FNSBKG404 5

4.  A firm that is registered for GST and delivers architectural services has made the
following outputs (or supplies) in the tax period. Calculate the GST payable using the
table below.
 

  $ Taxable Exports GST- Input

free Taxed

Services 450,000      
$450,000
Export supplies 25,000   $25,000    

Other GST-free 4,400      

supplies $4,4000

Residential rent 6,600       $6,600

Commercial rent 13,200 $13,200      

Interest received 500       5000

Sale of asset 2,200 2,200      

Total outputs 501,900 465,400 $25,00 4,400 $7,100

GST payable = $465,400 / 11 = $42,309

 
5. You receive an invoice from a supplier for a total of $4,400 and you notice that no ABN
is quoted. On checking with the supplier, you are told he has not yet requested an ABN.
What amount will you pay the supplier?
 
Invoice not ABN $4,400

PAYG withholding $(2,068)

Pay the supplier $2,332

6. Complete the Instalment Activity Statement below using the following information:
•        An invoice totalling $5,505 did not have an ABN so the business withheld the
mandatory amount from the payment to the supplier.
•        From the payroll report the gross salary and wages for the quarter was $120,000
•        PAYG withholding tax from the gross wages was $24,515 •         Amount withheld
from $5,000 interest paid to a non-resident.
 W4 5,505x47%+2,587.35
 W1 $120,000
       W2 $ 24,515
       W3 $ 5,000
       W5 =2+3+4=$32,102

7.    Robert has just joined your organisation. His annual salary is $102,000. Robert has a
HELP debt. Calculate Robert’s compulsory HELP payment.
HELP DEBT =$ 102,000 * 7.5% =$7,650

8. This is a list of GST-inclusive revenue received for the quarter by a company. Calculate
the PAYG instalment income, showing your calculations

Account    $ Instalment Exports GST- Input

 Income Free Taxed

Sales and 330,000 300,000      

Supplies

Export 125,000   125,000    

Supplies

Residenti          
al rent 7,700 7,700
received

Commerc          
i 11,000 11,000
Al rent
received

Interest          
received 250 250

Sale of          
asset 990 900

Totals          
outputs 474,940 310,900 125,000 7,950
 
 
9    Create a GST Invoice with the following details:

•        Barry’s Building Supplies ABN 43 567 897 098

•        Date (use today’s date)
•        Tax Invoice number: 1
•        To: Sharon Stone, 56 Tilly Drive, Sydney NSW 2000 •    For: supply of 100 slate
roof tiles at $5 each.
  
TAX   INVOICE
                                                                
_________________________________________________________________________
___
Barry’s Building Supplies                                                             Invoice Number   000001
ABN: 43 567 897 098                                                                                         Date  
7/30/2018
Bill to  Sharo Stone                                                                                   Due Date  
8/06/2018
            56 Tilly Drive
            Sydney NSW 2000
 

Description Quantity Unit price Amount

Slate roof tiles 100 $5.00 $500.00

                                                                             
                                                               Total without GST                                     $500.00     
                                                               _________________________________________

                                                              GST                                                   
$50.00                                                                                                                                         
                                                                                                                              
                                                               _________________________________________   
                              
                                                                      
                                                                Total with GST                                   $550.00
                                                             
                                                               _________________________________________   
                                

10. William works for Jack’s Mowers as a casual labourer. This week he has worked 30
hours at $25 per hour. What amount must Jack pay William and what amount is owed to
the ATO to be paid through the IAS?
 30 hours x $25 permhour = $750 

Weekly Eaming   With tax- free threshold No tax-free threshold

$750 $96 $217

Source
https://www.ato.gov.au/uploadedfiles/content/MEI/downloads/weeky-tax-2017-18pdF

11 Barry Thomas has been working full-time for Jack’s mowers for several years, earning
$52,000 per annum. He has been paying PAYG at $2,379 each quarter. Due to internal
business restructuring, however, he will now be working part-time, and he will earn only
$39,000 this year.