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QUESTION - Optimistic Outlook' is a business registered for GST and lodges its Business Activity Statement (BAS) at the end of each quarter. For the month ending 30 September 2020, 'Optimistic Outlook' recorded the following transactions:
Transactions
$
Drawings by owners
15,246
Provided sales to customers on cash basis
83,050
Paid for various operating expenses (not including wages)
72,347
Paid for wages (gross)
55,000
PAYG Withheld
11,000
Purchased and paid for a new motor vehicle
47,894
Received cash from credit customers for services provided in August 2020
33,000
Note: the above amounts include GST where appropriate.
Additional information: On 1 September 2020, GST Paid and GST Collected opening balances were $5,000 and $25,000 respectively. PAYG Withheld opening balance was $10,000.
Required - Based on the above information, record the total GST Paid, GST Collected, PAYG Withheld, the Net GST Payable/Refundable, and clearly indicate if the Net GST amount is payable to the ATO or refundable to the business for the July - September 2020 quarter in the space provided. Is the Net Amount Payable to the ATO or Refundable to the Business?
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