Monthly instalment payments

You can calculate your monthly instalment payments using one of the following options:

Option 1 – One-twelfth of the estimated tax payable for the current tax year is due each month of the tax year.

Option 2 – One-twelfth of the tax payable from the previous tax year is due each month of the current tax year.

Option 3 – One-twelfth of the tax payable from the year before the previous tax year is due in each of the first two months of the current tax year. One-tenth of the difference between the tax for the previous tax year and total of the first 2 payments is due in each of the remaining 10 months of the current tax year.

We will assess your return using the option that results in the least amount payable by instalments.

Note

We will charge interest if you use option 1 and your estimated tax was lower than the year's actual tax and the tax calculated using option 2 or 3.

Worksheets

We provide two worksheets to help you calculate your estimated tax payable and tax credits, as well as your monthly instalment payments:

For more information and examples of calculation, see Worksheets.

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