PAYG Instalments are due to be paid and lodged by 28th February.
Pay as you go (PAYG) instalments is a system for making regular payments towards your expected annual income tax liability for the current year.
If you're required or choose to pay quarterly, the ATO will send you either an activity statement or an instalment notice at the end of each quarter. You need to pay the amount due, by 28th February. The amount will be 25% of your PAYG instalment liability for the income year.
The ATO either sends this notice to you via email, SMS, notifications or post. They can impose fines of up to $850 for late lodgement or payment, and interest is accrued on any taxes owed.
If you have not received this notice or do not know how to lodge, our office can review and lodge it for you. Please contact our office if you would like assistance.
MIRANDA ACCOUNTING SERVICES 8/263 – 271 Wells Road, Chelsea Heights Vic 3196 PO Box 476, Patterson Lakes VIC 3197 Tel 03 9773 3647 www.mirandas.com.au