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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?. - PowerPoint PPT Presentation
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Tax project Answer
1st Quarter BAS1 July 2008 to 30th September
15/07/2008 4,400.00$ 1/09/2008 17,987.00$
15/10/2008 8,400.00$ 11/11/2008 6,400.00$ 18/12/2008 15,600.00$ 15/01/2009 6,800.00$ 12/01/2009 9,175.20$ 2/03/2009 4,600.00$
23/03/2009 11,217.40$ 3/04/2009 3,781.60$
24/04/2009 9,068.40$ 5/06/2009 32,000.00$
28/06/2009 6,852.00$
Total 136,281.60$
Income
Determine which incomeBelongs to the quarter
WorksheetIncome (GST Inclusive)
15/07/2008 4,400.00$ 1/09/2008 17,987.00$
Total (G1)
1st Quarter
Enter Income Details
WorksheetIncome (GST Inclusive)
15/07/2008 4,400.00$ 1/09/2008 17,987.00$
Total (G1) 22,387.00$
1st Quarter
Total Income for the QuarterThen transfer to BAS
Place Total Income at G1
Does the total income include GST?
Does the total income include GST – In this case Yes
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 $1000 are immediatelydeductable and not treated as capital purchases
15/07/2008 854.00$ 18/08/2008 1,298.98$ 29/09/2008 654.67$ 30/10/2008 457.87$ 26/11/2009 324.76$ 12/12/2009 239.98$ 24/01/2009 3,456.98$ 28/02/2009 1,324.00$ 4/03/2009 3,267.00$
23/04/2009 465.98$ 30/05/2009 4,536.00$ 29/06/2009 250.00$
Total 17,130.22$
Materials
Life (Yrs)18/07/2008 87.00$ Hammer 201/07/2008 1,300.00$ Drop Saw 101/01/2009 1,500.00$ Laptop 3
12/03/2009 865.54$ Grinder 10
Total 3,752.54$
Tools & Plant18/09/2008 2,300.00$ Plumber12/12/2008 3,487.00$ Electrician4/03/2009 500.00$ Plumber6/06/2009 675.00$ Plumber
Total 6,962.00$
Subcontractors
WorksheetIncome (GST Inclusive)
15/07/2008 4,400.00$ 1/09/2008 17,987.00$
Total (G1) 22,387.00$
Expenditure
1/07/2008 $1,300.00 Drop Saw
Total (G10) $1,300.00
Capital Purchases
1st Quarter
Capital Purchases for QuarterThen transfer to BAS
Capital Purchases to G10
1st Quarter BAS1 July 2008 to 30th September
Determine non capital purchases for the period
Remember capital items less than $1000 are immediatelydeductable and not treated as capital purchases
15/07/2008 854.00$ 18/08/2008 1,298.98$ 29/09/2008 654.67$ 30/10/2008 457.87$ 26/11/2009 324.76$ 12/12/2009 239.98$ 24/01/2009 3,456.98$ 28/02/2009 1,324.00$ 4/03/2009 3,267.00$
23/04/2009 465.98$ 30/05/2009 4,536.00$ 29/06/2009 250.00$
Total 17,130.22$
Materials
Life (Yrs)18/07/2008 87.00$ Hammer 201/07/2008 1,300.00$ Drop Saw 101/01/2009 1,500.00$ Laptop 3
12/03/2009 865.54$ Grinder 10
Total 3,752.54$
Tools & Plant18/09/2008 2,300.00$ Plumber12/12/2008 3,487.00$ Electrician4/03/2009 500.00$ Plumber6/06/2009 675.00$ Plumber
Total 6,962.00$
Subcontractors
Worksheet
Income (GST Inclusive)15/07/2008 4,400.00$
1/09/2008 17,987.00$
Total (G1) 22,387.00$
Expenditure
1/07/2008 $1,300.00 Drop Saw
Total (G10) $1,300.00
Non Capital Purchases15/07/2008 $854.0018/08/2008 $1,298.9829/09/2008 $654.67
