What is a Pay As You Go (PAYG) Installment?
If you're a business and you're currently making money, you might have to pay the Australian Taxation Office (ATO) your end of the season dues by installments rather than all at one time. This installment agreement can be once every month, once every quarter (4 months), or semi-annually (twice a year). As the employer, you have a responsibility to send these papers to your employees by the annual deadline. This will make it easier for your employees to lodge their taxes correctly.
Common Questions Employees Have and Their Answers
Q. If I Don't Get my Payment Summary, How Do I Lodge my Annual Tax Return?
A. If you don't get a payment summary from your employer, it's alright. You don't need one to lodge your taxes. Etax Plus has various tools to assist you when it comes time to calculate your amounts to be withheld along with your income. You can also double check this amount by looking at your bank records and your payslips to find your withholding amount and your income level.
Q. I Received an Incorrect Entitlement Amount, and This Includes the Salary Sacrificed Total. Now What Do I Do?
A. The first thing you should do is go and directly contact your employer. They should be made aware that you received an incorrect amount and your employer should adjust it on their end. If you're an employee that gets paid through a labor hire business, but you work for someone else, the labor hire firm is the employer you should contact straight away.
Q. I was Either Overpaid or Underpaid on my Salary. What do I Claim When I Lodge my Taxes?
A. When you sit down to lodge your taxes, you should only claim what money you received. If you were overpaid or underpaid, claim the amount you actually received. If you have questions, this is where Etax Plus comes in. They can help you lodge your taxes correctly. If you check your bank records and find that money was taken out of your account without your permission, contact your bank, as this is illegal.
Q. My Company Uses a Payroll Service Provider to do Their Payroll. How Do I Know That my Employer Paid the Proper Taxes to the Australian Taxation Office (ATO)?
A. There will be no penalties for any employee that doesn't have the amount their employer withheld paid to the Australian Taxation Office. If you owe anything, it will be applied when your individual income tax liability is calculated.
If you've read this post and you still have questions or concerns, contact Etax Plus and let the friendly and knowledgeable staff help you. Our staff will make sure you get your taxes lodged correctly and in a timely manner. We understand how stressful tax season can be, and we want to take the stress out of your life this tax season. Contact us to get started, and we'll guide you through step by step. This step by step process will ensure that your taxes are correct, and you are free to lodge them without worry.
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