PAYG Instalment
Statement Purpose
The purpose of the statement is to provide options for calculating monthly/quarterly PAYG instalments.
Data Flow
Ordinary income should be manually input to calculate the required PAYG Instalment payable or receivable for the month or quarter. The ATO advised rate, any applicable varied rate and any adjustment will have to be manually inserted to calculate the amount payable/receivable for the month/quarter.
Explanation of Fields
There are options available under
Instalment period calculation
to select either monthly or quarterly. This selection will change the display of the worksheet to match the selected option.Instalment method used
– The selection will depend on the option that the super fund has selected at first quarter of income year. The selected option here must match the selected option to ATO.Instalment Rate
– This is the rate advised by ATO that is available on your PAYG Instalment notice/activity statement.Varied Instalment Rate
– The super fund can submit a varied rate that is different from what was provided by ATO. The varied rate will be manually input here to calculate the amount payable for the month/quarter.Instalment amount as advised by ATO
– The super fund will pay a fixed instalment amount as determined by ATO each month/quarter.Signage
- Ordinary income, instalment rate, varied instalment rate are positive amounts.
- Adjustments, credit for prior instalments and amounts paid to ATO are negative amounts.