Question 5 – PAYG Instalment The client PAYG details are available in the appendix document ‘PAYG Instalment’. Undertake
Posted: Fri Jul 01, 2022 8:40 am
Question 5 – PAYG Instalment
The client PAYG details are available in the appendix document‘PAYG Instalment’. Undertake the following details:
appendix: PAYG Instalment
A PYAG instalment payer can vary the PAYG instalments if theybelieve that their circumstances have changed and that they mightbe paying too little or too much.
The ATO has calculated the business rate to be 18.75% based onan income from the previous assessable period of $90,000. Theinstalment income for the first quarter (1 July to 30 September)was $21,000 and the second quarter (1 October to 31 December) was$15,000.
The business has paid PAYG for the first quarters of the yearbased on this rate but sales have dropped dramatically and expectedincome for the year is anticipated to be around $60,000. They havecalculated their estimated income tax to be $8,900.
The client PAYG details are available in the appendix document‘PAYG Instalment’. Undertake the following details:
appendix: PAYG Instalment
A PYAG instalment payer can vary the PAYG instalments if theybelieve that their circumstances have changed and that they mightbe paying too little or too much.
The ATO has calculated the business rate to be 18.75% based onan income from the previous assessable period of $90,000. Theinstalment income for the first quarter (1 July to 30 September)was $21,000 and the second quarter (1 October to 31 December) was$15,000.
The business has paid PAYG for the first quarters of the yearbased on this rate but sales have dropped dramatically and expectedincome for the year is anticipated to be around $60,000. They havecalculated their estimated income tax to be $8,900.