Total (G11)
Capital Purchases
1st Quarter
Non Capital Purchases for Quarter
1st Quarter BAS1 July 2008 to 30th September
Determine non capital purchases for the period
Subcontractors are not employees and are treatedas non capital purchases
15/07/2008 854.00$ 18/08/2008 1,298.98$ 29/09/2008 654.67$ 30/10/2008 457.87$ 26/11/2009 324.76$ 12/12/2009 239.98$ 24/01/2009 3,456.98$ 28/02/2009 1,324.00$ 4/03/2009 3,267.00$
23/04/2009 465.98$ 30/05/2009 4,536.00$ 29/06/2009 250.00$
Total 17,130.22$
Materials
Life (Yrs)18/07/2008 87.00$ Hammer 201/07/2008 1,300.00$ Drop Saw 101/01/2009 1,500.00$ Laptop 3
12/03/2009 865.54$ Grinder 10
Total 3,752.54$
Tools & Plant 18/09/2008 2,300.00$ Plumber12/12/2008 3,487.00$ Electrician4/03/2009 500.00$ Plumber6/06/2009 675.00$ Plumber
Total 6,962.00$
Subcontractors
Worksheet
Income (GST Inclusive)15/07/2008 4,400.00$
1/09/2008 17,987.00$
Total (G1) 22,387.00$
Expenditure
1/07/2008 $1,300.00 Drop Saw
Total (G10) $1,300.00
Non Capital Purchases15/07/2008 $854.0018/08/2008 $1,298.9829/09/2008 $654.6718/09/2008 $2,300.00 Plumber
Total (G11)
Capital Purchases
1st Quarter
Non Capital Purchases for Quarter
1st Quarter BAS1 July 2008 to 30th September
Determine non capital purchases for the period
Remember capital items less than $1000 are immediatelydeductable and not treated as capital purchases
15/07/2008 854.00$ 18/08/2008 1,298.98$ 29/09/2008 654.67$ 30/10/2008 457.87$ 26/11/2009 324.76$ 12/12/2009 239.98$ 24/01/2009 3,456.98$ 28/02/2009 1,324.00$ 4/03/2009 3,267.00$
23/04/2009 465.98$ 30/05/2009 4,536.00$ 29/06/2009 250.00$
Total 17,130.22$
Materials
Life (Yrs)18/07/2008 87.00$ Hammer 201/07/2008 1,300.00$ Drop Saw 101/01/2009 1,500.00$ Laptop 3
12/03/2009 865.54$ Grinder 10
Total 3,752.54$
Tools & Plant18/09/2008 2,300.00$ Plumber12/12/2008 3,487.00$ Electrician4/03/2009 500.00$ Plumber6/06/2009 675.00$ Plumber
Total 6,962.00$
Subcontractors
Worksheet
Income (GST Inclusive)15/07/2008 4,400.00$
1/09/2008 17,987.00$
Total (G1) 22,387.00$
Expenditure
1/07/2008 $1,300.00 Drop Saw
Total (G10) $1,300.00
Non Capital Purchases15/07/2008 $854.0018/08/2008 $1,298.9829/09/2008 $654.6718/09/2008 $2,300.00 Plumber18/07/2008 $87.00 Hammer
Total (G11)
Capital Purchases
1st Quarter
Non Capital Purchases for Quarter
Worksheet
Income (GST Inclusive)15/07/2008 4,400.00$
1/09/2008 17,987.00$
Total (G1) 22,387.00$
Expenditure
1/07/2008 $1,300.00 Drop Saw
Total (G10) $1,300.00
Non Capital Purchases15/07/2008 $854.0018/08/2008 $1,298.9829/09/2008 $654.6718/09/2008 $2,300.00 Plumber18/07/2008 $87.00 Hammer
Total (G11) $5,194.65
Capital Purchases
1st Quarter
Total Non Capital Purchases for Quarterand place at G11
Non Capital Purchases at G11
1st Quarter BAS1 July 2008 to 30th September
Determine wages paid to employees for the quarter
