An explanation of the auto calculation of PAYG instalments feature in TaxPlan.
At the top of your TaxPlan screen is an option to turn on or off PAYG instalment calculations:
Include PAYG Instalments for 2022: Yes/No
The year that you’ve nominated is displayed on the right hand side. This gives you the PAYG instalment calculations for the future year.
Whilst you can have auto calculations, we've also provided a manual option so you can enter your own calculations if you wish.
PAYG instalments can be specified as monthly, quarterly, annually or in two instalments. Note that that is the same for timing for all entities in TaxPlan.
Note: You cannot set different PAYG instalments for different entities.
View PAYG Instalment Calculations
To view the PAYG instalment calculations once you've completed a TaxPlan, scroll down to 2022 Estimated PAYG Instalments and view the interval amounts for each entity column.
TaxPlan has been updated to include the required 2% GDP Uplift factor on PAYG instalments.
Scroll to the right for Group Totals showing the summary of all the instalments that will be payable. This information flows into the TaxFlow report which gives your clients cash flow for the next 18 months of all their tax payments.