Reference no: EM132613012

Gym Stores purchases and sells dumb bells and has adopted the invoice basis to account for GST and Category A of the two-monthly taxable period. The following is a summary of invoiced transactions undertaken by Gym Stores for taxable period ending 31 March 2019:

Sales in New Zealand (GST inclusive)                                                    $69,000

Export Sales (GST exclusive)                                                               $34,500

Interest received from bank                                                                     $2,300

Rental income from residential property                                                       $2,760

Purchases and expenses in relation to sales in New Zealand (GST exclusive)    $25,000

Purchases and expenses in relation to export sales (GST exclusive)                 $15,000

Rental expenses on sales office (GST exclusive)                                               $7,000

Problem 1: The amount of Zero-Rated Supplies to be included in the Goods and Services Tax Return (Form GST101A) is:

Select one:

Option a. $34,500

Option b. $46,000

Option c. 39,560

Option d. $39,675