What is PAYG?
PAYG stands for “Pay As You Go.” It is an acronym for two distinct procedures that the Australian Tax Office (ATO) has systematised for Australian businesses: PAYG withholding and PAYG instalments..
What is PAYG Withholding?
Income tax is withheld under the Pay As You Go (PAYG) system from an employee’s or contractor’s salary or compensation. Therefore, the tax is paid directly to the ATO on behalf of the employee or contractor by the payer of the income rather than the beneficiary of the income. These payments are made in accordance with your anticipated annual income and will be considered in determining your tax liability at EOFY.
How to make payroll efficient with Workstem?
Customise attendance entitlements, auto-track attendance data, streamline the payment process and keep compliance with Fair Work award through our AI Engine. Workstem provides a complete solution for efficient payroll management and regulatory compliance.