1. Pay As You Go (PAYG) BY, NAME – RAJEEV NEELAY

3. PAYG System PAYG PAYG Withholding PAYG Installments Means paying tax you withhold from payments to others (i.e. Salaries & Wages) Means paying tax on your own Income (i.e. Investment & Business Income) Regular reporting and remitting of tax to ATO

7. PENALTIES FOR NON-COMPLIANCE Offence Penalty Failure to withhold Penalty up to $1100 and liability for amount that should have been withheld. Failure to register Penalty up to $550 Failure to remit tax by due date General interest charge for overdue period Failure to provide payment summaries to employees Penalty up to $2200 Failure to provide annual report Penalty up to $1100

8. PAYG Instalments

17. Example Total Income Amount Gross Total Income 100000$ Tax Rate (30%) (-) PAYG Withholding 30000$ 10000$ Balance Tax Liability (-) PAYG Installments 20000$ 10000$ Tax Payable 10000$