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1. During the 2020 tax year, a shop bought 50 items of trading stock costing $70 each and sold 35 of these items for $165
1. During the 2020 tax year, a shop bought 50 items of trading stock costing $70 each and sold 35 of these items for $165 each. All amounts are inclusive of GST where relevant.
Required: Calculate and explain how much GST will be remitted to the ATO based on the above information.
Can you please give me the answer with in 15 minutes please
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