The PAYG (Instalment income estimate) worksheet is designed to give Tax Agents an estimate of the taxpayer's Adjusted Taxable Income and Notional Tax on that income, from which the Commissioner's Instalment Rate will be calculated. The second part of the worksheet will calculate the GDP-Adjusted taxable income and the final GDP-Adjusted tax payable.
To open this worksheet, click Preparation > Schedule > PAYG (Instalment income estimate).
At the front entry screen, select the year of the return you wish to base the calculation on. Depending on the time of the year you lodge the return, it could well be the current year return. If you were lodging the client’s current year return in July, then you would most likely base it on the immediate prior year as that would be the year the ATO would be basing its calculations on.
If there is no prior year return for the taxpayer, the relevant figures may be keyed at the fields and Tax will calculate the rate in accordance with those amounts. MYOB Tax offers three prior years to pre-fill the worksheet.
If after creating the PAYG worksheet in the current year using prior year balances, you change the prior year income, deductions, losses, credits, etc., those changes will not be reflected in the PAYGI worksheet previously created. For those changes to be reflected, it will be necessary to manually edit those values that are open to edit, otherwise you will need to delete the PAYGI worksheet and recreate it to see those balances refresh automatically.
To print the worksheet
- Click Reports > Print Schedule.
- Select the relevant PAYGI worksheet from the Index of available schedules completed for the taxpayer.
If you elect to include the PAYGI estimates when you select the [F4] Tax Estimate, then a standard estimate will be printed showing firstly the current year tax payable followed by the Commissioner's rate and then the GDP-Adjusted estimate followed by a summary of the Instalment amounts and the dates on which they are due.
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