AYB320 Lecture Notes - Lecture 7: Wrongful Dismissal, Annual Leave, Withholding Tax
Document Summary
Duties to remit payg withholding to the ato. The date by which the payg withholding tax must be remitted to the ato depends on whether the entity is classified as a: (a) Withholds ,000 or less in payg withholding tax during a financial year. It is required to withhold payments from employees and remit these amounts to the ato on a quarterly basis. (s 16-75(3) of schedule 1 of the taxation administration act 1953) Withholds between ,001 and million in payg withholding tax during a financial year. It is required to withhold payments from employees and remit these amounts to the ato on a monthly basis (depending on whether the entity lodges monthly or quarterly bas"s). (s 16-75(2)) Withholds more than million in payg withholding tax during a financial year. It is required to withhold payments from employees and electronically remit these amounts to the ato within 7 days of payment of the salaries and wages. (s 16-75(1))
