PAYG Withholding - Being an employer, you are not only required to pay your employees' wages but also deduct tax (referred to as PAYG Withholding) and pay it to the ATO. You are also required to report the wages and tax to the ATO. We assist you with setting up your system to appropriately report wages and the amount of tax deducted thereon. Recent cases and ATO scrutiny has also highlighted the need to evaluate your contractor arrangements. If your contractors fall in the definition of deemed employee, you need to ensure you comply with all employee entitlements for them as well.
PAYG Instalment – Previously known as PAYE, this is an advance income tax you pay for your expected tax liability for the year. This calculation is initiated by ATO based on your previous year's income and can be adjusted up or down depending on how your taxable income is shaping during the year. We can help you work out your estimated tax liability and adjust this instalment accordingly.
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