21 Nov 1414
Give us all your money - and then some!
MEMBER 186 writes:
"I recently completed a client’s 1st quarter BAS with PAYG using Option 2 for the PAYG instalment.
The instalment rate? 114.66%
Not a bad effort that you have to pay more tax than what you earned for the quarter!!
This outdid last year’s first quarter rate of around 96%.
Needless to say that these rates were adjusted to reflect the client's actual liability.
How was this rate determined, particularly given that the client paid the correct tax, with a resulting small refund, for the previous year on the adjusted percentage?"