The Australian Taxation Office (ATO) has started issuing the PAYG Annual Instalment notices.

The amount nominated in the PAYG notice is based on the untaxed income (business income, rents, interest, investments etc.) shown on your last income tax return. The amount nominated is due by the 21^st of October, 2011.

If your untaxed income for the 2010/11 year financial year is less than the amount shown in your previous tax return you may vary the amount. However please note that if your estimate proves to be lower than 15% of your actual untaxed income for the year, the ATO may impose a charge.

The PAYG instalment amount will be credited towards your tax liability and it will determine whether you have more to pay or if you are entitled to a refund. Please note that it is recommended that you pay the PAYG instalment prior to lodging your tax return.

If you pay the PAYG instalment quarterly, you may be eligible to pay the instalment only once by the 21^st of October each year.

Please contact us for further information.