Complete business activity and instalment activity statements in Australia

Business Activity & Instalment activity Statement Tasks

Sparky's Electrical Wholesale is registered forGST and reports on a quarterly basis.

The company elects to use Option 1 for GST, Option 2 for the PAYG tax instalment and also needs to pay an FBT instalment amount.

Sparky's has provided the following information relating to the December quarter BAS.

G9 GST on sales $32982.00

G20 GST on purchases $21713.00

FBT instalment $10000.00

PAYG tax withheld $15800.00

PAYG instalment income $429438.00

Commissioner's instalment tax rate 5.90%

Required: Complete the 'Summary' and 'Payment or Refund' sections for the December quarter BAS. (all answers to 2 decimal places)

Amounts you owe the Tax Office
GST on sales or GST instalment	1A	$
Wine Equalisation Tax		1C	$
Luxury Car Tax		1E	$
PAYG tax withheld		4	$
PAYG income tax instalment	5A	$
(2 decimal places)
FBT instalment		6A	$
Deferred company/fund instalment	7	$
1A + 1C + 1E + 4 + 5A + 6A + 7	8A	$
Amounts the Tax Office owes you
GST on purchase		1B	$
WET refundable		1D	$
LCT refundable		1F	$
Credit from PAYG income tax instalment variation	5B	$
Credit from FBT instalment variation	6B	$
1B + 1D + 1F + 5B + 6B		8B	$

What is the amount of the tax payment or refund?

Is 8A more than 8B?

If yes, this is the amount payable to the Tax office. (8A - 8B)

If it is a no, this is the amount refundable to you (or offset against any other tax debt you have).(8B - 8A)