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Tax Facts - PAYG Withholding

Pay as you go (PAYG) withholding is a system for withholding amounts from payments to employees and businesses. An entity will have withholding obligations if the entity:

  • Has employees, including company directors and officeholders
  • Has other workers such as contractors, and voluntarily agrees to withhold tax from payments to them
  • Makes payments to other businesses, if they don't quote an Australian business number (ABN) to the entity

If you are an employer or run a business and withhold amounts from payments, you need to:

  • Register for PAYG withholding
  • Register as an employer of working holiday makers (417 or 462 visa's) if applicable.
  • Withhold amounts from wages and other payments
  • Lodge activity statements and pay the withheld amounts to the Australian Taxation Office (ATO)
  • Provide payment summaries to employees and other payees
  • Provide the ATO with an annual report once each income year has ended.

About Us

The partners and staff at Brewster Walsh & Associates have a long history in the green triangle region and have gained expertise across a wide cross section of businesses and industries.  We offer a full range of advisory, accountancy, audit and business services.

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At Brewster Walsh & Associates we aim to provide you with advice when your business needs it, not just when you ask for it.

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Resources

Brewster Walsh & Associates provides links to a number of on-line resources which may be of interest to our clients.  This material is not provided by way of advice.  Any action will need to be assessed in the light of your particular situation.

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