Answer to Question #81294 in Finance for Hugh Heron

Question

I have a Gst credit of 15,000

Does PAYG withholding and installment take away from it
1,500 and 6,000

From that would i get a refund of 7,500?

Answer 1

If you have a GST credit of 15,000, then PAYG withholding and installment could take away from it 1,500 (tax from payment to others) and 6,000 (tax on your income).
You may get a refund of 7,500, if you lodge your Annual GST Return or lodge your income tax return.