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Tax project Answer

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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  1. Tax project Answer

  2. 1st Quarter BAS1 July 2008 to 30th September Determine which income Belongs to the quarter

  3. Worksheet Enter Income Details

  4. Worksheet Total Income for the Quarter Then transfer to BAS

  5. Place Total Income at G1

  6. Does the total income include GST?

  7. Does the total income include GST – In this case Yes

  8. 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

  9. Worksheet Capital Purchases for Quarter Then transfer to BAS

  10. Capital Purchases to G10

  11. 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

  12. Worksheet Non Capital Purchases for Quarter

  13. 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

  14. Worksheet Non Capital Purchases for Quarter

  15. 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

  16. Worksheet Non Capital Purchases for Quarter

  17. Worksheet Total Non Capital Purchases for Quarterand place at G11

  18. Non Capital Purchases at G11

  19. 1st Quarter BAS1 July 2008 to 30th September Determine wages paid to employees for the quarter

  20. Worksheet Total Wages, Salary and Other Paymentsand place at W1

  21. Place wages paid at W1

  22. Worksheet Amounts of tax withheld from employeesand place at W2

  23. Tax withheld at W2

  24. W2 + W4 + W3 = W5

  25. Worksheet Determine GST you have been paid fromyour invoices $22 387.00 ÷ 11 = $2 035.18

  26. Worksheet Determine your income excluding GST for the period $22 387.00 - $2 035.18 = $20 351.82 Place at T1

  27. Place Installment income at T1

  28. Calculate Tax payable Tax rate determine by ATO

  29. Worksheet Determine PAYG Installment Tax payablefor the period $2 035.18 x 16.75% = $3409 Place at T11

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

  31. Determine amount you owe ATO 8A = 1A+4+5A+7

  32. G10 $1300 + G11 $5194.65 $6494.65 ÷ 11 = $ 590.42 (1B)

  33. Determine amount ATO owes you 8B= 1B + 5B

  34. Is 8A greater than 8B - Yes Amount Payable

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