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Homework answers / question archive / ABC Pty Ltd run a restaurant business
ABC Pty Ltd run a restaurant business. The company uses the cash basis when accounting for GST and is required to use Option 1 to prepare - and lodge a Business Activity Statement (BAS) for the period 1 April to 30 June 2019.
ABC Pty Ltd is required to pay PAYG instalments quarterly. There are two options to calculate how much to pay:
Option 1: ABC Pty Ltd is required to pay instalment amount of $15,000 quarterly.
Option 2: ABC Pty Ltd is required to pay PAYG instalment with the instalment rate of 4% in each quarter.
ABC Pty Ltd chooses Option 2 to work out the amount for PAYG instalments.
The following information has been summarised from the company's book for the required period and is to be used when completing the calculation sheet and BAS.
Receipts and Income
Sales (including GST) $295,000
Bank interest from the accounts under company's name $1,000
Dividend income $5,500
Payments and Purchases
Purchase of meats and vegetables $90,000
Purchase of bottled drinking water $1,100
Purchase of carbonated beverages $14,300
Quarterly rent $44,000
Purchase of cash registers and computers (100% related to business) $22,000
All the other operating expenses (including GST) $45,300
GST payment for previous quarter to ATO $3,000
Total salary paid to the employees $60,000
Tax withheld $12,000
Superannuation guarantee contributed to employees' super account $5,500
The above costs and expenses include GST where applicable.
Assuming that full reporting method is used, complete the GST Calculation Worksheet and prepare Business Activity Statement for ABC Pty Ltd for the period 1 April to 30 June 2019.
Note: You are required to use 2018-19 tax rates and thresholds for all the questions
