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Calculate the GST, if any, in each of the following scenarios and explain your treatment of each item. Answer according to the Australian tax rules.
Calculate the GST, if any, in each of the following scenarios and explain your treatment of each item. Answer according to the Australian tax rules. 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 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
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