GOODS AND SERVICE TAX

For the following consider whether it is a Taxable Supply, Input Taxed or GST

Free. Calculate net GST payable position.

Receipts

$

660,000 Sales of Motor Vehicles

35,000 Rent received on residential property

5,000 Interest on Deposits

1,100,000 Sale of commercial building

6,600 Employee contribution for provision of car

Payments

$

330,000 Motor Vehicles purchased

10,500 Maintenance cost on the residential apartments

150,000 Salary paid to employees

1,500 Rates

400 Water bill

55,000 Repairs to motor vehicles

Answer rating: 100% (QA)

To determine the GST treatment for each transaction and calculate the net GST payable position we ne... View the full answer