Money Doesn’t Come Without Guidance ...
PAYG (Pay as you go) is an instalment paying system on your expected tax liability of your business & investment income during the income year. Your PAYG instalments are credited yearly to determine whether you owe more tax or are owed a refund against your assessment. Three payment schedules are available for your PAYG instalment amounts based on your circumstances, these are-
Instalment Income ($) X Instalment Rate (%) = Instalment Amount ($)
The due date for the first quarter is on or before 28 October and the other three quarters are 28 January, 28 April & 28 July.
Most of the Australian taxpayers balance their accounts based on a balancing date of 30 June and they can change their amount if they believe that they are paying more (or less) than their expected tax liability.