Answer to Question #81084 in Finance for Like Heron

Question

The activity statement allows a business to calculate obligations, allowing a single payment or refund for each reporting/ payment period, across the taxes.

For example, if in a quarterly reporting/ payment period, a business had:

a GST credit of $15,000 (Would this go to 1A or 1B)
a PAYG instalment liability of $6,000 (would this go to 5a)
a PAYG withholding liability of $1,500,(would this go to 4) and
an FBT liability of $1,000 (i don't know where this one would go)
What places on the BAS would these amounts go and what would the payment from these amounts add up to

Answer 1

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