Why your PAYG withholding reporting cycle might soon change (June 2024 Tax Update)
Relevant For:
Australian small to medium business owners managing PAYG withholding obligations.
Key Points:
- ATO annually reviews PAYG withholding cycles based on annual withholding amounts.
- Small withholders ($25,000 or less) report and pay quarterly.
- Medium withholders (over $25,000 up to $1 million) report and pay monthly.
- Large withholders (over $1 million) pay electronically within 6-8 days of withholding events and have a unique payment reference number.
- Businesses moving from small to medium withholder status must transition from quarterly to monthly reporting from 1 July 2024.
- Updating payroll software before 1 July helps to ensure compliance with the new cycle.
Full Article:
Each year the ATO reviews PAYG withholding cycles for businesses based on their annual withholding amounts. The payment and reporting cycles are:
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