Pay as you go (PAYG) instalments are prepayments of your expected income tax for the year. If your total PAYG instalments will be more, or less, than your expected tax for the year, for example because your financial situation changes, you can vary the amount of the instalments.

The ATO has recently updated its practical compliance guideline on how the CGT main residence exemption may apply in cases where a dwelling is disposed either in the capacity of an individual beneficiary or a trustee of a deceased estate.

 

The government has released a raft of draft legislation with the intention of reducing FBT record-keeping compliance costs for employers. The measure was originally announced by the previous government in the 2020 Budget but never implemented. In brief, it proposed to give the ATO the power to allow employers to rely on existing corporate records, rather than employee declarations and other prescribed records to finalise their FBT returns.

The ATO has released an updated version of its online Guide - Market valuation for tax purposes. The purpose of the Guide is to assist taxpayers in understanding the ATO’s general expectations on market valuation for tax purposes. It includes information on what market value means for tax purposes and the evidence and processes the ATO generally expect to see to support a valuation.