Date Gross Tax Deducted1/07/2008 4,583.33$ 1,145.83$ 1/08/2008 4,583.33$ 1,145.83$ 1/09/2008 4,583.34$ 1,145.84$ 1/10/2008 4,583.33$ 1,145.83$ 1/11/2008 4,583.33$ 1,145.83$ 1/12/2008 4,583.34$ 1,145.84$ 1/01/2009 4,583.33$ 1,145.83$ 1/02/2009 4,583.33$ 1,145.83$ 1/03/2009 4,583.34$ 1,145.84$ 1/04/2009 4,583.33$ 1,145.83$ 1/05/2009 4,583.33$ 1,145.83$ 1/06/2009 4,583.34$ 1,145.84$
Total 55,000.00$ 13,750.00$
Wages
WorksheetIncome (GST Inclusive)
15/07/2008 4,400.00$ 1/09/2008 17,987.00$
Total (G1) 22,387.00$
Expenditure
1/07/2008 $1,300.00 Drop Saw
Total (G10) $1,300.00
Non Capital Purchases15/07/2008 $854.0018/08/2008 $1,298.9829/09/2008 $654.6718/09/2008 $2,300.00 Plumber18/07/2008 $87.00 Hammer
Total (G11) $5,194.65
PAYG Tax WithheldWages Tax
1/07/2008 $4,583.33 $1,145.831/08/2008 $4,583.33 $1,145.831/09/2008 $4,583.34 $1,145.84
Totals (W1) $13750.00 (W2) $3437.50
Capital Purchases
1st Quarter
Total Wages, Salary and Other Paymentsand place at W1
Place wages paid at W1
WorksheetIncome (GST Inclusive)
15/07/2008 4,400.00$ 1/09/2008 17,987.00$
Total (G1) 22,387.00$
Expenditure
1/07/2008 $1,300.00 Drop Saw
Total (G10) $1,300.00
Non Capital Purchases15/07/2008 $854.0018/08/2008 $1,298.9829/09/2008 $654.6718/09/2008 $2,300.00 Plumber18/07/2008 $87.00 Hammer
Total (G11) $5,194.65
PAYG Tax WithheldWages Tax
1/07/2008 $4,583.33 $1,145.831/08/2008 $4,583.33 $1,145.831/09/2008 $4,583.34 $1,145.84
Totals (W1) $13750.00 (W2) $3437.50
Capital Purchases
1st Quarter
Amounts of tax withheld from employeesand place at W2
Tax withheld at W2
W2 + W4 + W3 = W5
Worksheet Income GST Incl GST (1A) Ex GST (T1)15/07/2008 4,400.00$
1/09/2008 17,987.00$
Total (G1) 22,387.00$ 2,035.18$
Expenditure
1/07/2008 $1,300.00 Drop Saw
Total (G10) $1,300.00
Non Capital Purchases15/07/2008 $854.0018/08/2008 $1,298.9829/09/2008 $654.6718/09/2008 $2,300.00 Plumber18/07/2008 $87.00 Hammer
Total (G11) $5,194.65
PAYG Tax WithheldWages Tax
1/07/2008 $4,583.33 $1,145.831/08/2008 $4,583.33 $1,145.831/09/2008 $4,583.34 $1,145.84
Totals (W1) $13750.00 (W2) $3437.50
Capital Purchases
1st Quarter
Determine GST you have been paid fromyour invoices
$22 387.00 ÷ 11 = $2 035.18
Worksheet Income GST Incl GST (1A) Ex GST (T1)15/07/2008 4,400.00$
1/09/2008 17,987.00$
Total (G1) 22,387.00$ 2,035.18$ 20,351.82$
Expenditure
1/07/2008 $1,300.00 Drop Saw
Total (G10) $1,300.00
Non Capital Purchases15/07/2008 $854.0018/08/2008 $1,298.9829/09/2008 $654.6718/09/2008 $2,300.00 Plumber18/07/2008 $87.00 Hammer
Total (G11) $5,194.65
PAYG Tax WithheldWages Tax
1/07/2008 $4,583.33 $1,145.831/08/2008 $4,583.33 $1,145.831/09/2008 $4,583.34 $1,145.84
Totals (W1) $13750.00 (W2) $3437.50
Capital Purchases
1st Quarter
Determine your income excluding GST for
the period
$22 387.00 - $2 035.18 = $20 351.82
Place at T1
Place Installment income at T1
Calculate Tax payable
Tax rate determine by ATO
Worksheet Income GST Incl GST (1A) Ex GST (T1)15/07/2008 4,400.00$
1/09/2008 17,987.00$
Total (G1) 22,387.00$ 2,035.18$ 20,351.82$ PAYG (T11) 16.75% 3,408.93$
Expenditure
