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Australian PAYG To Go Monthly

by Mary Swire, Tax-News.com, Hong Kong

31 May 2013


All large entities will be required to pay their Australian Pay As You Go (PAYG) bills monthly, a move the Government says will ensure that tax instalments are better aligned with when income is earned.

The reforms will be phased in over a period of almost four years. Companies with a turnover of AUD1bn (USD965.2m) or more will be affected from January 1, 2014, while those with a turnover of AUD20m or more will have more than three years to prepare for the change. No entity will pay more tax as a result of the changes.

According to Assistant Treasurer David Bradbury, "This will ensure that there is a level playing field for all Australian businesses - regardless of their corporate structure."

The Commissioner of Taxation will be provided with new powers to work with business to determine alternative methods of calculating instalment income, with the aim of minimizing compliance costs.

TAGS: compliance | tax | business | tax compliance | tax incentives | corporation tax | Australia | tax authority | tax planning | tax reform | standards | regulation

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