Essay
Dennis is a dentist who is registered for GST. During the most recent tax period his total receipts from dental services he supplied equalled $44,000. Dennis paid for the following expenses during this same tax period: Practice rent of $6,600; electricity and gas of $2,200; liability insurance costs of $3,300 and staff salaries of $411,000. What is the likely result of this tax period? Will it result in an amount payable to the ATO or an amount refundable? What is this net amount likely to be?
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Dennis is likely to receive a GST refund...View Answer
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Correct Answer:
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