Company Tax is part of the overall Financial Settings. A big chunk of your Cashflow Forecast and Balance Sheet budget is calculated for you in Calxa by using your Profit & Loss budget and the account and timing selections you make in Financial Settings.

Many of these account selections can be accurately made by Calxa when creating or updating your organisation data. The Financial Settings allow you to review and revise these nominated accounts and select payment schedules and rates where applicable. 


These Company Tax settings allow you to configure and forecast the regular pay as you go amounts you will make throughout the year.

  1. To review and edit your Company Tax settings click on My Workspace -> Settings -> Company Tax.

    Company Tax Settings

  2. Select your preferred calculation method from the drop-down.

    Do you make provisional payment for company tax?
    1. Yes, as a percentage of my income

      Note: use this option in Australia if you pay PAYG Instalments using the "instalment rate" option. This will calculate your payment amount as a percentage of your Total Income from the periods you are making the provisional payment for.

    2. Yes, as a percentage of my profit

      Note: use this option in New Zealand if you use the Accounting Income Method (AIM) in calculation of provisional tax. This will calculate your payment amount as a percentage of your Net Profit from the periods you are making the provisional payment for.

    3. I will budget manually

      Note: use this option in Australia if you pay PAYG Instalments using the "instalment amount" option or you don't make provisional tax payments. This will not automatically forecast any payments and you'll need to budget for them manually in the Edit Budget screen.


  3. Enter a percentage rate that will be used to calculate your provisional payment. Depending on your answer above this will be a percentage of income or a percentage of profit rate.

    Provisional Tax Rate

  4. Select the account you use to record provisional tax payments.

    PAYG Instalment Account

  5. Select the schedule that reflects when you make your payments.



  6. Click the Save Changes button at the top right after you complete your selections.

    Save Company Tax Settings

Want to learn more? Have a look at the other help notes in the Financial Settings series:


GST

Wages & PAYG

Bank & Trade Accounts

Superannuation

Depreciation