Question: Q5.3: Tim has a software development business, selling his software in Australia and to overseas customers. Tim uses the Cash basis when accounting for GST

Q5.3: 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 1* April to 30" June. 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) 145,600 Exports 46,350 Other GST-free sales 18,150 TOTAL 210,100 EXPENSES Capital purchases (including GST) 106.200 Non-capital purchases (including GST) 68.850 Gross salaries and wages 62,000 PAYG Withheld from Salaries and Wages 23,400 Required: Complete Tim's BAS for the period 1s April to 30th June using Option 1 to calculate GST (next page)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

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...

Caf Paradiso Business Plan - Business Plan 2007/2008 Commercial-in-Confidence Date Sample Table of Contents 1.0 2.0 3.0 4.0 5.0 Executive Summary 1 1.1 Business Opportunity 1 1.2 Product/Service...

Write a report for MYOB Group Limited, it should including: Budgets and Performance Measures 1. Look for your company's mission statement or statement that sets out the overall philosophy and...

Hi, so for corporate accounting we received an assignment that was to be based consolidation accounting. However, after going through the documents,I am struggling in discovering how to approach the...

ACC30005 Taxation - Semester Two 2020 Case Study / Assignment - Page 2 of 20 1. CASE STUDY SCENARIO You are a Graduate Tax Advisor, employed by Tax Advisors Pty Ltd. Your Partner has assigned you the...

1. CASE STUDY SCENARIO You are a Graduate Tax Advisor, employed by Tax Advisors Pty Ltd. Your Partner has assigned you the following client file after attending a meeting with the client. Client...

I am attaching all of the questions. These are basically small questions which are required to be answered as per the exact requirements. These are all related to finance. No irrelevant details are...

Myob software required Note: background information at the bottom (starting form page 10) PART 1: Self-Reection 10 Marks do this rt last This reflection asks students to attend to the following two...

Wentworth Products has projected the following sales for the coming year Q1 $300 Q2 $390 Q3 $540 Q4 $480 Sales Sales In the year following this one are projected to be 25 percent greater in each...

Ted and Beatrice are considering commencing a business of operating an on-line shoe store. Ted is an expert on computers and Beatrice is an expert on shoes. They are considering using a partnership...

why is 6 0 0 0 divided by 1 0

4 5 7 8 Irish Pub Staffing Total number of servers Revenue @ $600 per server $ 2,400.00 Wages @$96.00 per server $ 384.00 Beverage Cost @ 25% $ 600.00 Revenue remaining after wages and beverage costs...