VCE Accounting Unit 1 - GST

Select the GST free items

• Milk

• Soft drink

• Biscuits

• Tea

• Cheese

Select items that attract GST

• Milk

• Soft drink

• Biscuits

• Tea

• Cheese

GST (tax) receivable is classified as;

• current asset

• current liability

• non-current asset

• non-current liability

GST payables is classified as;

• current asset

• current liability

• non-current asset

• non-current liability

To register for GST a business needs to earn $_____ in annual sales

• $25,000

• $50,000

• $75,000

• $100,000

Calculate the GST: Purchased a car for $20,000 GST exclusive

• $200

• $220

• $2,000

• $2,200

Calculate the GST: Paid Garden Bag service $330 GST inclusive

• $3

• $30

• $33

• $300

Calculate the GST owed to the ATO: GST receivable $150, GST payables $200

• $50

• $150

• $200

• $350

Calculate the GST owed to the business: GST receivable $750, GST payables $400

• $350

• $400

• $750

• $1,150

Another name for GST collected is:

• GST payables

• GST tax credits

• GST credits

• GST outlay