During the year ended 30 June 2015 Harry Ltd, pays quarterly PAYG tax instalments as follows: $6000 on 28 July 2014
$2000 on 28 October 2014
$8000 on 28 February 2015
$10 000 on 28 April 2015.
On 30 June 2015, Harry Ltd determines its total current tax liability for the year to be $28 000.
The final tax instalment for the year will be a:

Question

Quizplus · Accepted Answer

Based on the quarterly PAYG tax instalments, Harry Ltd has already paid $22,000 ($6,000 + $2,000 + $8,000 + $10,000) for the year, which is less than its current tax liability of $28,000. Therefore, it needs to pay the remaining balance of $8,000 as the final tax instalment for the year.

During the Year Ended 30 June 2015 Harry Ltd, Pays