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Tax project Answer. 1 st Quarter BAS 1 July 2008 to 30 th September. Determine which income Belongs to the quarter. Worksheet. Enter Income Details. Worksheet. Total Income for the Quarter Then transfer to BAS. Place Total Income at G1. Does the total income include GST?.

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Tax project Answer

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Tax project Answer


1st Quarter BAS1 July 2008 to 30th September

Determine which income

Belongs to the quarter


Worksheet

Enter Income Details


Worksheet

Total Income for the Quarter

Then transfer to BAS


Place Total Income at G1


Does the total income include GST?


Does the total income include GST – In this case Yes


1st Quarter BAS1 July 2008 to 30th September

Determine capital purchases for the periodthat are above your depreciation threshold

In our case items less than $1000 are immediatelydeductable and not treated as capital purchases


Worksheet

Capital Purchases for Quarter

Then transfer to BAS


Capital Purchases to G10


1st Quarter BAS1 July 2008 to 30th September

Determine non capital purchases for the period

Remember capital items less than $1000 are immediatelydeductable and not treated as capital purchases


Worksheet

Non Capital Purchases for Quarter


1st Quarter BAS1 July 2008 to 30th September

Determine non capital purchases for the period

Subcontractors are not employees and are treatedas non capital purchases


Worksheet

Non Capital Purchases for Quarter


1st Quarter BAS1 July 2008 to 30th September

Determine non capital purchases for the period

Remember capital items less than $1000 are immediatelydeductable and not treated as capital purchases


Worksheet

Non Capital Purchases for Quarter


Worksheet

Total Non Capital Purchases for Quarterand place at G11


Non Capital Purchases at G11


1st Quarter BAS1 July 2008 to 30th September

Determine wages paid to employees for the quarter


Worksheet

Total Wages, Salary and Other Paymentsand place at W1


Place wages paid at W1


Worksheet

Amounts of tax withheld from employeesand place at W2


Tax withheld at W2


W2 + W4 + W3 = W5


Worksheet

Determine GST you have been paid fromyour invoices

$22 387.00 ÷ 11 = $2 035.18


Worksheet

Determine your income excluding GST for the period

$22 387.00 - $2 035.18 = $20 351.82

Place at T1


Place Installment income at T1


Calculate Tax payable

Tax rate determine by ATO


Worksheet

Determine PAYG Installment Tax payablefor the period

$2 035.18 x 16.75% = $3409

Place at T11


T11 = $20 352 x 16.75% = $3 409


Determine amount you owe ATO

8A = 1A+4+5A+7


G10 $1300 +

G11 $5194.65

$6494.65 ÷ 11

= $ 590.42 (1B)


Determine amount ATO owes you

8B= 1B + 5B


Is 8A greater than 8B - Yes

Amount Payable


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