The You can use the What-if GDP-Adjusted Instalment Estimate worksheet (xPG) may be used for calculating PAYGI Instalments of income tax payable based on GDP-adjusted notional income.
To open this worksheet click Preparation > Schedule > PAYG (Instalment income estimate).
The GDP adjustment method is available to individuals, multi-rate trustees, eligible small business entities as well as companies and certain super funds with $2m or less of instalment income for the previous income year.
Taxpayers may still can vary their quarterly instalments under s 45-112 of Sch 1 of the TAA if they consider their income is expected to be lower or higher than the amount determined by the Commissioner using the GDP adjustment factor.
Click Maintenance > Rates > GDP Uplift for PAYGITI for the current rate.
Instalments calculated will be defaulted to the Estimate Instalment fields in the Assessment details screen .
Functionality of the Estimate
When the PAYGI Estimate is first accessed and the relevant year chosen, amounts entered in the client's tax return will be defaulted to the various applicable fields in the Estimate work sheet. Notional Tax and an Instalment Payment summary will be calculated at that time and will be displayed on the screen.
Alternatively, the user may edit the amounts in the Estimate worksheet and Tax re-calculates Notional Tax and Instalment payments based on that edited information.
If after attaching the PAYGI worksheet to the return in the current Tax ledger, the chosen year's income, deductions, losses, credits, etc., are changed, such changes will not be reflected in the PAYGI worksheet. For those changes to be reflected, it will be necessary to delete the PAYGI worksheet and recreate it.
Printing the PAYG Estimate
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in the taxpayer's Return properties > PAYG/Lodge tab.
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Click Preparation > Schedule > PAYG (GDP-Adjusted Instalment income estimate). You can choose to use values from the current year or the two immediate prior years tax returns. The ATO bases the first quarterly or monthly instalment on the last tax return you lodged. The xPG opens with all the amounts for the various topics pre-filled and the calculation done. Scroll to the bottom of the page to see the Instalment amounts and dates payable. Amounts entered can be edited and automatic instalment recalculation occurs. | UI Text Box |
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| | If subsequently you change any amounts in the return being used to pre-fill the xPG, you must Delete the xPG and reselect it to see those changes and the revised instalment amounts. |
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| When you print the F4 estimate, you may choose to include or exclude PAYGI instalments - Click Reports > Print Schedule.
- Highlight the xPG and click Select
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- Click OK and OK again to start the print process.
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