Need to make any payments to the ato

Assignment Help Accounting Basics

Reference no: EM133541738

Question: 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?"

Wouldn't the business be able to use the gst credit of 15,000 to offset any other tax obligations so the answer is no, they wouldn't have to make any payments.

Reference no: EM133541738

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