Complete business activity and instalment activity statements in Australia

Completing BAS

PAYG Income Tax Instalment

PAYG income tax instalment is the taxpayer's contribution to their annual tax liability. Refer to Module 2 for more information about the two options available to the taxpayer to calculate the instalment:

OPTION 2:

Calculate PAYG instalment using income times rate: T1/T2/T3/T11/T4

Once completed, If using Option 2, the amount from field T11 is copied to field 5A in the summary

1. 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	32,982.00
G20 GST on purchases $21713.00	21,713.00
FBT instalment $10000.00	10,000.00
PAYG tax withheld $15800.00	15,800.00
PAYG instalment income $429438.00	429,438.00

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)