Born Again Bags Case Study - Finance Assignment Help

Assignment Task :

CASE STUDY INFORMATION

Tanya Tassle owns Born Again Bags, a not for profit business that is registered for GST. Born Again Bags supports the diversion of post-consumer material (waste) into reusable bags to replace plastic bags. Fabric is gathered or donated and made into cloth bags which are sold to customers via an online shop.

Born Again Bags also receives income from donations and grants

• *Lunch at the local restaurant was for Tanya, the owner of Born Again Bags, and a commercial garment manufacturer who donates waste fabric to the business. For income tax purposes this amount would be classified as entertainment and a deduction would be denied under s32-5 ITAA97.
• **During the period Born Again Bags paid for air fares for staff to attend a conference in Sydney where Tanya was speaking. Tanya was ill the week before the conference and could not attend. Consequently, the staff did not attend either and $1,100 of the airfares mentioned above were not used. The airline did not refund this amount.
• Born Again Bags also imported labels from Canada. The cost of the labels was $550 and the freight was $35 (Australian Dollars). The supplier in Canada did not charge GST on these goods.

SUGGESTED TIMETABLE FOR CASE STUDY INVESTIGATION:
a) WEEK 2: Prepare the schedule of payroll information for wages paid, including PAYG withholding deductions, and net wages for each employee by week.
b) WEEK 2: Calculate the employer’s statutory Superannuation Guarantee obligations for each employee for the quarter.
c) WEEKS 3 and 4: Provide a short definition and discussion of GST taxable supplies.
Explain and classify each transaction item listed, including wages and superannuation, by the type of GST supply, and calculate any GST included in the price.
d) WEEKS 3 and 4: Provide a short definition and discussion of creditable acquisitions and discuss what conditions need to be met before Born Again Bags can claim
input tax credits in relation to the expenses listed? Explain whether each of the acquisitions is a creditable acquisition.
e) WEEK 5: Be prepared to complete a fully labelled Business Activity Statement for the quarter ended 30 June 2019.

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