I need a little help on FNSTPB401. I have received the following:
Please review for the following
PAYG Income tax instalment amount
• PAYG instalment income T1
• T1 x T2 result T11
Summary – Amounts you owe the ATO
• PAYG Income tax instalment 5A
Summary- Amounts the ATO owes you
• GST on purchase 1B
Your payment or refund amount
My confusion is – I reported total revenue amount of $22050 (T1) then multiplied by 4% (T2) and got $882 (T11) then transferred this amount to (T5) – This isn’t correct apparently. Can someone point me in the right direction; I have recalculated and cannot see where I went wrong.
I have just recalculated the 1B amount and now get $298.