Neptune Sales P/L is registered for GST as a cash payer and has chosen the option...

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Neptune Sales P/L is registered for GST as a cash payer and has chosen the option to report and calculate GST every quarter. The following data (GST inclusive where applicable) has been collected by Neptune Sales P/L for the period 1 October 2018 to 31 December 2018: Account detalls Sales of goods and services Export sales Sale of old fax machine Interest received Commercial rent received Residential rent received Business general expensus Business stock purchases for resale purposes Water rates Contractor(s) under voluntary agreement-no ABN was quoted Depreciation Bank Fees Purchase of a new fax machine Wages & salaries (gross) PAYC Withholding Superannuation Commercial rent expenses Residential rent expenses $ 110,000 22,000 1,540 880 55,000 17.600 66,000 19,800 1,100 4,400 8,800 440 4,400 110,000 30,000 10,450 6,600 880 You are the graduate accountant of Best Accounting Services Pty Ltd and Neptune Sales P/L provided you all the income and expenses records. You are aware of Division 5 of 'A New Tax System (Goods and Services Tax) Act 1999' which emphasises on accurate GST classifications of income and expenses. a) For the period 1 October 2018 to 31 December 2018, complete the GST classification worksheet and GST calculation worksheet. Neptune Sales P/L is registered for GST as a cash payer and has chosen the option to report and calculate GST every quarter. The following data (GST inclusive where applicable) has been collected by Neptune Sales P/L for the period 1 October 2018 to 31 December 2018: Account detalls Sales of goods and services Export sales Sale of old fax machine Interest received Commercial rent received Residential rent received Business general expensus Business stock purchases for resale purposes Water rates Contractor(s) under voluntary agreement-no ABN was quoted Depreciation Bank Fees Purchase of a new fax machine Wages & salaries (gross) PAYC Withholding Superannuation Commercial rent expenses Residential rent expenses $ 110,000 22,000 1,540 880 55,000 17.600 66,000 19,800 1,100 4,400 8,800 440 4,400 110,000 30,000 10,450 6,600 880 You are the graduate accountant of Best Accounting Services Pty Ltd and Neptune Sales P/L provided you all the income and expenses records. You are aware of Division 5 of 'A New Tax System (Goods and Services Tax) Act 1999' which emphasises on accurate GST classifications of income and expenses. a) For the period 1 October 2018 to 31 December 2018, complete the GST classification worksheet and GST calculation worksheet.

Answer rating: 100% (QA)

GST Classification Worksheet Account Details GST Classification Sales of goods and services Taxable Export sales GSTfree Sale of old fax machine Input ... View the full answer