Tax project answer
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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

Tax project Answer


1 st quarter bas 1 july 2008 to 30 th september

1st Quarter BAS1 July 2008 to 30th September

Determine which income

Belongs to the quarter


Worksheet

Worksheet

Enter Income Details


Worksheet1

Worksheet

Total Income for the Quarter

Then transfer to BAS


Tax project answer

Place Total Income at G1


Tax project answer

Does the total income include GST?


Tax project answer

Does the total income include GST – In this case Yes


1 st quarter bas 1 july 2008 to 30 th september1

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


Worksheet2

Worksheet

Capital Purchases for Quarter

Then transfer to BAS


Tax project answer

Capital Purchases to G10


1 st quarter bas 1 july 2008 to 30 th september2

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


Worksheet3

Worksheet

Non Capital Purchases for Quarter


1 st quarter bas 1 july 2008 to 30 th september3

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


Worksheet4

Worksheet

Non Capital Purchases for Quarter


1 st quarter bas 1 july 2008 to 30 th september4

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


Worksheet5

Worksheet

Non Capital Purchases for Quarter


Worksheet6

Worksheet

Total Non Capital Purchases for Quarterand place at G11


Tax project answer

Non Capital Purchases at G11


1 st quarter bas 1 july 2008 to 30 th september5

1st Quarter BAS1 July 2008 to 30th September

Determine wages paid to employees for the quarter


Worksheet7

Worksheet

Total Wages, Salary and Other Paymentsand place at W1


Tax project answer

Place wages paid at W1


Worksheet8

Worksheet

Amounts of tax withheld from employeesand place at W2


Tax project answer

Tax withheld at W2


Tax project answer

W2 + W4 + W3 = W5


Worksheet9

Worksheet

Determine GST you have been paid fromyour invoices

$22 387.00 ÷ 11 = $2 035.18


Worksheet10

Worksheet

Determine your income excluding GST for the period

$22 387.00 - $2 035.18 = $20 351.82

Place at T1


Tax project answer

Place Installment income at T1


Tax project answer

Calculate Tax payable

Tax rate determine by ATO


Worksheet11

Worksheet

Determine PAYG Installment Tax payablefor the period

$2 035.18 x 16.75% = $3409

Place at T11


Tax project answer

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


Determine amount you owe ato

Determine amount you owe ATO

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


Tax project answer

G10 $1300 +

G11 $5194.65

$6494.65 ÷ 11

= $ 590.42 (1B)


Tax project answer

Determine amount ATO owes you

8B= 1B + 5B


Tax project answer

Is 8A greater than 8B - Yes

Amount Payable


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