Tax Facts

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Tax Facts

In today’s ever-changing market the complexity in providing the most appropriate Accounting and Tax advice is paramount. Every business in every range of profitability requires financial reporting that can be the basis of their growth and ultimate success. We provide accounting services designed for both the expected and the unexpected, guiding our clients through the full range of tax planning strategies that minimize liabilities. Our expertise, experience, analysis, allow us to optimize financial opportunities to be found in existing as well as recently altered tax laws.

Our services include but are not limited to…

    Tax Facts - PAYG Withholding

    You need to withhold payment amounts:

    • From payments you make to other workers (eg contractors)
    • From payments you make to other businesses if they don't quote their ABN to you on an invoice or another document
    • From payments you make to your company directors for their service to you 
    • If you run your business as a company
    • If you have employees
    • If you pay employees from another business

    If you are an employer or run a business and withhold amounts from payments, you need to:

    • Register for PAYG withholding
    • Determine the status of your workers (if applicable)
    • Familiarise yourself with the types of payments you need to withhold amounts from
    • Determine the amounts to withhold
    • Report and pay withheld amounts to the ATO
    • Provide the ATO with payment summaries
    • Lodge an annual report once each income year has ended

    MORE: See the PAYG Withholding section of the ATO website.