Published on 21 Sep 99
by QUEENSLAND DIVISION, THE TAX INSTITUTE
The bill A New Tax System (Pay As You Go) Bill 1999 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: (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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