Question
Maharaj Pty Ltd is an Indian restaurant that specialised in lamb and chicken biryani, Maharaj cater both dine in and take away, Maharaj located in
Maharaj Pty Ltd is an Indian restaurant that specialised in lamb and chicken biryani, Maharaj cater both dine in and take away, Maharaj located in Melbourne CBD where the company pay rents to the landlord that own the space. Maharaj employs 5 salaried staffs and registered for GST. Maharaj also own 3-bedrooms apartments (residential) that the company rent out for the amount of $750/week ($39,000/year) For the period ending 30 June 2021, the company recorded the following transactions Amount Included GST where applicable Income $ Sales of Lamb Biryani 252,000 Sales of Chicken Biryani 151,200 Sales of Drinks 88,000 Rental income (Residential Property) 39,000 Expenses Purchase of Ingredients (Raw Chicken, Lambs) 35,000 Spices 10,000 Cutlery (plates, spoons, forks) 5,500 Electricity 19,800 Bookkeeping/Accounting 6,600 Rental expense (Restaurant) 110,000 Depreciation expense (Furniture, fit outs) 31,500 Interest expense 4,650 Wages (Staffs) 160,000 Rental Property expenses Management Fee (Payable to real estate agency) 2,145 Assume that valid tax invoices are available for all of these transactions, determine how much Net amount of GST which is payable to ATO for this period by Maharaj Pty Ltd. You need to provide short explanation for each components and legislation where its applicable.
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