Answer to Question #81175 in Finance for Hugh Heron

Question

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
a PAYG instalment liability of $6,000
a PAYG withholding liability of $1,500, and
an FBT liability of $1,000
Would the business need to make any payments?

Answer:
FBT of $1000 would need to be paid is lodgement is quarterly. FBT is separate from Income Tax.

Feedback:
Explanation reveals a lack of understanding the use of a BAS, have not identified the other taxes and if a payment will be required.

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Answer 1

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