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  • Reporting your PAYG instalment income

    22 September 2017

    Do you work out your pay as you go (PAYG) instalments using the instalment rate method?

    Here are some tips to help you when filling out your activity statement:

    • Include all your gross instalment income. This includes gross business income and rent, interest and dividends. Don't report income reduced by deductions or expenses.
    • Even if your instalment rate is nil, add your gross instalment income to your activity statement.

    This will help you:

    • cover your tax liability throughout the year so it's less likely you'll have to make an extra payment after you lodge your tax return.
    • keep a healthy cash flow and avoid interest and penalties.

    If you've made a mistake, in many circumstances you can correct it by revising your activity statement before you lodge your tax return.

    Remember, registered tax agents and BAS agents can help you with tax advice.

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