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

10750

Residential rent received(input taxed)

11000

Sales of goods

61100

Interest received(input taxed)

550

Sales of services

17000

Export sales

26300

Wages and salaries

55800

Stationery

6600

Depreciation

3260

Accounting fees

4400

Electricity

740

Business insurance premiums

440

Interest on loan *

98

Promotional expenses

1320

Bank fees *

66

Motor vehicle operating costs

1140

Telephone bill

880

Council and water rates *

770

Repairs to residential rental property

580

IPA subscriptions

121

Superannuation contributions

2370

Stock purchases

13000

Commercial rent expenses

735

Purchase of new printer

2870

PAYG tax withheld

22500

Commissioners Rate

2.50%

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

Total sales (including and GST)

G1

$

Export sales

G2

$

Other GST-free sales

G3

$

Input taxed sales

G4

$

G2 + G3 + G4

G5

$

Total sales subject to GST(G1 minis G5)

G6

$

Adjustments (if applicable)

G7

$

Total sales subject to GST after adjustments (G6 +G7)

G8

$

GST on sales (G8 divided by eleven)

G9

$

GST amounts the Tax Office owes you from purchases

Capital purchases (including any GST)

G10

$

Non-capital purchases (including any GST)

G11

$

G10 + G11

G12

$

Purchases for making input taxed sales

G13

$

Purchases without GST in the price

G14

$

Estimated purchases for private use or not income tax deductible

G15

$

G13 + G14 + G15

G16

$

Total purchases subject to GST (G12 minus G16)

G17

$

Adjustments (if applicable)

G18

$

Total purchases subject to GST after adjustments (G17 + G18

G19

$

GST on purchases (G19 divided by eleven)

G20

$

Goods and services tax (GST)

Option 1: Calculate GST and report quarterly

Total sales

G1

$

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(G1-G9) x 2.5%

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

How much is your payment or refund amount to ATO?