Tax As You Go
Every business in Australia is required to pay tax, but making sure you have the cash to pay those liabilities is often overlooked.
Using Tax As You Go (TAYG) with Xero gives business owners a running total of upcoming Tax liabilities so you don't get caught out at the end of the period, providing time to see, plan and save.
With TAYG you can:
- Get alerts to inform you of how much your upcoming GST, PAYG and Superannuation payments are likely to be
- See what date your next payment is due
- Check the amounts in your Tax savings account against the current liability
- Estimate additional GST payments based on unreconciled transactions
How does it Work?
After connecting TAYG to Xero, there will be a daily sync of your accounts in Xero, so you can see the current GST, PAYG Withholdings and Superannuation payable.
As a user of TAYG you can see this liability via the TAYG console, or set up alerts to get your data directly to your inbox or Slack channel.
To help with Xero files that may not be fully up to date, TAYG will provide users the number of unreconciled transactions, their value and estimated GST. This is a great way to motivate users to keep up to date with their reconciliation.
Getting set up
- After logging into TAYG you are prompted to connect your Xero file. By permitting TAYG to access Xero reports, organisation settings, and business transactions, the system will attempt to determine which accounts are used for;
- PAYG Withholdings
- To ensure that TAYG can keep you up to date with when payments are due use the settings menu to choose your lodgement periods. You can set these by choosing one of the options from the dropdown menu
You are now ready to roll with TAYG and it will update daily.
Should you wish to get the information directly to your inbox, simply set up an alert using these instructions.
Still stuck? Get in contact.
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