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PAYG Installments

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fdb
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Hi

I was employed overseas (Australian tax resident) until mid January and have a PAYG installment plan. How do I notify ATO that I am no longer employed therefore not able to make PAYG installment in the future

Also, how is ETP dealt with?

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Hi @fdb,

 

Welcome to our Community!

 

Generally speaking, we will automatically exit you from the PAYG Instalment system when you meet one of the exit rules. However, if you're no longer receiving the business or investment income you may be able to vary an Instalment activity statement (IAS) to nil to exit the system sooner. 

 

Eligible individuals (including sole traders) with a myGov account linked to the ATO can exit the PAYG instalments system online. Alternatively, you can phone us on 13 28 61 between 8am - 6pm, Monday to Friday to speak with an operator. Have your TFN and any information relating to your PAYG Instalments with you when you call so we can as you some identity questions and remove you from the system if your eligible.

 

Eligible termination payments (ETP) can be very complicated and complex, and will occur when an employee leaves a place of employment and is entitled to a lump sum payments that is taxed and reported differently to normal income. There are many factors to consider when working out the treatment of an ETP and we'd need to know more information about you're situation to be able to provide more information. You can find general information on ETP's on our website, or alternatively you can phone us on 13 28 66 to discuss further.

 

Thanks.  

1 REPLY 1

Best answer

ATO Certified

Community Support

Replies 0

Hi @fdb,

 

Welcome to our Community!

 

Generally speaking, we will automatically exit you from the PAYG Instalment system when you meet one of the exit rules. However, if you're no longer receiving the business or investment income you may be able to vary an Instalment activity statement (IAS) to nil to exit the system sooner. 

 

Eligible individuals (including sole traders) with a myGov account linked to the ATO can exit the PAYG instalments system online. Alternatively, you can phone us on 13 28 61 between 8am - 6pm, Monday to Friday to speak with an operator. Have your TFN and any information relating to your PAYG Instalments with you when you call so we can as you some identity questions and remove you from the system if your eligible.

 

Eligible termination payments (ETP) can be very complicated and complex, and will occur when an employee leaves a place of employment and is entitled to a lump sum payments that is taxed and reported differently to normal income. There are many factors to consider when working out the treatment of an ETP and we'd need to know more information about you're situation to be able to provide more information. You can find general information on ETP's on our website, or alternatively you can phone us on 13 28 66 to discuss further.

 

Thanks.  

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