1/07/2008 $1,300.00 Drop Saw
Total (G10) $1,300.00
Non Capital Purchases15/07/2008 $854.0018/08/2008 $1,298.9829/09/2008 $654.6718/09/2008 $2,300.00 Plumber18/07/2008 $87.00 Hammer
Total (G11) $5,194.65
PAYG Tax WithheldWages Tax
1/07/2008 $4,583.33 $1,145.831/08/2008 $4,583.33 $1,145.831/09/2008 $4,583.34 $1,145.84
Totals (W1) $13750.00 (W2) $3437.50
Capital Purchases
1st Quarter
Determine PAYG Installment Tax payablefor the period
$2 035.18 x 16.75% = $3409
Place at T11
T11 = $20 352 x 16.75% = $3 409
Income GST Incl GST (1A) Ex GST (T1)15/07/2008 4,400.00$
1/09/2008 17,987.00$
Total (G1) 22,387.00$ 2,035.18$ 20,351.82$ PAYG (T11) 16.75% 3,408.93$
Expenditure
1/07/2008 $1,300.00 Drop Saw
Total (G10) $1,300.00
Non Capital Purchases15/07/2008 $854.0018/08/2008 $1,298.9829/09/2008 $654.6718/09/2008 $2,300.00 Plumber18/07/2008 $87.00 Hammer
Total (G11) $5,194.65
PAYG Tax WithheldWages Tax
1/07/2008 $4,583.33 $1,145.831/08/2008 $4,583.33 $1,145.831/09/2008 $4,583.34 $1,145.84
Totals (W1) $13750.00 (W2) $3437.50
Capital Purchases
1st Quarter
Income GST Incl GST (1A) Ex GST (T1)15/07/2008 4,400.00$
1/09/2008 17,987.00$
Total (G1) 22,387.00$ 2,035.18$ 20,351.82$ PAYG (T11) 16.75% 3,408.93$
Expenditure
1/07/2008 $1,300.00 Drop Saw
Total (G10) $1,300.00
Non Capital Purchases15/07/2008 $854.0018/08/2008 $1,298.9829/09/2008 $654.6718/09/2008 $2,300.00 Plumber18/07/2008 $87.00 Hammer
Total (G11) $5,194.65
PAYG Tax WithheldWages Tax
1/07/2008 $4,583.33 $1,145.831/08/2008 $4,583.33 $1,145.831/09/2008 $4,583.34 $1,145.84
Totals (W1) $13750.00 (W2) $3437.50
Capital Purchases
1st Quarter
Income GST Incl GST (1A) Ex GST (T1)15/07/2008 4,400.00$
1/09/2008 17,987.00$
Total (G1) 22,387.00$ 2,035.18$ 20,351.82$ PAYG (T11) 16.75% 3,408.93$
Expenditure
1/07/2008 $1,300.00 Drop Saw
Total (G10) $1,300.00
Non Capital Purchases15/07/2008 $854.0018/08/2008 $1,298.9829/09/2008 $654.6718/09/2008 $2,300.00 Plumber18/07/2008 $87.00 Hammer
Total (G11) $5,194.65
PAYG Tax WithheldWages Tax
1/07/2008 $4,583.33 $1,145.831/08/2008 $4,583.33 $1,145.831/09/2008 $4,583.34 $1,145.84
Totals (W1) $13750.00 (W2) $3437.50
Capital Purchases
1st Quarter
Determine amount you owe ATO
8A = 1A+4+5A+7
Income GST Incl GST (1A) Ex GST (T1)15/07/2008 4,400.00$
1/09/2008 17,987.00$
Total (G1) 22,387.00$ 2,035.18$ 20,351.82$ PAYG (T11) 16.75% 3,408.93$
Expenditure
1/07/2008 $1,300.00 Drop Saw
Total (G10) $1,300.00
Non Capital Purchases15/07/2008 $854.0018/08/2008 $1,298.9829/09/2008 $654.6718/09/2008 $2,300.00 Plumber18/07/2008 $87.00 Hammer
Total (G11) $5,194.65GST (1B) EX GST
G10 + G11 $6,494.65 $590.42 $5,904.23
PAYG Tax WithheldWages Tax
1/07/2008 $4,583.33 $1,145.831/08/2008 $4,583.33 $1,145.831/09/2008 $4,583.34 $1,145.84
Totals (W1) $13750.00 (W2) $3437.50
Capital Purchases
1st Quarter
G10 $1300 +G11 $5194.65 $6494.65 ÷ 11= $ 590.42 (1B)
Determine amount ATO owes you
8B= 1B + 5B
Is 8A greater than 8B - YesAmount Payable
