The What-if GDP-Adjusted Instalment Estimate worksheet (xPG) may be used for calculating 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 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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1. Click Reports > Print Schedule. 2. Select the relevant PAYGI worksheet from the index of completed schedules for this client. |
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