Outback Retreat Ltd reports GST quarterly using the accrual method. As at the 30 June 20X1 Outback
Question:
Outback Retreat Ltd reports GST quarterly using the accrual method. As at the 30 June 20X1 Outback Retreat Ltd has net sales for the June quarter of \(\$ 100100\) which including GST; purchases of \(\$ 42900\) including GST; and PAYG withholding tax of \(\$ 10140\) based on salaries of \(\$ 35750\). Capital purchases for the quarter were \(\$ 14300\) including GST. There have been no export sales or GST free sales. The quarterly PAYG income tax installment calculated by the Australian Taxation Office is \(\$ 10920\).
Required:
Calculate Outback Retreat's total tax credits or liabilities that would be reported to the ATO on the June quarter BAS statement.
Step by Step Answer:
Accounting Information For Business Decisions
ISBN: 9780170253703
2nd Edition
Authors: Billie Cunningham, Loren A. Nikolai, John Bazley, Marie Kavanagh, Geoff Slaughter, Sharelle Simmons