Advise the following tax payers of the GST consequences arising out of the following information and calculate the GST outputs or inputs, as required: Angela is a photographer. She recently purchased a new camera from the USA as the camera was not yet available in Australia. The camera cost AUD 1,818, which was shipped directly to her home. 

• NIC Ltd is a large advisory firm that is registered for GST purposes. It accounts for GST on an accruals basis and submits its Business Activity Statements (BAS) on a monthly basis. NIC Ltd organises and pays for the accommodation of one of its managers, Daniel. This is treated as a fringe benefit for fringe benefits tax purposes. On 10 June 2020, NIC Ltd received a tax invoice from the residential property agent where Daniel lives, Smart Strata Pty Ltd, for the payment of Daniel’s fees of $550 (including GST). NIC Ltd did not pay the membership fee for Daniel until 12 July. Smart Strata Pty Ltd accounts for GST on a cash basis and submits its BAS on a quarterly basis. (Explain the GST consequences for both NIC Ltd and Smart Strata Pty Ltd). (4 marks) 

• MBR Pty Ltd has a total input tax credit of $1,000,000 comprising $80,000 of financial supplies and the balance is taxable supplies.

Answer rating: 100% (QA)

1 Angela purchased a camera from other country does not get any input ta... View the full answer