A business had in a quarterly reporting/ payment period:

• 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

In these circumstances would the business need to make any payments to the ATO, and if not, why not?

Answer rating: 100% (QA)

To determine if the business needs to make any payments to the Australian Taxation Office ATO we mus... View the full answer