Aussie Replica Engines Limited (ABN 12 345 678 910) is registered for GST on an accrual basis.
Question:
Aussie Replica Engines Limited (ABN 12 345 678 910) is registered for GST on an accrual basis. The company has already lodged their BAS for the quarter ended 30 September 2021 and paid the outstanding liability of $36,480. The following month an error was discovered in which the following invoice was found to have the wrong tax code used:
15.09.21 Sale to New Zealand Train Tours 1 steam engine $220,000 GST
As this was an export sale there was no GST on this sale and the correct code should have been EXP. GST collected on the invoice was actually nil not $20,000 as recorded in the MYOB reports.
Aussie Replica Engines Limited wishes to lodge an amended BAS immediately to recover the overpaid GST. Listed below are the original values at the various labels on the September BAS.
- Fill up the third column to indicate what the new amended figures should be at each label when the amended BAS is prepared for lodgement.
BAS Label | September BAS lodged | Amended September BAS |
G1 | 1760000 |
|
G2 | 0 |
|
G10 | 55000 |
|
G11 | 1358720 |
|
1A | 160000 |
|
8A | 160000 |
|
1B | 123520 |
|
8B | 123520 |
|
9 | 36480 |
|
- Complete an amended paper BAS for Aussie Replica Engines Limited for the September 2021 quarter. A blank sample BAS form (C - Quarterly BAS) is attached.
Accounting And Finance For Non Specialists
ISBN: 9781292334691
12th Edition
Authors: Peter Atrill, Eddie McLaney