Solution-Calculate the net gst payable

Calculate the net gst payable

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Reference no: EM132697804

Fin Link Pty Ltd provides accounting and taxation services nationwide. It charges customers for the services it provides. It incurs various operating costs. It has the ATO's approval to operate on a GST cash basis.

In a particular tax period, the company:

Received $33,000 (GST inclusive) from its customers for services it provided
Paid its external suppliers $11,000 (GST inclusive)
Paid its employees $12,000
Withheld PAYG taxes of $2,196

You are required to:

Question a) Calculate the net GST payable/receivable to/from the ATO

Question b) Explain the figures you have calculated and what they represent

Question c) Identify under which classification the above transactions are to be included in the BAS statement

Reference no: EM132697804

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Calculate the net gst payable

Reference no: EM132697804

Reference no: EM132697804

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