During the year ended 30 June 2013 Barry Ltd, pays quarterly tax instalments as follows:
$4000 on 28 October 2012
$11 000 on 28 February 2013
$12 000 on 28 April 2013
On 30 June 2013, Barry Ltd determines its total current tax liability for the year to be $33 000.
The final tax instalment for the year will be:

Question

Quizplus · Accepted Answer

The total tax paid in quarterly instalments is $27,000 [($4,000 + $11,000 + $12,000)], and the total current tax liability for the year is $33,000. Therefore, the final tax instalment will be a payment of $6,000 ($33,000 - $27,000).

During the Year Ended 30 June 2013 Barry Ltd, Pays