Question
( g ) Waikato Limited files two monthly GST returns. On 8 March 201 8 , the company applies to use the ratio option to
(g) Waikato Limited files two monthly GST returns. On 8March 2018, the company applies to use the ratio option to work out its 2019 provisional tax. IRD approved this and review the companys latest returns, which are for the 2017year. The 2017 RIT is $180,000, and the total taxable supplies the year ended 31 March 2017 is $3,750,000. The companys taxable supplies for the year ended 31 March 2019 are as follows:
GST return period | Taxable supplies ($) |
April - May 2018 | 800,000 |
June - July 2018 | 400,000 |
August - September 2018 | 350,000 |
October - November 2018 | 420,000 |
December 2014 - January 2019 | 640,000 |
February - March 2019 | 580,000 |
Calculate the ratio percentage and the provisional tax instalments for 2019 of Waikato Limited.
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