It is (again) time to pay (or vary) your quarterly PAYG Instalment. A lot of us have received the “pink form” in early July or have received a notification from MyGov that their quarterly PAYG Instalment is available on MyGov.
Some of us would ask:
What is PAYG Instalment, why do I need to pay it?
How did the ATO work out the amount?
Why this quarter’s instalment is much higher than others?
Can I “dial it down” a bit?
Let’s have a look at the What, Hows and Whys.
What is this?
Payroll tax is a tax assessed based on wages paid or payable an employer to its employees. It is a state tax –each state and territory has their own legislation with varying rates and thresholds. It is also a self-assessed tax, which means that it is the employer’s responsibility to ensure these obligations are met.
Below are some of the basics of payroll tax that every business owner should be aware of.
From time to time we get questions from clients where they ask if they should have private health insurance. While it is a very personal decision, sometimes it may make a difference to your tax position when it comes to preparing your tax return.
Let’s dive into some of the common questions asked!
The Treasurer has delivered the Federal Budget 2019 last night (2 April 2019), he has provided some good news to individual taxpayers and small business owners.
It is worth noting that most of the announcements he made in relation to income tax are related to future income years, there are only two announcements that will take into effect immediately. In this article we go through the ones that are affecting the 2019 financial year only.
There are a lot of myths around Utes and FBT, some of which may be spreading by “mates” at the bar, or during a smoko. Not all the myths are true, let’s look at some of them here:
No. It is important to note that a vehicle that does not satisfy the definition of a ‘car’ such as a ute is not automatically exempt from FBT.
