Pay As You Go (PAYG)
What is Pay As You Go (PAYG)?
Pay As You Go or PAYG as it is popularly known as is withholding arrangement in the Australian Taxation system. It allows the contractors, employees and payees to withholding payments and repayments with their payers.
These amounts typically include their superannuation fund, income tax, medicare payments and higher education loan program.
What is the PAYG Summary?
The PAYG summary summarises the payments received by the contractor during the financial year. It includes the gross payment received from the payer, the total tax withheld and the details of the payer (either the ABN i.e. the Australian Business Number or the WPN Withholding Payer Number).
Does IPS payroll PAYG Contractors ?
Yes, we have years of experience in providing accurate, timely and cost effective payroll solutions to PAYG contractors.
Our suite of solutions comprises of:
1. Coverage for workers compensation insurance (WC), Public Indemnity Insurance (PI) and Professional Liability Insurance (PL)
2. Salary Packaging including novated car leasing, salary sacrificing and Living away from home allowance (LAFHA) for increasing savings by minimising the taxable income
3. Signing up of contract through electronic signatures, online processing of timesheets, and receipt of payslips and payment summaries via email .