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PAYG Income Instalments Tax Estimates

The basic instructions provided for each of the return types for the Commissioner's Rate PAYGI calculation and the PAYGI GDP-Adjusted calculation are the same irrespective of which worksheet you open.

One calculates instalments based on the anticipated Commissioner's rate and the other applies the GDP-Adjustment to the taxable income and some offsets and withholding income.

The PAYG instalment system applies to the following classes of taxpayers:

  • Individuals

  • Companies

  • Corporate limited partnerships

  • Mutual insurance associations

  • Trustees assessed under section ITA36, corporate unit trusts, public trading trusts and trustees of superannuation funds, ADFs and PSTs

A taxpayer is only liable to pay PAYG instalments if the Commissioner has, by written notice, given the taxpayer an instalment rate.

PAYG instalments will usually be paid quarterly, though some taxpayers will have the option of making an annual payment. Taxpayers have the option of making an annual payment if they meet the following requirements:

  • The most recent notional tax (as advised by the ATO) is less than $8000, and

  • The taxpayer (or a partnership in which the taxpayer is a partner) is not registered or required to be registered for GST.

For information on these worksheets read:

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