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Employee Name Pay Rate Weeks Total Hours Overtime Pay Rate

Sarah 1,000.00 13
Lauren 360.00 13
Michael 1,200.00 13
Paul 550.00 13
Kris 15.00 100
Sam 22.00 145

Income tax rates are calculated as follows


0 - $ 18, 200 0%
$ 18, 201 - $ 37, 000 19%
$ 37, 001 - $ 90,000 32.50%
$90,000 - $ 180, 000 37%

In this case incomes fall under 0 - $ 18, 200


Overtime Total Hours Gross Pay Income Tax Other Deductions Net Pay
13000.00 0% 13000.00
4680.00 0% 4680.00
15600.00 0% 15600.00
7150.00 0% 7150.00
1500.00 0% 1500.00
3190.00 0% 3190.00
Employee Name Gross Pay Superannuation Guarantee Rate 9.5%
Sarah 13000.00 9.50%
Lauren 4680.00 9.50%
Michael 15600.00 9.50%
Paul 7150.00 9.50%
Kris 1500.00 9.50%
Sam 3190.00 9.50%

Taxation laws provide for superannuation Gurantee Rate at 9.5%


Superannuation Guarantee
1235.00
444.60
1482.00
679.25
142.50
303.05
Transaction Amount
Receipt
Training Fees 82,698.00
Share of prize money from customers’ horses 44,000.00
Prize money from Bronny Park horses 16,500.00
Trophy from Brisbane Cup won by a Bronny Park owned horse 1,200.00
Trade-in of tractor previously used on the property 18,000.00
Hay and saddle blankets donated to local pony club (market value $100) -
Expenses
Horse feed 8,800.00
Veterinary fees 6,600.00
Farrier (not registered for GST) 5,500.00
Accommodation for staff at race meetings (Hotel) 2,475.00
Lunch at local restaurant* 650.00
Airfares for staff to attend race meetings** 6,446.00
Bookkeeping services 2,640.00
First Aid courses for staff members 880.00
New tractor 43,990.00
Business loan repayment (interest $750, principle $275 1,025.00
Wages
Sarah 13000.00
Lauren 4680.00
Michael 15600.00
Paul 7150.00
Kris 1500.00
Sam 3190.00
GST Rate GST Amount GST Classification

10% 8269.80 GST 4


10% 4400.00 GST 4
10% 1650.00 GST 3
10% 120.00 GST 4
10% 1800.00 GST 2
10% 0.00 GST 4

10% 880.00 GST 2


10% 660.00 GST 3
0% 0.00 GST 4
0% 0.00 GST 4
0% 0.00 GST 1
10% 644.60 GST 3
10% 264.00 GST 5
0% 0.00 GST 1
10% 4399.00 GST 3
10% 102.50 GST 5

10% 1300.00 GST 4


10% 468.00 GST 5
10% 1560.00 GST 6
10% 715.00 GST 7
10% 150.00 GST 8
10% 319.00 GST 9
Conditions for Input Tax Credit Under GST
Input tax credit implies reducing the taxes paid on inputs from the taxes to be paid on output. In the event that any goods and
One must meet the following condition to claim Input Credit
1. One must have attained registration as a taxable person
2. Only if the goods and services supplied are used for business
3. Input Tax Credit can be claimed on exports/zero - rated supplies and taxable
4. Available supportive documents such as debit note, tax invoice, supplimentary invoice
5. Actual receipt for the goods and services
6. GST returns

The acquisition are creditable considering the fact that;


1. The acquisitions are received for business
2. Bonny Park is a registered taxable person by law
In the event that any goods and services are supplied to a taxable person the GST charged is tax.
Bussiess Activity Statement For the Quarter
Item Amount
Receipt
Training Fees 82,698.00
Share of prize money from customers’ horses 44,000.00
Prize money from Bronny Park horses 16,500.00
Trophy from Brisbane Cup won by a Bronny Park owned horse 1,200.00
Trade-in of tractor previously used on the property 18,000.00
Hay and saddle blankets donated to local pony club (market value $100) -
Other Benefits
FBT
TOTAL RECEIPT
Payments
Expenses
Horse feed 8,800.00
Veterinary fees 6,600.00
Farrier (not registered for GST) 5,500.00
Accommodation for staff at race meetings (Hotel) 2,475.00
Lunch at local restaurant* 650.00
Airfares for staff to attend race meetings** 6,446.00
Bookkeeping services 2,640.00
First Aid courses for staff members 880.00
New tractor 43,990.00
Business loan repayment (interest $750, principle $275 1,025.00
Wages
Sarah 4680.00
Lauren 15600.00
Michael 7150.00
Paul 1500.00
Kris 3190.00
Sam 3190.00

Income tax

Net Income
162,398.00

2,500.00
164,898.00

79,006.00

35310.00

16,790.00

33,792.00