Setting up PAYG instalments
Access PAYG Settings: Click the PAYG Settings button at the top of the screen. This will open a drawer with the relevant settings.
Select the Year: The nominated year is displayed on the left-hand side and can be adjusted via a dropdown menu. This provides PAYG instalment calculations for the future year.
Auto and Manual Calculations: While auto calculations are available, you can also enter your own calculations manually if preferred.
Specify Instalment Frequency: PAYG instalments can be specified as monthly, quarterly, annually, or in two instalments. Note that the timing is the same for all entities in TaxPlan.
Note: You cannot set different PAYG instalments for different entities.
Viewing PAYG instalment calculations
Estimated PAYG Instalments: Once you've completed a TaxPlan, scroll down to Estimated PAYG Instalments to view the interval amounts for each entity column.
GDP Uplift Factor: TaxPlan includes the required 2% GDP Uplift factor on PAYG instalments.
Group Totals: Scroll to the right to see Group Totals, showing the summary of all instalments payable. This information flows into the TaxFlow report, providing your clients with a cash flow overview for the next 18 months of all their tax payments.