Imagine you are working as a graduate tax accountant at the local tax firm in Perth, Western Australia You are assisting the senior tax practitioner, Abigail, with a business client's GST compliance Twenty Questions Co is a business registered for GST located in regional New South Wales The business has records for the quarter ending 31 March 2022 as follows Cash Receipts $ Gross proceeds from sale of stock to Australian clientele 220,000 Gross proceeds from sale of manufacturing equipment 66,000 Income tax refund from the 2020 2021 income year 15,000 Gross proceeds from sale of gift vouchers 1,100 Export sales 33,000 Interest income from term deposit 220 Cash Payments $ Purchase of printer 3,300 Payment of private health insurance premiums for employees 8,800 Purchase of stock from manufacturer (GST registered) relating to sales to Australian clientele 110,000 Parking fines arising in respect to one of its employees business related travel (specifically denied by s26 5 of ITAA97) 660 Rent on commercial premises 11,000 Additional information Where applicable, figures are GST inclusive Valid tax invoices are held for all relevant payments All payments relate to the carrying on of the business The business accounts for GST on a cash basis and lodges quarterly business activity statements Unless stated, sales are connected with Australia Gift vouchers are sold with a stated monetary value and entitlement to the holder to buy goods up to the stated monetary value Export sales relate to sales to Japanese clientele and were exported within 60 days of receiving consideration Complete the GST calculation worksheet for BAS available below GST calculation worksheet for BAS Tax period Of you want to use the caiculation sheat method to Nams work out GST amountsi You can find information to help you complete this calculation worksheet on cur webeite Do not lodge the calculation sheet with your BAS We recommend you fle it with a copy of the BAS to which it relates GST amounts you OWe the Tax Office from Sales G1 Total sales (including arry GST)

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Posted on Sep 27, 2024

Imagine you are working as a graduate tax accountant at the local tax firm in Perth, Western Australia. You are assisting the senior tax practitioner,

Imagine you are working as a graduate tax accountant at the local tax firm in Perth, Western Australia. You are assisting the senior tax practitioner, Abigail, with a business client's GST compliance.

Twenty Questions & Co is a business registered for GST located in regional New South Wales. The business has records for the quarter ending 31 March 2022 as follows:

Cash Receipts	$
Gross proceeds from sale of stock to Australian clientele	220,000
Gross proceeds from sale of manufacturing equipment	66,000
Income tax refund from the 2020/2021 income year	15,000
Gross proceeds from sale of gift vouchers	1,100
Export sales	33,000
Interest income from term deposit	220
Cash Payments	$
Purchase of printer	3,300
Payment of private health insurance premiums for employees	8,800
Purchase of stock from manufacturer (GST registered) relating to sales to Australian clientele	110,000
Parking fines arising in respect to one of its employees business-related travel (specifically denied by s26-5 of ITAA97)	660
Rent on commercial premises	11,000

Additional information:

Where applicable, figures are GST inclusive.
Valid tax invoices are held for all relevant payments.
All payments relate to the carrying on of the business.
The business accounts for GST on a cash basis and lodges quarterly business activity statements.
Unless stated, sales are connected with Australia.
Gift vouchers are sold with a stated monetary value and entitlement to the holder to buy goods up to the stated monetary value.
Export sales relate to sales to Japanese clientele and were exported within 60 days of receiving consideration.

Complete the GST calculation worksheet for BAS available below

GST calculation worksheet for BAS Tax period Of you want to use the caiculation sheat method to Nams work out GST amountsi You can find information to help you complete this calculation worksheet on cur webeite Do not lodge the calculation sheet with your BAS. We recommend you fle it with a copy of the BAS to which it relates. GST amounts you OWe the Tax Office from Sales G1 Total sales (including arry GST)