Pay As You Go (PAYG) Instalments
Pay As You Go Instalments (PAYG Instalments) are paid quarterly or monthly by small business and large business alike. These Instalments are paid towards your annual income tax obligation for the current financial year and assist in reducing the overall tax amount left outstanding at years end.
The goal of the PAYG Instalment system is to break the tax obligation into small managable payments for taxpayers rather than finding large lump sums of money at years end.
The PAYG Instalments amounts are based on the taxpayers most recently lodged tax return.