Lowering Tax Instalments for Small Businesses

Small Business

Lowering Tax Instalments for Small Businesses

From 2022-23 Income Year
The Facts:

 

  • GST and PAYG instalment amounts are adjusted using a GDP adjustment or uplift which is currently 10%.

  • For the 2022-23 income year, the Government is reducing this uplift factor to 2%.

  • This will apply to small to medium enterprises eligible to use the relevant instalment methods for instalments for the 2022-23 income year and are due after the amending legislation comes into effect:

  • Up to $10 million annual aggregated turnover for GST instalments and

  • $50 million annual aggregated turnover for PAYG instalments

 

Got a question? Contact us on (08) 8224 0066 or [email protected] 

 

PDF Version: Lowering Tax Instalments for Small Businesses

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