Tax-AW211

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Exercise 1

 
Taxable Activity Question
 

1. Bob’s Laundromat Ltd is a laundry business which has been operating in New Zealand for the last 2 years. This month Bob considers that the value of their laundry supplies for the current month and the next 11 months will be roughly $80,000. Prior to this month Bob’s Laundromat Ltd had been previously generating approximately $30,000 worth of supplies per year.
 
 Advise Bob whether Bob’s Laundromat Ltd is required to register for GST.
 
2. Jill has inherited a block of land from her late grandmother and intends to subdivide the property into two lots. Jill isn’t sure about the GST implications and comes to you asking whether she needs to be registered for GST.
 
 Advise Jill if she needs to register for GST.
 
3. Jim’s Fish & Chips is a takeaway business which has been operating in New Zealand for the last 3 years. Jim’s Fish & Chips had been generating approximately $20,000 worth of supplies for those last 3 years and expects to generate $25,000 worth of supplies in the next twelve months (including the current month).
 
 Please advise Jim whether Jim’s Fish & Chips is required to register for GST.
 

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Exercise 2

 
Payments Based GST Question
 
Penny Wong began a photocopying service in July. She is registered for GST and completes GST returns on a Payments Basis. Purchases of paper supplies are initially recorded as expenses. The following transactions took place during July. The figures stated are the consideration for each transaction (i.e. GST incl. if any).
 
 Investment by owner, $4,500.
 Received invoice for one month’s office rent to July 30, which was paid, $450.
 
 Received an invoice for a copier purchased on credit, $2,610.
 Did a copying job and received $1,080.
 
 Copying job billed to a customer, $540.
 Received invoice for paper supplies, which was paid, $90.
 
 Paid wages to part-time employees, $280.
 Received invoice for paper supplies purchased on credit, $180.
 
 Received partial payment from customer in 5 above, $300.
 Received invoice for electricity which was paid, $90.
 
 Made partial payment on supplies purchased in 8 above, $70.
 Withdrew cash for personal use, $800.
 
Required
 
a. Analyze the transactions into taxable supplies made and received for the period ended 31 July using payments basis. Show all workings.
 
b. Analyze the transactions into taxable supplies made and received for the period ended 31 July using invoice basis. Show al workings
 
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