Swanston Enterprises report GST quarterly on a cash basis. They had the following account balances (on a cash basis) for the September quarter. All amounts include GST where applicable.

ACCOUNT DETAILS

Amount ($)

Commercial rent received

9,900

Residential rent received

11,000

Sales of goods

61,100

Interest received

550

Sales of services

17,000

Export sales

26,000

Wages and salaries

55,000

Stationery

6,600

Depreciation

3,000

Accounting fees

4,400

Electricity

660

Business insurance premiums

440

Interest on loan

88

Promotional expenses

1,320

Bank fees

66

Motor vehicle operating costs

1,100

Telephone

880

Council and water rates

770

Repairs to residential rental property

550

IPA subscriptions

121

Superannuation contributions

2,250

Stock purchases

13,000

Commercial rent expenses

735

Purchase of new printer

2,860

PAYG tax withheld

22,000

ATO Commissioner's Rate

2.50%

REQUIRED: using a cash basis, complete the GST Calculation worksheet and BAS for Swanston Enterprises for the quarter.

GST amounts you owe the Tax Office from sales

G1

Total sales (including and GST)

G1

$

G2

Export sales

G2

$

G3

Other GST-free sales

G3

$

G4

Input taxed sales

G4

$

G5

G2 + G3 + G4

G5

$

G6

Total sales subject to GST

G6

$

(G1 minus G5)

G7

Adjustments (if applicable)

G7

$

G8

Total sales subject to GST after adjustments

G8

$

(G6 + G7)

G9

GST on sales (G8 divided by eleven)

G9

$

GST amounts the Tax Office owes you from purchases

G10

Capital purchases

G10

$

(including and GST)

G11

Non-capital purchases

G11

$

(including any GST)

G12

G10 + G11

G12

$

G13

Purchases for making input taxed sales

G13

$

G14

Purchases without GST in the price

G14

$

G15

Estimated purchases for private use

G15

$

or not income tax deductible

G16

G13 + G14 + G15

G16

$

G17

Total purchases subject to GST

G17

$

(G12 minus G16)

G18

Adjustments (if applicable)

G18

$

G19

Total purchases subject to GST after

G19

$

adjustments (G17 + G18)

G20

GST on purchases (G19 divided by eleven)

G20

$

Goods and services tax (GST)

Option 1: Calculate GST and report quarterly

Total sales

G1

$

Does the amount shown at G1 include GST? (indicate with an X)

Yes

No

Export sales

G2

$

Other GST-free sales

G3

$

Capital purchases

G10

$

Non-capital purchases

G11

$

PAYG tax withheld

Total salary, wages and

other payments

W1

$

Amounts withheld from payments shown at W1

W2

$

Amounts withheld where no ABN is quoted

W4

$

Other amounts withheld (excluding any amount shown at W2 or W4

W3

$

Total amounts withheld

(W2 + W4 + W3)

W5

$

Summary

Amounts you owe the Tax Office

GST on sales

1A

PAYG tax withheld

4

PAYG income tax instalment

5A

FBT instalment

6A

Deferred company instalment

7

1A + 4 + 5A + 7

8A

Amounts the Tax Office owes you

GST on purchases

1B

Credit from PAYG instalment variation

5B

Credit from FBT instalment variation

6B

1B + 5B + 6B

8B

Payment or refund

Is 8A more than 8B?

Yes

8A - 8B is payable

No

8B - 8A is refundable

Your payment or refund amount

9