Tax project Answer

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Tax project Answer
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1st Quarter BAS1 July 2008 to 30th September
Determine which income Belongs to the quarter
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Worksheet
Enter Income Details
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Worksheet
Total Income for the Quarter Then transfer to BAS
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Place Total Income at G1
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Does the total income include GST?
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Does the total income include GST In this case
Yes
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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 immediatelydeducta
ble and not treated as capital purchases
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Worksheet
Capital Purchases for Quarter Then transfer to
BAS
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Capital Purchases to G10
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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
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Worksheet
Non Capital Purchases for Quarter
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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
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Worksheet
Non Capital Purchases for Quarter
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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
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Worksheet
Non Capital Purchases for Quarter
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Worksheet
Total Non Capital Purchases for Quarterand
place at G11
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Non Capital Purchases at G11
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1st Quarter BAS1 July 2008 to 30th September
Determine wages paid to employees for the quarter
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Worksheet
Total Wages, Salary and Other Paymentsand place
at W1
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Place wages paid at W1
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Worksheet
Amounts of tax withheld from employeesand place
at W2
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Tax withheld at W2
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W2 W4 W3 W5
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Worksheet
Determine GST you have been paid fromyour
invoices 22 387.00 11 2 035.18
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Worksheet
Determine your income excluding GST for the
period 22 387.00 - 2 035.18 20
351.82 Place at T1
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Place Installment income at T1
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Calculate Tax payable
Tax rate determine by ATO
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Worksheet
Determine PAYG Installment Tax payablefor the
period 2 035.18 x 16.75 3409 Place at T11
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T11 20 352 x 16.75 3 409
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Determine amount you owe ATO
8A 1A45A7
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G10 1300 G11 5194.65 6494.65
11 590.42 (1B)
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Determine amount ATO owes you 8B 1B 5B
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Is 8A greater than 8B - Yes
Amount Payable