• Calculation statement - PAYG instalments


    A number of large and consolidated entities have been incorrectly completing label T, the total amount of PAYG instalments, on the company income tax return form. It is important that you show at label T only the total of the four quarterly instalments raised during the year. Do not include any balancing payments (for example, 'wash up' or residual payments).

    If you complete label T correctly it will prevent undue delay in the processing of the return and issue of any refund entitlements.

    End of attention

    The head company is entitled to claim credit for its own instalments plus any subsidiary member's instalments that are attributable to the period during which the subsidiary was a member of the consolidated group.

    A subsidiary member lodging a return due to one or more non-membership periods is entitled to claim any of its instalment credits not claimed by the head company.

      Last modified: 20 Oct 2010QC 17844