What is payg on schedule 5?
In Australia, PAYG (Pay As You Go) is a system used to collect income tax from individuals throughout the year, rather than in one lump sum at the end of the financial year. Schedule 5 is a form used to calculate the PAYG withholding amount for distributions of taxable income by a closely held trust or company to its beneficiaries or shareholders. The form helps to determine the amount of tax that needs to be withheld before the distribution is made to ensure that individuals are meeting their tax obligations.
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