PAY AS YOU GO (PAYG)

Instalments If you make a benefit from leasing your property, you should think about the PAYG portions framework. This is a framework for paying portions towards your normal expense obligation for a wage year. You will by and large be required to pay PAYG portions if you acquire $4,000 or a greater amount of business or speculation pay, for example, rental salary, and the obligation on your wage impose appraisal is more than $1,000. In the event that you are required to pay PAYG portions we will tell you. You will ordinarily be required to pay the portions toward the finish of each quarter. There are normally two choices in the event that you pay quarterly portions: n   pay utilizing a portion sum or a portion rate computed by us (as appeared on your action explanation), or n       pay a portion sum or utilizing a portion rate you work out yourself. Contingent on your conditions, you might be qualified to pay your portions every year. We will inform you in the event that you are qualified to pay a yearly PAYG portion

For more details please contact our professional accountants at TAX REFUND ON SPOT or call us on 1300768284

On the off chance that you get installments that are liable to withholding (for instance, compensation or wages) you can contribute towards your normal duty risk for a salary year by expanding your rate or measure of withholding. That way you can abstain from having an expense charge on appraisal, which implies that you may not be required to pay PAYG portions. To do this, you should organize an upwards variety by going into a concurrence with your payer to expand the rate or measure of withholding. You and your payer should finish a Withholding statement – upwards variety frame (NAT 5367).

For more information on Etax, myTax ATO, myGov and online tax return, please contact us at 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

Deduction of Money From Your Salary and Wages

Payers, such as employers, are vital to withhold tax from the payments they make to you and send those expenses to us regularly. When you lodge your tax return at the end of the financial year, you will be permitted to a credit for the amount of tax that has been withdrawn from your pay. This amount is shown on your payment summary.

Your payer works out how much tax to withhold based on information you provide in your Tax file number declaration and Withholding declaration.

Withholding rates are planned on the basis that, if your pay and circumstances remain reliable throughout the year, you may be entitled to a small refund when you complete your tax return at the end of the financial year.

This system is called pay as you go (PAYG) withholding.

When you do your tax return, you can declare certain deductions for some expenses, such as work-related expenses.

To claim a work-related deduction it must be directly related to your job – for example, if you have to buy your own protective clothing to do your job.

Some basic rules are:

• it must be directly related to your job, not for use at home
• you cannot claim a deduction if your employer has paid for it
• you must have the written records, such as revenue
• you need to declare it in the same financial year that you complete the purchase.

For more information on Etax, myTax ATO and online tax return, please contact us at 1300768284 or you can email us at enquiry@taxrefundonspot.com.au

Providing Employee Payment Summary – Tax Refund On Spot

As an employer, you must provide each of your employees a payment summary at the finish of the financial year. The payment summary must show the payments you have made to them and the amounts you withheld from those payments. Payment summaries should be provided to your employees by no later than 14 July.

Can payment summaries be provided electronically?

Payment summaries can be provided to your workers electronically. It is important that you inform your employees how they can contact their payment summary electronically.

Alternatively, you can use your software to print the individual payment summaries (‘self-print’ payment summaries) and provide them to your employees.

You can provide electronic payment summaries to your payees if you lodge your PAYG withholding expense summary annual report online.

Electronic payment summaries must be:

  • non-editable
  • able to be printed in high quality so they are easy to read.

If you intend to give payment summaries electronically, contact your payees and advise them they have the selection of receiving their payment summaries either electronically or on paper. If they don’t respond by the date you specify you can take this to mean they have agreed to receive it electronically.

You will also need to:

  • tell your payees when the payment summaries are available and ensure they know how to contact and print them, and
  • ensure the technique you choose to distribute electronic payment summaries is secure enough to protect payees’ tax file numbers and other individual information.

For more information on Etax, myTax ATO and online tax return, please contact us at 1300768284 or you can email us at enquiry@taxrefundonspot.com.au