Pay as you go (PAYG) instalments is a system for paying instalments towards the expected income tax liability on your company’s business and investment income for the current income year.
Your company’s actual incometax liability is worked out at the end of the income year when its annual income tax return is assessed. PAYG instalments for the year are credited against the assessment to determine whether the company owes more income tax or is owed a refund.
This fact sheet explains which options you can use to pay your PAYG instalments and when they are paid.
The dates given in this fact sheet are based on a balancing date of 30 June, which is when most taxpayers balance their accounts.
This fact sheet is only designed to explain the general characteristics of the PAYG instalment system. If you feel this fact sheet does not fully cover your circumstances please seek help from us or a professional tax practitioner.
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