How to vary pay as you go (PAYG) instalments

Income

When you are estimating your income, include all your estimated gross income, such as:

• salary, wages or allowances
• payments made under a labour hire arrangement
• payments subject to voluntary withholding agreements
• personal services income attributed to you
• income from a business (not subject to voluntary agreements)
• Australian government allowances
• Australian government pensions
• assessable foreign income including pensions and annuities
• interest
• dividends
• imputation credits
• partnership distributions
• trust distributions
• other assessable income.

Do not include:

• net capital gains (these are not included as they are generally one off payments that you will not receive in the next income year), or
• exempt income such as the family tax benefit or child care benefit payments.

Sections within Estimating the tax on your business and investment income

• Income
• Allowable deductions
• Tax on estimated taxable income
• Tax offsets (other than refundable tax offsets)
• Foreign income tax offsets
• Net tax payable
• Medicare levy
• Net tax payable after applying Medicare levy and foreign tax credits
• Compulsory HELP repayment
• Compulsory Financial Supplement repayment
• Refundable tax offset
• Estimated tax credits
• Tax on business and investment income