Tax rates 2023-24 INDIVIDUAL RESIDENT Taxable income Tax on this income 0-$18,200 Nil $18,201 - $45,000 19c for each $1 over $18,200 $45,001 - $120,000 $5,092 plus 32.5c for each $1 over $45.000 $120,001 -$180,000 $29,467 plus 37c for each $1 over $120,000 $180,001 and over $51,667 plus 45c for each $1 over $180,000 The above rates do not include the: . Medicare levy of 2% COMPANIES . Small business entities - 25% . Other companies and entities - 30%Local Stores Pty Ltd operates a retail store and provides you with the following details to prepare their March 2024 Business Activity Statement. Local Stores is registered for GST on a quarterly accrual basis. All amounts below are stated as GST inclusive where GST is applicable and All Goods Pty Ltd holds tax invoices where applicable. All invoices are dated during the period 1 January 2024 to 31 March 2024. Receipts $220,000 Receipts from general retail sales Receipt from rental of the residential apartment above the 44,000 shop 5,100 Interest on Bank Deposits 6,300 Credit card fees for customers who used credit cardPayments 110,000 Purchase general goods 5,500 Maintenance cost for the residential apartment 65,000 Salary paid to employees 11,000 Purchase of Shelving 3,300 Rates on the shop building paid to the Council 1,400 Water expenses paid to Landlord as part of Rent 22,000 Rent paid on the shop 5,500 Purchase of imported goods from ThailandREQUIRED Discuss the GST implications of each of the above transactions. Advise Local Stores Pty Ltd of the Net GST payable/refundable for the March 2024 Business Activity Statement. Provide justification for your calculations using legislation, case law and rulings where necessary