Question
Calculate the GST, if any, in each of the following scenarios and explain your treatment of each item: 1. A printer that you purchased from
Calculate the GST, if any, in each of the following scenarios and explain your treatment of each item: 1. A printer that you purchased from the United States for $2,600 to be used for your accounting practice. You are registered for GST. 2. Purchase of a five (5) computers for $50,000 used by a manufacturing company in its business. The business has a turnover of $6 million each year. 3. Payment of travel insurance for a trip to the UK of $2,592 by you. 4. Goods worth $922,000 sold by an Australian company to a manufacturer in Singapore. 5. $1,784 charged by a plumber that is registered for GST for repairs on a property used to generate residential rent. 6. $1,200 for a new laptop computer bought by you for your studies and personal use. You work in an accounting firm as a graduate accountant. 7. $3,200 for a return airline ticket to London purchased by your employer who is registered for GST. 8. $55,000 in interest that you pay to the bank on the mortgage over your family home. 9. $42,000 that was paid to purchase shares in CBA Ltd. 10. The sale of your family home that you have owned for the past 15 years.
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