Planning ahead for your income tax
If you are new to business or expecting to make a profit for the first time, now may be a good time to enter into pay as you go (PAYG) instalments.
PAYG instalments help you budget for future income tax payable on your business and investment income (known as instalment income). You make payments (usually each quarter) so you don’t end up having to pay a large tax bill at the end of the year.
To enter into the PAYG instalments system voluntarily, you need to:
use our PAYG instalments calculator to work out the tax you need to pay on your instalment income
request entry to PAYG instalments online via myGov or through your accountant.
You'll start making payments once you receive your activity statement or instalment notice.
Plan ahead now to help your business manage a healthy cash flow.
No matter how big or small your business, AGC Advisory can help you with your tax.
Source: ATO Small Business News Room