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PAYG withholding regime

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.

Author profile:

Susan Young
Susan has spent the last six years running her own business providing training on income tax, capital gains tax, GST and FBT issues. Previously she was the National Tax Director for a leading accounting firm. With over 20 years of specialised tax knowledge, Susan has extensive experience as a presenter and adviser on taxation issues. In 2003 Susan had a book published by Penguin titled Tax for the Very Small Business. She has also written tax training courses and articles for professional taxation publications. Susan has degrees in Commerce and Law from the University of QLD and the University of Sydney. Current at 15 November 2004 Click here to expand/collapse more articles by Susan YOUNG.
 

This was presented at PAYG: Managing Your Cash Flow Under the New Tax System.

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Individual sessions

PAYG System

Author(s):  John NEWBY

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PAYG Withholding Regime

Author(s):  Susan YOUNG

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