PAYG instalments voluntary entry and calculators online Presented

PAYG instalments voluntary entry and calculators online Presented by Susan Dredge and Joel Hannaway Australian Taxation Office 14 October 2015 1 CLASSIFICATION – PAYG instalments

Enter PAYG instalments 2 CLASSIFICATION – PAYG instalments online

Enter PAYG instalments – choose quarterly payment amount 3 CLASSIFICATION – Title of presentation

Enter PAYG instalments – calculate quarterly amount 4 CLASSIFICATION – Title of presentation

Enter PAYG instalments - receipt 5 CLASSIFICATION – Title of presentation

Individuals PAYG instalments calculator on ato. gov. au

Inputs * Indicates a mandatory question The option to select an income year only appears if the current date is between 1 July and the due date for lodgment of the final activity statement for the prior financial year. Otherwise the calculator defaults to the current financial year. 7 PAYG instalments individual’s calculator on ato. gov. au

Income and expenses inputs Standard PAYG instalments calculations use values from the most recently lodged tax return to calculate expected tax debt for the current year. Any net capital gains (NCGs) included in the most recently lodged tax return are excluded from PAYG instalments calculations as they are not expected to recur in the current year. In this calculator taxpayers can choose to include NCGs if they wish to account for the relevant tax in their instalments payments. 8 PAYG instalments individual’s calculator on ato. gov. au

Medicare inputs Values on this page are used to determine applicable Medicare requirement and thresholds. Spouse’s taxable income appears if the user advises they have a spouse. 9 PAYG instalments individual’s calculator on ato. gov. au

Tax offsets SAPTO entitlement helps determine applicable Medicare thresholds. The 5% tax discount for unincorporated small businesses (up to $1, 000 a year) can be included here. 10 PAYG instalments individual’s calculator on ato. gov. au

HECS/HELP TSL and SFSS debts These are included in instalments payments if the taxpayer’s income exceeds the relevant threshold. 11 PAYG instalments individual’s calculator on ato. gov. au

Activity statements lodged The options displayed here are dependent on user inputs and current date. Ie; only potentially applicable answers will display. These questions appears if the user indicates they have received activity statements. 12 PAYG instalments individual’s calculator on ato. gov. au

Possible Results (examples) _________________ Most common results format If taxpayer has overpaid If Q 4 AS is lodged If taxpayer is not currently paying instalments 13 PAYG instalments individual’s calculator on ato. gov. au

Companies PAYG instalments calculator on ato. gov. au

Inputs * Indicates a mandatory question 15 CLASSIFICATION – PAYG instalments online

Inputs The option to select an income year only appears if the current date is between the start of the user’s financial year and the due date for lodgment of the final activity statement for the prior financial year. Otherwise the calculator defaults to the current financial year. Standard PAYG instalments calculations use values from the most recently lodged tax return to calculate expected tax debt for the current year. CLASSIFICATION – PAYG instalments online Any net capital gains (NCGs) included in the most recently lodged tax return are excluded from PAYG instalments calculations as they are not expected to recur in the current year. In this calculator taxpayers can choose to include NCGs if they wish to account for the relevant tax in their instalments payments. 16

Inputs 17 CLASSIFICATION – PAYG instalments online

Inputs 18 CLASSIFICATION – PAYG instalments online

Inputs 19 CLASSIFICATION – PAYG instalments online

Possible Results (examples) _________________ Most common results format If taxpayer has overpaid If Q 4 AS is lodged If taxpayer is not currently paying instalments 20 PAYG instalments individual’s calculator on ato. gov. au