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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. Change explanation
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