PAYG is a withholding tax which is paid incrementally, to accumulate towards your expected end of year income tax.
When you make payments to employees and some contractors or businesses who don’t quote their ABN, you need to withhold an amount for remittance to the Australian Tax Office (ATO) at regular intervals.
Businesses need to be first registered for PAYG withholding with the ATO, and this can be done at the same time as you register for your ABN, business name and company registrations. PJT can manage all this for you.
Before you make any payments to employees, contractors or businesses without an ABN, you need to withhold amounts from these payments for remittance to the ATO.
You’ll also need to lodge PAYG Activity Statements, and pay these amounts to the ATO.
Each year you’ll need to provide an annual Payment Summary to each employee by 14 July showing the tax paid on their behalf to the ATO throughout the year, and your PAYG withholding payment summary annual report will need to be prepared and lodged by 14 August to the ATO which shows the total amounts you have remitted throughout the year.
PJT can assist you, or prepare this on your behalf to ensure the information is accurate and lodged in line with the legislation.
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