Tax Facts - PAYG Withholding
You need to withhold payments amounts -
- From payments you make to other workers (eg contractors)
- From payments you make to other businesses if they don't quote their ABN to you on an invoice or other document
- From payments you make to your company directors for their services to you
- If you run your business as a company
- If you have employees
- If you pay employees from another business
If you are an employer or run a business and withhold amounts from payments, you need to -
- Register for PAYG withholding
- Determine the status of your workers (if applicable)
- Familiarise yourself with the types of payments you need to withhold amounts from
- Determine the amounts to withhold
- Report and pay withheld amounts to the ATO
- Provide the ATO with payment summaries
- Lodge an annual report once each income year has ended
More information?
Michael Beddoes, FCA
Director
e mbeddoes@mbapartnership.com.au
t 07 5557 8700