If a retailer, that is registered for GST, in a tax period has furniture sales totalling $22,000 and in the same tax period had purchases that were all creditable acquisitions of $12,100, what would the net amount of GST be that this retailer owes the ATO?

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Quizplus · Accepted Answer

The GST on sales is $2,000 (10% of $22,000) and the GST on purchases is $1,100 (10% of $12,100). The net GST owing to the ATO is $2,000 - $1,100 = $900.

If a Retailer, That Is Registered for GST, in a Tax