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IN CLASS EXERCISE
Richard Smales (TFN 999 999 582) (DOB 11/11/1983) commenced a new cabinetmaking
business as a sole trader at 269 Main Street, Croydon, Victoria, 3136 on February 1, 2014. He
has registered his business using the trading name Chips and Chops and estimates that his
turnover will be a little over $50,000 (excluding GST). It is his first time running a business and
he needs to apply for an ABN and register for GST. He intends to lodge his Business Activity
Statements quarterly and will use the cash accounting method.
Complete his ABN application form. Additional details are as follows:
Home address:
Postal address:
Phone number:
Email address:
Bank account:
** Students please note: This facility to apply for an Australian Business Number, is no longer
available within ELITE.
Taxpayers who need to apply for an Australian Business Number, should contact the A.T.O. directly or
alternatively, apply on line at https://abr.gov.au/
Using the form on the student disk, prepare the ABN application for this client.
See PDF of completed form on Student Disk
***Students should combine the client details previously provided in the In Class Exercise to
complete this exercise.
CREATE A NEW CLIENT IN THE DATABASE
TFN:
ABN:
SELECT:
GST REGISTERED
BSB
ACCOUNT NUMBER
ACCOUNT NAME
024 369
78469870
RICHARD SMALES
IN CLASS EXERCISE
SOFTWARE COMPATIBLE
Richard Smales (see details from Part 1 in-class exercise in this chapter) asks you to complete
his Business Activity Statement (BAS) for the quarter ending June 2014. His Mobile number is
0498 682 255
He provides you with a copy of the BAS form he has received from the ATO that shows his
Australian Business Number (ABN) is 37 111 155 556 and the June 2013 quarterly statement
Document ID Number is 00 104 999 744. It also shows the due date for lodgement and
payment is 28 July 2014.
Richard advises that he uses the cash accounting method. The business Income and expenses
for the June 2014 quarter are as follows:
Sales:
$15,950
Expenses:
Rent
Rates
Insurance
Electricity
Materials
Advertising
Telephone
Wood turner
$3,905
$ 900 (GST Free)
$ 264
$ 539
$3,036
$ 495
$ 561
$3,188 (Capital Purchase)
On this quarterly BAS, Richard has elected to pay the ATO Instalment amount of $640.
Select: CREATE CLIENT JOB (Using the arrows, select using the drop screens the following functions):
Select:
Select:
Select:
Select:
Select:
RICHARD provides you with a copy of the BAS form he has received from the ATO.
Enter all the relevant information from the BAS document that RICHARD has received from the ATO
NOTE: The ABN for this exercise use 37 111 155 556 and Document Id Number 00 104 999 744
Use the dropdown arrow to select the REPORTING PERIODS OPTION and the ACTUAL PERIOD of this
BAS. In this exercise you are completing the BAS for the April to June quarter.
NOTE: This election must be the same as the option selected when he applied for his ABN
RICHARD advises that the business Income and Expenses for the June 2014 quarter are as
follows:
Sales:
$15,950
Expenses:
Rent
Rates
Insurance
Electricity
Materials
Advertising
Telephone
Wood turner
$3,905
$ 900 (GST Free)
$ 264
$ 539
$3,036
$ 495
$ 561
$3,188 (Capital Purchase)
CLICK on the GST calculation workheet to enter sales and purchases amounts:
For the June quarter, RICHARDs business records show that his income and expense details are as
follows:
Sales (including GST)
$15,950
Business Related Expenses:
$ 3,188
$ 8,800
$ 900
From the information above, ENTER onto the GST calculation worksheet as follows:
NOTE: At G11
enter TOTAL
Non-Capital
Purchases
ie. $9,700
At G14, identify
the GST free
purchases that
have been
INCLUDED at
G11 ie. $900
Complete only
when Varying the
Instalment amount
As RICHARD is not providing FRINGE BENEFITS for employees, this work sheet is not relevant.
The WINE EQUALISATION TAX work sheet is not relevant in this exercise.
The DEFERRED INSTALMENT & FUEL TAX CREDIT work sheet is not relevant in this exercise.
From NAVIGATOR, SELECT printing option. A PDF of the completed BAS is on the student disk.
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The total PAYG Instalments paid are reflected in the Tax Estimate
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