Question
Facts Jack, who is registered for GST, buys a car costing $44,000 (GST-inclusive) on 8 September 2020 from a GST-registered car dealer. Jack intends that
Facts
Jack, who is registered for GST, buys a car costing $44,000 (GST-inclusive) on 8 September 2020 from a GST-registered car dealer. Jack intends that 55 per cent of the cars mileage will be for his GST-registered race car driver tutoring enterprise and 45 % for his own private use. At the end of April 2021, Jack calculates that the car was actually used 72 % of the time for business purposes and 28 % of the time for non-business purposes Question What is the effect on the net amount of GST of the above events?
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Survey of Accounting
Authors: Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor Yi
3rd Edition
978-1259683794, 77490835, 1259683796, 9780077490836, 978-0078110856
