There are a number of tax changes as part of Budget 2012. Find out more about these changes.
Provisional tax is not a separate tax but a way of paying your income tax as the income is received through the year. You pay instalments of income tax during the year, based on what you expect your tax bill to be. The amount of provisional tax you pay is then deducted from your tax bill at the end of the year. If you had income tax of more than $2,500 to pay at the end of any tax year you may have to pay provisional tax for the following year.
Provisional tax basic information
Describes what provisional tax is, options for calculating provisional tax, when provisional tax is due, and budgeting advice.
Calculating your provisional tax - options
Use the standard, estimation or ratio option to work out your provisional tax.
Changes
Your provisional tax payment dates are going to change, and if you're eligible, you'll be able to calculate your provisional tax on a percentage of your previous year's GST taxable supplies (sales).
Did you know?
If your business's income is taxed at the company rate, changes to that tax rate also affect the percentage you use to calculate your provisional tax payments.
Date published: 12 May 2009
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