounts for the various topics pre-filled and the calculation done. Scroll to the bottom of the page to see the Instalment amounts and dates payable.

Amounts entered can be edited and automatic instalment recalculation occurs.

If subsequently you change any amounts in the return being used to pre-fill the xPG, you must Delete the xPG and reselect it to see those changes and the revised instalment amounts.