Question: Can you please help me allocate the given GST calculation worksheet to the GST amounts you owe the Tax Office from sales and the GST
Can you please help me allocate the given GST calculation worksheet to the GST amounts you owe the Tax Office from sales and the GST amounts the Tax Office owes you from Purchases. Thank you
Fun Time Fitness operates a gym in Sydney. The gym offers its patrons the options of a regular monthly membership fee or an access pass issued on a 'pay per use' (PPU) basis. It also buys drinks and health supplements from a supplier and sells these items to clients of the gym. It accounts and reports for GST quarterly, on a Cash basis. GST in included where applicable.
REQUIRED: Use the following information to complete the GST calculation worksheet for the June quarter.
Membership Income | $20200 |
PPU Income | $4800 |
Drinks Sales | $3350 |
Supplements Sales | $6100 |
Advertising paid | $340 |
Bank Fees | $32 |
Drinks from supplier | $1340 |
Supplements from Supplier | $2950 |
Repairs | $700 |
Stationery | $5100 |
Telephone bill | $2100 |
| GST amounts you owe the Tax Office from sales | |||
| G1 | Total sales (including any GST) | $ | Answer for part 1 |
G2 | Export sales | $ | Answer for part 2 |
G3 | Other GST-free sales | $ | Answer for part 3 |
G4 | Input taxed sales | $ | Answer for part 4 |
G5 | G2 + G3 + G4 | ||
G6 | Total sales subject to GST(G1 minus G5) | ||
G7 | Adjustments (if applicable) | $ | Answer for part 5 |
G8 | Total sales subject to GST after adjustments (G6 +G7) | ||
G9 | GST on sales (G8 divided by eleven) | ||
| GST amounts the Tax Office owes you from purchases | ||
G10 | Capital purchases (including any GST) | $ | Answer for part 6 |
G11 | Non-capital purchases (including any GST) | $ | Answer for part 7 |
G12 | G10 + G11 | ||
G13 | Purchases for making input taxed sales | $ | Answer for part 8 |
G14 | Purchases without GST in the price | $ | Answer for part 9 |
G15 | Estimated purchases for private use or not income tax deductible | $ | Answer for part 10 |
G16 | G13 + G14 + G15 | ||
G17 | Total purchases subject to GST (G12 minus G16) | ||
G18 | Adjustments (if applicable) | $ | Answer for part 11 |
G19 | Total purchases subject to GST after adjustments (G17 + G18) | ||
G20 | GST on purchases (G19 divided by eleven) |
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