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Income Tax Installments

All businesses are required to pay income tax installments, either monthly or quarterly.

Income tax installment rate

Income tax installments are calculated as 0.5% of total turnover of the business enterprise for either the month or quarter.

Pay monthly: if annual turnover greater than $1 million

Businesses with annual turnover greater than $1 million in the previous tax year are required to pay monthly income tax installments.

The payments are due on the 15th of each month with the first installment payable on 15 February.

Income tax installment payments are made using the Monthly Taxes Form. See How to pay taxes.

Final payment of income tax is due to be paid, along with the lodgement of an annual income tax return, on or before 31 March, following the end of the tax year.

Pay quarterly: if annual turnover is $1 million or less

Businesses with an annual turnover of $1 million dollars or less in the previous tax year are required to make quarterly income tax installment payments on or before:

  • 15 April (on the March monthly taxes form)
  • 15 July (on the June monthly taxes form)
  • 15 October (on the September monthly taxes form) and
  • 15 January (on the December monthly taxes form).

Income tax installment payments are made using the Monthly Taxes Form. See How to pay taxes.

Final payment of income tax is due to be paid, along with the lodgement of an annual income tax return, on or before 31 March, following the end of the tax year.

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