Complete business activity and instalment activity statements in Australia Tim has a software development business, selling his
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Complete business activity and instalment activity statements in Australia
Tim has a software development business, selling his software in Australia and to overseas customers. Tim uses the Cash basis when accounting for GST and is required to prepare and lodge a Business Activity Statement for the period 1stApril to 30thJune. Tim's instalment rate is 5%. The following information has been summarised from Tim's books for the required period and is to be used when completion the calculation sheet and BAS.
| SALES | Amount ($) | ||
| Sales (including GST) | 154,200.00 | ||
| Exports | 46,650.00 | ||
| Other GST-free sales | 18,910.00 | ||
| EXPENSES | |||
| Capital purchases (including GST) | 106,800.00 | ||
| Non-capital purchases (including GST) | 69,590.00 | ||
| Gross salaries and wages | 63,000.00 | ||
| PAYG Withheld from Salaries and Wages | 25,150.00 |
Required: Complete Tim's BAS for the period 1stApril to 30thJune using Option 1 to calculate GST
| Required: Complete Tim's BAS for the period 1stApril to 30thJune using Option 1 to calculate GST | |||||
| GST amounts you owe the Tax Office from sales | |||||
| G1 | Total sales (including any GST) | G1 | $ | ||
| G2 | Export sales | G2 | $ | ||
| G3 | Other GST-free sales | G3 | $ | ||
| G4 | Input taxed sales | G4 | $ | ||
| G5 | G2 + G3 + G4 | G5 | $ | ||
| G6 | Total sales subject to GST(G1 minus G5) | G6 | $ | ||
| G7 | Adjustments (if applicable) | G7 | $ | ||
| G8 | Total sales subject to GST after adjustments (G6 +G7) | G8 | $ | ||
| G9 | GST on sales (G8 divided by eleven) | G9 | $ | ||
| GST amounts the Tax Office owes you from purchases | |||||
| G10 | Capital purchases (including any GST) | G10 | $ | ||
| G11 | Non-capital purchases (including any GST) | G11 | $ | ||
| G12 | G10 + G11 | G12 | $ | ||
| G13 | Purchases for making input taxed sales | G13 | $ | ||
| G14 | Purchases without GST in the price | G14 | $ | ||
| G15 | Estimated purchases for private use or not income tax deductible | G15 | $ | ||
| G16 | G13 + G14 + G15 | G16 | $ | ||
| G17 | Total purchases subject to GST (G12 minus G16) | G17 | $ | ||
| G18 | Adjustments (if applicable) | G18 | $ | ||
| G19 | Total purchases subject to GST after adjustments (G17 + G18) | G19 | $ | ||
| G20 | GST on purchases (G19 divided by eleven) | G20 | $ | ||
| Business Activity Statement (extract) | |||||
| Option 1: Calculate GST and report quarterly | |||||
| Total sales | G1 | $ | |||
| Export sales | G2 | $ | |||
| Other GST-free sales | G3 | $ | |||
| Capital purchases | G10 | $ | |||
| Non-capital purchases | G11 | $ | |||
| PAYG tax withheld | |||||
| Total salary, wages and other payments | W1 | $ | |||
| Amounts withheld from payments shown at W1 | W2 | $ | |||
| 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 | 1A | $ | |||
| (2 decimal places) | |||||
| Wine Equalizaiton Tax | 1C | $ | |||
| Luxury Car Tax | 1E | $ | |||
| PAYG tax withheld | 4 | $ | |||
| PAYG income tax instalment | 5A | $ | |||
| (2 decimal places) | |||||
| FBT instalment | 6A | $ | |||
| Deferred company instalment | 7 | $ | |||
| 1A+1C+1E+4+5A+6A+7 | 8A | $ | |||
| Amounts the Tax Office owes you | |||||
| GST on purchases | 1B | $ | |||
| (2 decimal places) | |||||
| WET refundable | 1D | $ | |||
| LCT refundable | 1F | $ | |||
| Credit from PAYG instalment variation | 5B | $ | |||
| Credit from FBT instalment variation | 6B | $ | |||
| 1B+ 1D+ 1F+5B+ 6B | $ |
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