What is the PAYG Tax System? (Pay As You Go Tax)

If you owe tax, the ATO may put you on the Pay As You Go Tax system. Let me explain how PAYG tax works in Australia.
--
📺 Subscribe to this channel - www.youtube.co...
--
WANT MORE OR TO WORK WITH ME:
📧 Join my Email Newsletter for FREE Tax Tips - www.ethanroosh...
💰 My Accounting Business - rooshockaccoun...
🎓 My “How to Start a Business in Australia” Course - www.ethanroosh...
🖥️ My Reseller Tax Spreadsheet - reseller-sprea...
--
MY FAVOURITE TOOLS
🤑 Sharesight - How I track my Share & ETF investments for tax - www.sharesight...
🔐 Crypto Tax Calculator - My favourite detailed Crypto tax tracking tool - cryptotaxcalcu... (Get 20% Off using the code BFF2020)
🗒️ Koinly - The easiest to get started Crypto tax tracking tool - koinly.io/?via... (Get 25% Off using the code 9B29D87A)
--
⌚️Timestamps
0:00 PAYG System
1:12 PAYG Example
4:06 Adjusting PAYG
--
CONNECT WITH ME HERE:
📷 Instagram - / ethanrooshock
🌏 My Website - ethanrooshock....
🐦 X (Twitter) - / ethanrooshock
🎵 Tik Tok - / ethanrooshock
💼 LinkedIn - / ethan-rucioch-037b44a3
👍 Facebook - / ethan-rooshock
✉ Email - [e-mail]
--
WHO AM I:
Hey there, I'm Ethan - an accountant turned KZbinr and business owner. My goal is to empower others to build businesses that not only maximise wealth but also optimise for taxes Join me on this channel as I delve into topics like business strategies, structuring, and tax minimisation.
--
Disclaimer
Every effort has been made to ensure that the information in this video is accurate. The information in this video and on this KZbin channel is for entertainment and general information purposes only. It should not be taken as constituting professional advice. You should not rely on it as financial, legal or tax advice. There are always risks in any financial decision and all decisions should be made on an individual basis. You should conduct your own research and seek independent professional advice where needed. Some of the links in this video or video description may be affiliate links. Ethan Rucioch, Rooshock Enterprises Pty Ltd, Rooshocks NFT Pty Ltd or any other related party may receive a commission through these.
--
#paygtax

[@EthanRooshock]

Have you been introduced to the PAYG system before?

[@BrianBaulch]

Thank you Ethan for the wonderful explanation.

[@EthanRooshock]

No worries!

[@peterinoz4502]

The PAYGI concept is good as it is designed to even out your cash flow, especially now when the total debt owed to ATO by taxpayers is on the increase

[@EthanRooshock]

The general concept makes sense, I think people just aren't expecting it and therefore can struggle a bit cash flow to start with.

[@joelcaruso5343]

Hey Ethan, could you make a video about the best structure to operate as a full time investor/trader in Australia?

[@EthanRooshock]

I've done quite a few videos on structuring, hopefully they will help. Depends on how much profits you're expecting and who you could potentially share profits with.

[@KArtoaT]

🙏🙏🙏🙏🙏⭐️⭐️⭐️⭐️⭐️

[@EthanRooshock]

Cheers!

[@pdjhh]

They charged me x amount for 3 quarters then 9 times that in the last quarter one time wtf!

[@EthanRooshock]

Would likely be that you then lodged a new return that was significantly higher amount of taxed owed compared to previous.