Since 1 July 2007, small businesses with an aggregated turnover of less than $2 million have been called small business entities and have been eligible, subject to conditions, for a range of tax concessions. (more…)
Posts Tagged ‘PAYG’
Concessions for small business entities
Sunday - August 8th, 2010
PAYG income tax instalment
Monday - January 25th, 2010You may receive an activity statement or an instalment notice to pay your PAYG income tax instalment. You can generally choose between two payment options, and you can vary your instalments in some circumstances.
You can lodge and pay electronically, by mail or in person, but you need to do it on time to avoid interest and penalties.
How to vary pay as you go (PAYG) instalments
Monday - January 25th, 2010You can use this guide to vary your PAYG instalment amount or rate if you are one of three types of quarterly payers.
- If you pay four instalments each year on the basis of gross domestic product (GDP) adjusted notional tax. You pay an amount we have recommended – option 1 on your activity statement.
- If you pay two instalments each year on the basis of GDP adjusted notional tax. You pay an amount we have recommended – option 1 on your activity statement. You may be a primary producer or special professional.
- If you pay instalments on the basis of instalment income. This is an instalment rate we have recommended that you use to work out the amount to pay based on your instalment income – option 2 on your activity statement.