22 Apr 1313 Changes to PAYG instalments
The ATO advises that as part of the 2012-13 mid-year economic fiscal outlook announcements, the Government proposed changes to the pay as you go (PAYG) income tax instalment system.
It proposed that large companies will be required to make PAYG income tax instalments monthly, rather than quarterly.
This reform will be phased in over three years, with companies moving to monthly PAYG instalments from:
- 1 January 2014 for companies with a turnover of $1 billion or more
- 1 January 2015 for companies with a turnover of $100 million or more
- 1 January 2016 for companies with a turnover of $20 million or more.
The ATO says that the Government will consult on the implementation of this measure and on further improvements to the operation of the instalment system.
This change is not yet law.