Complete business activity and instalment activity statements in Australia Swanston Enterprises report GST quarterly on a cash
Question:
Complete business activity and instalment activity statements in Australia
Swanston Enterprises report GST quarterly on a cash basis. They had the following account balances (on a cash basis) for the September quarter. All amounts include GST where applicable.
ACCOUNT DETAILS | Amount ($) |
Commercial rent received | 9900 |
Residential rent received(input taxed) | 11000 |
Sales of goods | 62600 |
Interest received(input taxed) | 550 |
Sales of services | 17000 |
Export sales | 26150 |
Wages and salaries | 56600 |
Stationery | 6600 |
Depreciation | 3320 |
Accounting fees | 4400 |
Electricity | 730 |
Business insurance premiums | 440 |
Interest on loan * | 88 |
Promotional expenses | 1320 |
Bank fees * | 66 |
Motor vehicle operating costs | 1110 |
Telephone bill | 880 |
Council and water rates * | 770 |
Repairs to residential rental property | 560 |
IPA subscriptions | 121 |
Superannuation contributions | 2390 |
Stock purchases | 13000 |
Commercial rent expenses | 735 |
Purchase of new printer | 2890 |
PAYG tax withheld | 22950 |
Commissioners Rate | 2.50% |
Goods and services tax (GST)
Option 1: Calculate GST and report quarterly
Please help with answer below
PAYG tax withheld | |||
Total salary, wages and other payments | W1 | 56,600.00 | |
Amounts withheld from payments shown at W1 | W2 | 22,950.00 | |
Amounts withheld where no ABN is quoted | W4 | ||
Other amounts withheld (excluding any amount shown at W2 or W4 | W3 | ||
Total amounts withheld (W2+W4+W3) | W5 |
Summary | |||
Amounts you owe the Tax Office | |||
GST on sales(2 decimal places) | 1A | 8,136.36 | |
PAYG tax withheld | 4 | 22,950.00 | |
PAYG income tax instalment(G1-G9) x 2.5% | 5A | 2,976.59 | |
(2 decimal places) | |||
FBT instalment | 6A | - | |
Deferred company instalment | 7 | - | |
1A + 4 + 5A + 7(2 decimal places) | 8A | 34,062.95 | |
Amounts the Tax Office owes you | |||
GST on purchases(2 decimal places) | 1B | - | |
Credit from PAYG instalment variation | 5B | - | |
Credit from FBT instalment variation | 6B | - | |
1B + 5B + 6B(2 decimal places) | 8B | ||
How much is your payment or refund amount to ATO? | - |