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BAS and Instalment Activity Calculations: FNSBKG404 4

1. An organization that reports quarterly for GST must lodge its BAS by 28 April if the reporting period is January to March. If it reported monthly, the March BAS would be due by 21 April. 2. The table indicates the reporting requirements for businesses based on their annual turnover, withholding taxes, and FBT liability. Quarterly reporting is generally required for smaller businesses. 3. For a quarterly reporting business, if taxable supplies were $122,000 with $55,000 in input tax credits, the output tax payable is $11,091, input tax credits are $5,000, and the net GST owing is $6,091.

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61 views

BAS and Instalment Activity Calculations: FNSBKG404 4

1. An organization that reports quarterly for GST must lodge its BAS by 28 April if the reporting period is January to March. If it reported monthly, the March BAS would be due by 21 April. 2. The table indicates the reporting requirements for businesses based on their annual turnover, withholding taxes, and FBT liability. Quarterly reporting is generally required for smaller businesses. 3. For a quarterly reporting business, if taxable supplies were $122,000 with $55,000 in input tax credits, the output tax payable is $11,091, input tax credits are $5,000, and the net GST owing is $6,091.

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natty
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FNSBKG404 4

BAS and instalment activity calculations


 
 1. An organisation that is an accruals quarterly payer has completed the BAS for the
third quarter in the tax year.
• By what date must this be reported and lodged?
• If the organisation had chosen to report monthly, by what date would the March
BAS need to be lodged?         
  The BAS will need to be report, lodged and paid on or before 28 April following the third
quarter ( January to March).
   If the organisation had chosen to report monthly, the March BAS would be due by 21 April.
 
2. Complete the following table by placing a  to indicate reporting requirements
 
BAS and IAS reporting requirements      

Gross annual turnover of Quarterly Monthly Cash Accruals


sales reporting reporting payer payer

Less than $2 million P   P  

More than $2 million P   P

Less than $20 million P      

More than $20 million   P    

Annual PAYG withholdings        

Less than $25,000 P      

More than $25,000   P    

FBT liability greater than P      


$3,000
 
 
3.    In the second quarter of the tax year a quarterly paying firm makes taxable supplies
(sales) of $122,000. They have tax invoices to the gross value of $55,000 all entitled to
input tax credits. Calculate their entitlement to input tax credits and liability to output tax
payable as well as the net GST owing to the ATO for the quarter.
 Output tax payable = $122,000 / 11 = 11,091
  Input tax credits = $55,00 / 11 = $5,000
  Not Gst owing for the quarter = $11,091 - $5,00 = $6,091
 

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