Calculating GST based on the below information When preparing your original budget and profit and loss

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Question:

Calculating GST based on the below information

When preparing your original budget and profit and loss statement you failed to take into account ATO requirements for the collection and payment of GST and its impact on the business's finances.

You collected GST by adding the standard rate of 10% to all customer accounts during the accounting period. You also paid GST on all expenses except for salaries, wages and depreciation.

Using the actual revenue and expense figures for that financial year, you now need to calculate your GST liability so you can lodge a business activity statement with the ATO.

If you can't remember the formulas for calculating GST, they are located in Section 1 of your learning material.

Financial result for year ending: 31.06.20XX	Actual $
Nights booked	7,665
Tariff revenues	919,800
Less variable costs
Room servicing labour	160,965
Room servicing supplies	41,391
Total variable costs	202,356
Gross profit	717,444
Less fixed costs
Admin/reception salaries	189,000
Grounds & maintenance	105,000
General manager	87,500
Utilities	86,000
Depreciation	140,000
Total fixed costs	607,500
Net profit before tax	109,944
Less estimated tax expense (30%)	32,983
Net profit after tax	76,961

Perform the following calculations

Using the actual figures, calculate the GST that was charged to customers for the entire year and is therefore payable to the ATO. Show how you calculated the figures
Using the actual figures, calculate the GST that had to be paid to suppliers on the business expenses and is therefore refundable from the ATO. Show how you calculated the figures
Using the actual figures, calculate the net GST payable or receivable as at the end of the year. Show how you calculated the figures
Ultimately, what impact does GST have on a business's profitability and cash flow? Explain your answer