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252 DCA vs lump sum investing, careers outside of clinical work, ATO payment plans + more
Dev Raga Personal Finance
How to Pay Your Tax Liabilities in Private Practice
Amy has been paying her tax liabilities using estimates on a BASS statement, but unfortunately due to the higher income, this hasn't filtered through yet. When she attends an annual tax planning session to submit her total tax returns while they're accounted, she finds out she actually owes more taxes. Her total tax liability at the end of the financial year comes to around $50,000 in addition. She can pay it in a lump sum manner via the ATO payment gateway or myGov. Number two is she can establish a payment plan to help her with a cash flow situation because Amy may not have a cool $50k lying around.
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