Swapna operates a fast food take away truck, which mainly operates at various festivals and on Friday and Saturday nights. Her business operates on a cash basis, and for the quarter of June 2023, shows the following financial statements: 

Swapna is unsure of her GST obligations for the quarter of June 2023. 

 

Advise Swapna of her GST obligations for the quarter of June 2023. In your answer, you must determine whether any GST is payable on Swapna's receipts (explain why and how much) and whether she is entitled to any GST input tax credits on her payments (explain why and how much). You may assume Swapna has received a valid tax invoice for all relevant payments. Where relevant, all amounts are GST inclusive.

 

Transcribed Image Text:

● ● Sale of hot food Sale of coffee/tea Purchase of ingredients (all purchased as fresh food) Rent for the truck $ 33,000 6,600 22,000 4,400 ● ● Sale of hot food Sale of coffee/tea Purchase of ingredients (all purchased as fresh food) Rent for the truck $ 33,000 6,600 22,000 4,400

Answer rating: 100% (QA)

Based on the provided financial statements for the quarter o... View the full answer