Completing the worksheet
The PAYG (Instalment income estimate) worksheet is designed to give Tax Agents an estimate of the taxpayer's Adjusted Taxable Income and Notional Tax on that income, from which the Commissioner's Instalment Rate will be calculated.
To open this worksheet click Preparation > Schedule > PAYG (Instalment income estimate).
On first access, Tax retrieves the balances it needs for the purpose of calculation from the tax ledger for the income year immediately prior to the current, if present. If there is no prior year return for the taxpayer, the relevant figures may be keyed at the fields and Tax will calculate the rate in accordance with those amounts.
If after attaching the PAYGI estimate to the return in the current Tax ledger, the prior year return details are changed, such changes will not be reflected in the prior year PAYGI estimate. For those changes to be reflected, it will be necessary to delete the prior year PAYGI estimate worksheet and recreate it.
Where the trustee is paying tax on income to which no beneficiary is presently entitled or under a legal disability, the PAYGI tax payable will be calculated in the [F4] estimate.