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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.

Published byHilary Simpson Modified over 8 years ago

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Presentation on theme: "Tax project Answer. 1 st Quarter BAS 1 July 2008 to 30 th September Determine which income Belongs to the quarter."— Presentation transcript:

1 Tax project Answer

2 1 st Quarter BAS 1 July 2008 to 30 th 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 1 st Quarter BAS 1 July 2008 to 30 th September Determine capital purchases for the period that are above your depreciation threshold In our case items less than $1000 are immediately deductable and not treated as capital purchases

9 Worksheet Capital Purchases for Quarter Then transfer to BAS

10 Capital Purchases to G10

11 1 st Quarter BAS 1 July 2008 to 30 th September Determine non capital purchases for the period Remember capital items less than $1000 are immediately deductable and not treated as capital purchases

12 Worksheet Non Capital Purchases for Quarter

13 1 st Quarter BAS 1 July 2008 to 30 th September Determine non capital purchases for the period Subcontractors are not employees and are treated as non capital purchases

14 Worksheet Non Capital Purchases for Quarter

15 1 st Quarter BAS 1 July 2008 to 30 th September Determine non capital purchases for the period Remember capital items less than $1000 are immediately deductable and not treated as capital purchases

16 Worksheet Non Capital Purchases for Quarter

17 Worksheet Total Non Capital Purchases for Quarter and place at G11

18 Non Capital Purchases at G11

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

20 Worksheet Total Wages, Salary and Other Payments and place at W1

21 Place wages paid at W1

22 Worksheet Amounts of tax withheld from employees and place at W2

23 Tax withheld at W2

24 W2 + W4 + W3 = W5

25 Worksheet Determine GST you have been paid from your 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 payable for the period $2 035.18 x 16.75% = $3409 Place at T11

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

31

32

33

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

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

36 Determine amount ATO owes you 8B= 1B + 5B

37 Is 8A greater than 8B - Yes Amount Payable

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