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Chopper Aviation have provided the following information for the quarter ending 31st March
Chopper Aviation have provided the following information for the quarter ending 31st March.
Gross Salaries and Wages including PAYG Withheld = $186660
Car Allowances = $3764 (note: this is the gross amount and it is not subject to PAYG withholding; it has not been included in Gross Salaries & Wages above)
Bonuses paid grossed $4480; tax on bonuses $920 (both amounts not included above)
PAYG Withheld from salaries and wages = $42,781
Contractor invoices subject to voluntary withholding agreement totalling $15000; tax withheld at 20%
$901 invoice subject to 47% withholding as the supplier does not hold an ABN.
REQUIRED: a) complete the PAYG tax withheld panel of the Business Activity Statement:
REQUIRED: b) complete the Summary panel extract on the Business Activity Statement:
Note: Chopper Aviation are not registered for Fringe Benefit tax and not currently paying PAYG Instalments.
Expert Solution
Answer:
PAYG tax withheld
The amount you owe the tax office
Item amount
Total salary wages and other payments w1 $207,901
Amounts withheld from payment shown at W1 w2 $4,781
Amount withheld where no ABN is quoted w3 $423.47
Other amount withheld (excluding any
Amount shown at W2 and W4) w4 $300
Total amount withheld w5 $5,504.47
Summary
Item amount
PAYG tax withheld 4 $5,504.47
PAYG income tax instalment 5A $0
FBT instalment 6A $0
Deferred company instalment 7 $0
4 + 5A + 6A + 7 8A $5,504.47
Amount the tax office you owe
Credit from PAYG instalment variation 5B $0
Credit from FBT instalment variation 6B $0
5B + 6B 8B $0
YOUR PAYMENT/REFUND AMOUNT
$5,504.47
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