The
Instalment Estimate worksheet is used for calculating Instalments of tax payable for Quarterly or Annual payers. An estimate of Instalment tax based on this method may be prepared from information contained in either the current or two immediate prior years’ tax returns.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.
Printing the PAYG Worksheets
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title | To print the worksheetPAYGI Instalment income estimate (xPI) is used to calculate the Commissioner's rate based on notional tax payable. This is the rate the Commissioner uses in your PAYGI assessment.
You may choose to base the calculation on the current income year or one of the two immediate prior years returns. The ATO will have based the Commissioner's rate on the last tax return lodged, not the one you lodge today.
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It is not advisable to use both the xPI and the xPG for the same client. If you make a mistake, it is easy to redress. Delete the worksheets and select the one most used by your practice. Re-creation is immediate upon selecting the year to base the calculation on. If you subsequently change a value in the income tax return that the PAYGI calculation was based on, you must delete the schedule and recreate it to see the changes reflected in the calculation. |
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When you print the F4 estimate, you can choose to include or exclude the Notional tax calculation and Commissioner's rate. - Click Reports > Print Schedule.
Select the relevant PAYGI worksheet from the Index of available schedules completed for the taxpayer. |
Printing the Taxation estimates with PAYGI instalments
If you elect to include the PAYGI estimates when you select the [F4] Tax Estimate, then a standard estimate will be printed which contains a summary of the Instalment amounts and the dates on which they are due.- Highlight the xPG and click Select
- Click OK and OK again to start the print process.
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