Answer to Question #78935 in Finance for Liam Johnston

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 1

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