PAYG Instalments (Individual)

Hi Everyone, This year I have been automatically opted into Quarterly activity statements due to personnel investments (ETF’s + bank interest). I was not aware such a scheme existed and haven’t heard it mentioned in the community/ podcasts before… I am now aware that: Individuals are obliged to pay PAYG installments if their most recent tax return shows more than $4,000 in gross investment and the tax due on your most recent notice of assessment was more than $1,000… I was wondering how others navigate this quarterly bill and there approach (understandable if an advisor were to be involved)… Do others budget/put aside for this each week? (and reduce there savings rate/investments rate) or supplement it from other “buckets” and top up at tax time? This is new to me and would love some more conversation around this.. Thank you

John

Asked on 13 July 2024

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