Paying your taxes
Do I need to send in tax payment with my tax return?
No, payment is not required when submitting your tax return. The amount due and the deadline will be stated on your Notice of Assessment, which you'll receive after the ATO assesses your return.
How do I make a tax payment?
Once you receive your Notice of Assessment, it will include payment details and options. You can pay your taxes through internet banking, by sending a cheque, or by wire transfer. For further instructions, please click below:
You must include your unique payment reference number (PRN) when making the payment to ensure it is correctly allocated to your tax account. This will be shown on your Notice of Assessment.
If your employer is paying your taxes, we’ll coordinate payment with them and send you a copy of your Notice of Assessment for your records.
Can I pay my taxes in advance along with the return?
While it’s possible to pay in advance, it’s not advised unless your tax return is overdue and there’s a significant amount payable. It’s best to wait for your Notice of Assessment for payment instructions.
What if I haven’t received my tax assessment while others have?
The timing of tax assessments varies. Yours may be delayed if it’s under review or due to processing issues. We typically receive assessments digitally and process them as soon as they arrive.
When will I receive my Notice of Assessment?
You’ll typically receive your Notice of Assessment shortly after lodging your tax return, usually within a few weeks. However, it may take longer in case of any complications or ATO processing delays.
When are taxes due for payment?
Payment due dates vary depending on when the ATO issues your assessment.
When will I get my tax refund?
You’ll usually receive your tax refund notification or cheque along with your Notice of Assessment, approximately 2-3 weeks after lodging your tax return. However, it may take longer due to any complications or ATO processing delays.
I heard that the ATO will ask me to prepay my taxes. Is it true?
Australia has a provisional tax system called PAYG (Pay As You Go) instalments. This system primarily affects those with income not subject to withholding tax, such as self-employed individuals or those with significant investment income.
Key points about PAYG instalments:
- They are based on your expected income and are generally paid quarterly.
- The amount is calculated based on previous tax returns or an estimate provided by you.
- If this applies to you, you’ll receive a notice advising you of the required payments.
- You can vary the instalment amount if you expect your income to be less.
At the end of the financial year, any instalments paid are credited against your actual tax liability.
If Vialto is authorised to assist with PAYG instalments, you’ll receive any notices from us. Otherwise, the ATO will send them directly to you.
What if my taxable income is expected to be less this year?
If you expect your taxable income to be lower this year, you can adjust your PAYG instalments. When you receive your PAYG instalment notice, you can modify the amount to match your expected tax for the year.
If Vialto is authorised to assist, we will help you with any necessary adjustments.