BAS/IAS Summary: Labels 4-9

Label 4: PAYG tax withheld

This field comprises the amounts at the following labels:

Amounts to be remitted

Small withholders are required to remit the amounts withheld from payments during a quarter by the 21st day after the end of that quarter.

Medium withholders are required to remit the amounts withheld from payments during a month by the 21st day of the next month.

Large withholders are not required to record an amount in this field as the ATO has recorded their notification of the amounts at the time of making electronic payments.

However, if the large withholder is also an investment body and it withheld amounts from investment distributions, the amount withheld from investment distributions is required in this field.

Label 5A: PAYG income tax instalment

Calculate the amount of the quarterly pay as you go (PAYG) instalment using the following formula:

Instalment rate x Instalment income for the quarter

The instalment rate is at label T2 (as provided by the ATO) or the varied instalment rate at label T3. The instalment rate is based on information taken from the most recent assessment for your most recent income year for which an assessment has been made. A different instalment rate may be used if the rate provided by the ATO is not considered appropriate for the current year.

The instalment income for the quarter is the amount at label T1.

If the business is a trustee and the ATO has provided an instalment rate, it is liable to pay PAYG instalments. The business may have been given an instalment rate in respect of each beneficiary's share of trust net income. If so, there is a separate liability to pay PAYG instalments in respect of each such beneficiary or such net income.

If the business lodges monthly activity statements and pays quarterly PAYG instalments, only the PAYG instalment section of the activity statement needs to be completed at the end of each quarter.

Label 6A: FBT instalment

Complete the fringe benefits tax (FBT) instalment section of the activity statement if the business's FBT liability for the previous year was more than the instalment threshold, currently $3000.

If the business lodges monthly activity statements and pays quarterly FBT instalments, only the FBT instalment section of the activity statement needs to be completed at the end of each quarter.

This field contains the amount in:

• Label F1 ATO instalment amount, or

• Label F3 varied amount for the quarter

Label 7: Deferred company/fund instalment

This field relates to companies or superannuation funds that were in the company instalments system in the 1999–2000 income year. It refers to an amount where all or part of the final 1999–2000 instalment liability is deferred. If you are a deferred instalment payer, this field is pre-filled by the ATO.

Label 7C: Fuel tax credit over claim (BAS)

For information from the ATO website on this system see Fuel Tax Credits.

In the BAS, this field will be null if an amount is entered at label 7.

Label 8A: Add 2A + 4 + 5A + 6A + 7 + 7C

This field comprises the amounts at the following labels:

Amounts the ATO owes you

Label 5B: Credit from PAYG instalment variation

The credit adjustment for reduced Pay As You Go instalments may be calculated using Credit from PAYG instalment variation worksheet. To access the worksheet at this field click [Alt+S], see Credit PAYG Instalments Variation Worksheet (Label 5B or T3).

Label 6B: Credit from FBT instalment variation

The credit arising from reduced FBT instalments may be calculated using the Credit from FBT instalment variation worksheet. To access the worksheet at this field click [Alt+S], see Wine Equalisation Tax (WET).

Label 7D: Fuel tax credit (BAS)

For information from the ATO website on this system see Fuel Tax Credits.

In the BAS, this field will be null if an amount is entered at label 7.

Label 8B: Add 2B + 5B + 6B + 7D

This field comprises the amounts at the following labels:

Label 9: Net amount for this statement (subtract 8B from 8A)

This field comprises the amounts at the following labels: