Answer to Question #78935 in Finance for Liam Johnston
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?
FBT of $1000 would need to be paid is lodgement is quarterly. FBT is separate from Income Tax.
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