Business Activity Statement - Quarterly Income Tax Installment - Accounting Assignment Help

Assessment Task:

Business Activity Statement - Quarterly Income Tax Installment - Accounting Assignment Help 

Overview

Prepare a fully labelled Business Activity Statement for the quarter ended 30 June 2019. 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. Receipts for the June quarter (inclusive of GST where appropriate): Sales of bags $39,950 Donations $23,450 Grants $19,800 Trade-in of industrial sewing machine previously used in the business $1,000 Bags donated to local growers' co-op (market value $210) $0 Expenses for the June quarter (inclusive of GST where appropriate): Fabric and thread purchases $9,900 Fabric donated (market value $3000) $0 Subcontractors (not registered for GST) $6,600 Rent $6,000 Lunch at local restaurant $230 Accommodation for staff at conferences (Hotel) $1,870 Airfares for staff to attend conferences* $3,850 Bookkeeping services $1,210 First Aid courses for staff members $550 New sewing machine $4,399 Business Loan (Principal $450 and interest $50) $500 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. Salaries & Wages: Born Again Bags has 6 employees: 2 office staff and 4 machinists. They are paid weekly. All employees are entitled to the tax-free threshold. Jenny, Kate, Lisa, and Martin are all permanent employees. Their weekly pay is based on an annual salary: and paid salaries. Annual salaries are: • Jenny: $39,000 • Kate: $23,920 • Lisa: $52,000 • Martin: $18,720 Naomi and Oscar are casual employees and their weekly wage is based on the hours they work. Their work hours are set out in the table below. Employee/Week Naomi $24/hour Oscar $16/hour Week 1 - April 8 10 Week 2 - April 7 10 Week 3 - April 10 15 Week 4 - April 12 15 Week 5 - May 10 0 Week 6 - May 10 0 Week 7 - May 15 0 Week 8 - May 12 10 Week 9 - May 10 10 Week 10 - June 12 10 Week 11 - June 8 15 Week 12 - June 8 10 Week 13 - June 8 0 Business Activity Statement: The ATO has advised that Tanya Tassle, as an individual taxpayer, has a quarterly income tax instalment of $3,200. This amount is payable by her personally in the June Quarter. In the last FBT year Fringe Benefits were provided to the office manager. There is an FBT instalment showing on the BAS of $2,400. No Fringe Benefits have been provided in the current FBT year. There are no liabilities for WET or LCT, and no fuel credits.

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