Activity 3 -Cash Flow Budgets
Calculate the GST amount payable for your cash flow budget.
Before starting this activity, you will have first had to already calculate your yearly sales forecast for 2017/2018. This will be based on the information given in the business plan summary. Once you have your annual sales projection you can calculate the GST collected based on the statutory requirement rate.
BSBFIM601 Manage Finances Assignment-Pax Institute Of Education Australia.
GST paid will be the same % rate as the previous year which is a 5% increase from GST paid 2016/17. Using these figures/projections and the formula below calculate the GST amount payable Submit your completed responses to your assessor. You will also need a copy of this report for your role play in assessment 2.
GST cash flow budget
A statutory requirement for GST is 10% of the recorded amounts in sales. The only capital purchase planned for the year is the luxury car for the chairman. Those expense payments on which 10% GST was paid include
the following:
BSBFIM601 Manage Finances Assignment-Pax Institute Of Education Australia.
Cost of goods sold:
o accounting fees
o insurance
o store supplies
o advertising
o cleaning
o repairs and maintenance
o rent
o telephone
o Electricity expense
The GST amount payable each quarter is the difference between the GST collected from sales and the GST paid – format as per policy and procedures.
BSBFIM601 Manage Finances Assignment-Pax Institute Of Education Australia.
Use the formula
GST Amount payable = GST collected – GST Paid.
This is the standard format to present you cash flow budget.
Use the space provided below to complete this assessment.
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