Pay as you go (PAYG) instalments is a system for paying instalments towards your expected tax liability on your business and investment income for the current income year.
Your actual tax liability is worked out when your annual income tax return is assessed. Your PAYG instalments for the year are credited against your assessment to determine whether you owe more tax or are owed a refund.
This fact sheet explains when and how you pay instalments and how to calculate your instalment amount.
The dates given in this fact sheet are based on a balancing date of 30 June, which is when the great majority of taxpayers in Australia balance their accounts.
Please get help from us or a professional tax practitioner if you feel this fact sheet does not fully cover your circumstances.
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