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The ATO asks for PAYG Instalments when a business makes a profit or gets investment income in the previous year, or when individuals get investment income. The ATO estimates what the likely profit or investment income will be based on that previous year (so long as it is over a threshold), and asks you to prepay a fraction of that estimate every quarter. That quarterly payment is your PAYG Instalment.
Data tips to help you grow your small business
It’s no secret that small businesses are the backbone of the Australian economy. In fact, small business employs more than 4.7 million people and 41 per cent of the business workforce in Australia. It’s a staggering number. However, of the 2.3 million small businesses operating in Australia, many will sadly fail.
Are you looking for ways to get paid faster and improve cash flow?