Answer to Question #78935 in Finance for Liam Johnston

Question #78935
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?
1
Expert's answer
2018-07-14T10:41:07-0400
FBT of $1000 would need to be paid is lodgement is quarterly. FBT is separate from Income Tax.

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