That a materiality threshold should be included in determining whether or not PAYG income tax is required to be paid quarterly so that businesses with a very low income tax liability are not required to pay quarterly installments. What should this be?
21/6/17 -
The Board will raise this at an appropriate stage with Government, noting ultimately it is a matter for Government.
29/8/17 -
The Board understands that the entry/exit rules have now been updated so that GST registered companies with notional tax of less than $500 have been exited from (and not will not be entered into) instalments, unless their base instalment income is $2million or more or they are the head of a consolidated group. These taxpayers will remain in instalments regardless of the amount of their notional tax.
The exit of these taxpayer is from quarter 4 (standard balancers) 2016-17. The exit letters were issued to the taxpayers on 31 July 2017.