PAYG instalment threshold changes: 1 July 2014 The ATO has advised that, following the Small Business Ministers recent announcement of changes to the PAYG instalment thresholds, the following changes will apply from 1 July 2014; - the business or investment income threshold will increase from $2,000 to $4,000. Currently, the ATO requires an individual to pay PAYG instalments if $2,000 or more of gross business or investment (e.g. dividends or interest) income was reported on their most recent tax return -the balance of assessment threshold will increase from $500 to $1,000. Currently, the ATO requires an individual to pay PAYG instalments if the tax payable on the last assessed tax return was $500 or more -the notional tax threshold will increase from $250 to $500. Currently, the ATO requires an individual to pay PAYG instalments if the individuals notional tax was $250 or more. Notional tax is basically the tax attributable to the taxpayers business and investment income for the most recent assessment the requirement for entities registered for GST to remain in the system even if they have a zero instalment rate will be removed.
Posted on: Thu, 24 Jul 2014 22:30:38 +0000
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