Tax Administration Sam works on a full time basis for Wonderworks, which pays him a salary...

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Tax Administration Sam works on a full time basis for Wonderworks, which pays him a salary on a monthly basis. Sam also derives significant investment income from shares he inherited from his grandmother. Sam has just received notice of a PAYG instalment rate from the ATO. Required Explain how the PAYG system will apply in relation to these income amounts. How are advance payments of Tax under this system taken into account when Sam later lodges his tax return for the year? Tax Administration Sam works on a full time basis for Wonderworks, which pays him a salary on a monthly basis. Sam also derives significant investment income from shares he inherited from his grandmother. Sam has just received notice of a PAYG instalment rate from the ATO. Required Explain how the PAYG system will apply in relation to these income amounts. How are advance payments of Tax under this system taken into account when Sam later lodges his tax return for the year?

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The PAYG system stands for PayAsYouGo and is a system used by the Australian Taxation Office ATO to ... View the full answer