Published on 01 Sep 99
by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE
On 30 June 1999, the Government introduced into Parliament A New Tax System (Taxation Laws Amendment) Bill (No. 1) 1999. This Bill proposes to implement the new Pay As You Go (PAYG) withholding and instalment systems announced on 13 August 1998 as part of the Government's tax reform package. The PAYG instalment system affects the payment of income tax by individuals, companies, superannuation funds, certain trading trusts and in some cases, trustees who have a liability to pay tax. It will replace the existing provisional tax and company tax instalment systems. This paper only focuses on the PAYG instalment system which is concerned with the payment of an entity's own tax liability.