Superannuation Consolidated

PAYG Instalment

Statement Purpose
The purpose of this statement is to provide options for calculating monthly or quarterly PAYG instalments.

Data Flow

Ordinary income should be manually input to calculate the required PAYG Instalment payable/receivable for the month or quarter. The ATO advised rate, any applicable varied rate, and any adjustments must be manually entered to calculate the amount payable/receivable for the period.

Explanation of Fields

  • Instalment period calculation
     — Options are available to select either monthly or quarterly. This selection changes the display of the worksheet to match the selected option.
  • Instalment method used
     — Selection depends on the option the super fund chose in the first quarter of the income year. The selection must match what was lodged with the ATO.
  • Instalment Rate
     — The rate advised by the ATO, available on the PAYG Instalment notice/activity statement.
  • Varied Instalment Rate
     — The super fund may submit a varied rate different from the ATO-advised rate. Enter the varied rate here to calculate the amount payable for the month/quarter.
  • Instalment amount as advised by ATO
     — A fixed instalment amount determined by the ATO to be paid each month/quarter.

Signage

  • Ordinary income, instalment rate, and varied instalment rate are entered as positive amounts.
  • Adjustments, credit for prior instalments, and amounts paid to the ATO are entered as negative amounts.

This article applies to:

  • Product: ONESOURCE Corporate Tax