Reference no: EM132934989
Question - Sinclair registered the business for GST when the business began operating; however, believes that he should not have because of a rumour he heard regarding the requisite threshold being $150,000. GeoTechnical's turnover (which are taxable supplies) so far is only $25,000 (excluding GST). The reason he is wanting to be registered is to ensure he can claim the input tax credits from the following outgoings purchased solely for the business (all items supplied to the business are taxable supplies):
-Furniture amounting to $3,300 (including GST).
-Computers and printing equipment amounting to $8,800 (including GST).
-Commercial rent of $22,000 (including GST).
Required - Advise Sinclair of the appropriateness of GST registration for his business and the ability to claim the input tax credits from the above outlined expenditure by answering the following question set. Ensure you make reference to appropriate legislative references.
1. Calculate the net GST payable (refundable) based on the information provided.
2. ?Explain the appropriateness of claiming input taxes for the itemised outgoings.
Prepare the journal entry to record an impairment
: Blossom determines that undiscounted future cash flows for the machine are estimated to be $57,600. Prepare the journal entry to record an impairment
|
What is the market price
: What is the market price of the 3 year bond of face value 10000/ with half yearly coupon rate of 10% p.a.
|
How much should be recognized as depletion
: The estimate of the remaining lifetime capacity of the mine was raised to 2,400,000 tons at the start of 2020. How much should be recognized as depletion
|
Calculated the industrial building allowances
: Calculated the industrial building allowances for both companies for all the relevant years of assessment up to and including year of assessment 2020
|
Calculate the net GST payable
: -Computers and printing equipment amounting to $8,800 (including GST). Calculate the net GST payable (refundable) based on the information provided
|
What the amount to be charged as amortization
: Zenith spent another $500 000 on infrastructure construction at the mine site. What the amount to be charged as amortization
|
How much is the annual cost of inventory
: Scouts Corp. projects its sales to be 1,000 units this year. Every time Scouts Corp. makes an order, P10 is incurred. How much is the annual cost of inventory
|
How can the manager immunize the bank assets
: Manager expects interest rates to go up from 9% to 10%. Show how can the manager immunize the bank assets from interest rate change
|
Compute the correct value of Machine purchased on July
: A machine with a market price of Php7,000,000 was purchased on 2/10, net 60, on July 10, 2020. Compute the correct value of Machine purchased on July
|