Question
Task 2 IAS Preparation The following information relates to the income of the Samuel Family Trust. The trust is not registered for GST and needs
Task 2 IAS Preparation
- The following information relates to the income of the Samuel Family Trust. The trust is not registered for GST and needs to pay their PAYG Instalment amount quarterly. The trust wishes to choose the option which will result in the lowest amount paid. The revenue from investments for the March 2018 quarter is as follows:
| Residential rental income | $ 4 620 |
| Interest on cash invested | $ 3 479 |
| Commercial rental income | $10 000 |
The amount given from the ATO as Option 1 Pay Income tax Instalment Quarterly is $1314.
The rate given from the ATO as Option 2 is 4.5%
a) Calculate what PAYG Instalment they should pay and advise them when this will be due.
b) Complete the Instalment Activity Statement that has been supplied with the details for your chosen option and sign and date it as the authorised person.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Lets solve this step by step Step 1 Calculate Total Revenue First we need to sum up all the income s...
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Energy Audit Of Building Systems An Engineering Approach
Authors: Moncef Krarti
1st Edition
0849395879, 978-0849395871
