Tax Instalment Payments: Who Qualifies and What You Get
Learn if you need to pay your taxes in quarterly chunks to avoid interest and penalties from the tax authorities.
This scheme allows you to pay your tax obligations in smaller, scheduled increments rather than one large lump sum.
Who it's for
You may need to use this if you owe more than $3,000 in net tax for the current year and either of the two previous years.
What you get
By paying your taxes in quarterly chunks, you can manage your cash flow and avoid the accumulation of interest and penalties.
What it costs you
You are required to make payments at specific times throughout the year. These payments are due in March, June, September, and December.
The catch to know
While the tax authority will send you reminders, you are ultimately responsible for making the payments. If you miss a deadline, you will be charged interest.
How to apply
- Review your tax filings from the current year and the two previous years.
- Check if your total tax owing meets the required threshold.
- Set up a schedule to make your payments in March, June, September, and December.
- Check the official portal for the current amounts due.