Hi,

Can I please have some help with 5A?

Everything is correct a part of 5A, I calculated

PAYG instalment income $429438.00 x 5.9% that I thought was correct.

If 5A is total sales-total GST x instalment rate

Sales already without GST $429438.00 x 5.9%. I don't understand why 25336 is wrong.

Should I round? 25337??

The following questions are based on the material in Chapter 5

Sparky's Electrical Wholesale is registered forGST and reports on a quarterly basis.

The company elects to use Option 1 for GST, Option 2 for the PAYG tax instalment and also needs to pay an FBT instalment amount.

Sparky's has provided the following information relating to the December quarter BAS.

G9 GST on sales $32982.00

G20 GST on purchases $21713.00

FBT instalment $10000.00

PAYG tax withheld $15800.00

PAYG instalment income $429438.00

Commissioner's instalment tax rate 5.90%

Required:

Complete the 'Summary' and 'Payment or Refund' sections for the December quarter BAS. (all answers to 2 decimal places)

Amounts you owe the Tax Office

GST on sales or GST instalment	1A	$	32982
Wine Equalisation Tax	1C	$	N/A
Luxury Car Tax	1E	$	N/A
PAYG tax withheld	4	$	15800
PAYG income tax instalment (2 decimal places)	5A	$	25336 (wrong)
FBT instalment	6A	$	10000
Deferred company/fund instalment	7	$	N/A
1A + 1C + 1E + 4 + 5A + 6A + 7	8A	$	N/A