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BUSINESS TAXATION

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Further extension of monthly pay-as-you-go (PAYG) instalments

The Government will extend the requirement to make monthly PAYG income tax instalments to all large entities in the PAYG instalment system, including trusts, superannuation funds, sole traders and large investors.

The Government had already announced that corporate tax entities with turnover of $20 million or more will move to monthly PAYG instalments during a phase-in period between 1 January 2014 and 1 January 2016. The Treasurer has now announced that all other entities in the PAYG instalment system:

  • with turnover of $1 billion or more will move to monthly PAYG instalments from 1 January 2016; and

  • with turnover of $20 million or more will move to monthly PAYG instalments from 1 January 2017.

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