In Australia, PAYG (Pay As You Go) is a tax system ensuring timely payment of income tax. If you owed in your previous return, the ATO may require you to pay tax in quarterly installments to avoid a hefty year-end bill. These installments, calculated based on your expected annual income, help distribute the tax burden throughout the year. It’s a proactive approach, preventing surprises and providing better budgeting. Navigating PAYG ensures smoother financial planning and compliance. If you’re uncertain about your obligations, consult with Figure It Out for tailored advice.

Contact Figure It Out Accounting and Tax Agents for advice and specialist assistance in all matters PAYG. Call 0411 235 084 or email info@figureitout.com.au