Miller Pty Ltd is an Australian company and registered for...

Miller Pty Ltd is an Australian company and registered for GST. Miller P/L paid the following expenses in Dec 2022 quarter. Salary & Wages $250000 Interest on a business loan $65000 Rent for the office $59595 Accounting Fees 6561 How much GST credit can Miller P/L claim in Dec 2022 quarter BAS? Answer: 6016

Transcript

00:03 Calculate sandra's taxable income for the year ended 30 june 2022, we need to subtract her allowable deductions from his accessible income.

00:17 And accessible income in this business income is given which is equals to $1 ,70 ,000.

00:35 Now weekend job income is $22 ,000.

00:45 Now total accessible income is we have to add both of them $1 ,70 ,000 plus $22 ,000 and it is equals to $1 ,92 ,000.

01:07 Then we will see the deductions.

01:12 Deductions are given business expenses is equals to $84 ,000.

01:24 Then personal deductions is given which is equals to $40 ,200.

01:35 Now we can add them so we know that about the total deductions.

01:41 So the total deductions equals to $84 ,000 plus $40 ,200 equals to $88 ,200.

01:52 See, now we have to calculate taxable income.

01:57 Taxable income is equals to accessible income minus deductions.

02:10 So here $1 ,92 ,000 minus $88 ,200.

02:20 So it is equals to $1 ,03 ,800.

02:26 Therefore, sandra's taxable income is equals to $1 ,03 ,800.

02:38 To calculate sandra's liability to the australian taxation office for the income year ended 30 june 2022, we need to determine the amount of income taxable payable based on her taxable income.

02:54 Income tax rates for the 2021 to 2022 financial year up to 30 june 2022 are as follows 0 % for the first $18 ,200 then 19 % on income between $18 ,101 to $45 ,000.

03:24 Then 32 .5 % on income between $45 ,001 and $1 ,20 ,000.

03:41 45 % on income above $180 ,000.

03:48 To calculate the tax liability, we apply these rates to the respective income brackets.

03:56 So tax on income between $45 ,001 and $1 ,20 ,000 is equals to $45 ,000 multiplied by 0 .19 which is equals to $8 ,550.

04:23 Now we have to calculate tax on income between $1 ,20 ,001 and $1 ,80 ,000 is equals to we have to reduce here $1 ,03 ,800 minus $1 ,20 ,000.

04:54 So it is equals to and this is multiplied by 0 .37 because 37 on income tax income between $1 ,20 ,001 and $1 ,80 ,000.

05:06 So here our after doing this negative $6 ,330 negative because taxable income is below this bracket.

05:18 Therefore, sandra's tax liability for the income year ended 30 june 2022 is $8 ,550...

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