Answer to Question #79837 in Finance for Hugh Heron
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?
Business must pay FBT and separate Income Tax. FBT based on the initial data should be $1,000.
Learn more about our help with Assignments: Finance