My junior accountant just did my tax return. I gave him all figures for my Investment property etc.
I had been paying PAYG instalments since last year and asked him if I could stop doing this and pay at each tax assessment annually instead.
He said:
''The estimate of your PAYG for 2015 is $2200 annually. However I take back what I said and you may be able to not pay your PAYG if you satisfy any of the following. I just called the ATO to clarify the definition of point one as I thought it was on tax payable (and therefore you would not have satisfied)
? the adjusted balance of assessment on your most recent notice of assessment is less than $1,000
? your notional tax is less than $500
? you are entitled to the seniors and pensioners tax offset.
You do have $1400 payable but with your tax instalments paid it reduces this to $2200. Therefore you would satisfy point one. What will happen though is that the following year you would go over the $1000 tax payable again if your situation stays the same and therefore would go back onto installments. I hope this makes sense.''
Actually it doesnt make sense to me. Thought I would double check with the esteemed experts on this forum before I get back to him.
Is his advice correct?
thanks
I had been paying PAYG instalments since last year and asked him if I could stop doing this and pay at each tax assessment annually instead.
He said:
''The estimate of your PAYG for 2015 is $2200 annually. However I take back what I said and you may be able to not pay your PAYG if you satisfy any of the following. I just called the ATO to clarify the definition of point one as I thought it was on tax payable (and therefore you would not have satisfied)
? the adjusted balance of assessment on your most recent notice of assessment is less than $1,000
? your notional tax is less than $500
? you are entitled to the seniors and pensioners tax offset.
You do have $1400 payable but with your tax instalments paid it reduces this to $2200. Therefore you would satisfy point one. What will happen though is that the following year you would go over the $1000 tax payable again if your situation stays the same and therefore would go back onto installments. I hope this makes sense.''
Actually it doesnt make sense to me. Thought I would double check with the esteemed experts on this forum before I get back to him.
Is his advice correct?
thanks