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PAYG withholding regime

Published on 21 Aug 99 by QUEENSLAND DIVISION, THE TAX INSTITUTE

A New Tax System (Taxation Laws Amendment) Bill (No 1) was the legislation which introduced the new Pay As You Go (PAYG) system, and was subsequently renamed the A New Tax System (Pay As You Go) Bill 1999. The Bill amends the Taxation Administration Act 1953 and results in the existing payment and reporting systems being abolished or replaced from 1 July 2000. The new PAYG arrangements will incorporate the following 2 systems: (1) a PAYG withholding system which replaces the PPS and RPS systems and incorporates the main elements of the current PAYE system. The remaining withholding systems which cover various payments (eg. dividends, interest and royalties) will also be standardised and become part of the new PAYG withholding system; and (2) a PAYG instalments system which replaces the current provisional tax and company tax instalment systems. The withholding system will apply to payments made on or after 1 July 2000. The instalments system will apply for the 2000-2001 income year and later income years.

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Susan YOUNG
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