Process business tax requirements
You are advised to commence work on your assessment from week 1 and all tasks must be submitted by the due dates provided.
Task Due Date
Task 1 Week 1
Task 2 – Q1 Week 2
Task 2 – Q2 Week 3
Task 2 – Q3 Week 4
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Task 1: Theory Assessment
Question 1 – Question and Answers
Answer the following questions in writing.
a) What are the four main business structures for taxation purposes within Australia?
b) Discuss the different types of accounting systems.
c) What are the requirements of taxations records?
d) List six specific taxation requirements for business documents.
e) Describe the three main types of accounting that will be used in preparation for tax compliance.
f) Discuss two of the range of standards that all records must comply with.
g) What do lodgement schedules include?
h) What are instalment activity statements?
i) Discuss the principle of double entry.
j) Who may be the authorised personnel to review documents?
k) What are the administrative functions in a financial services organisation?
l) Explain in your own words the accounting terminology listed in the appendix?
m) An income tax return must be lodged each year to report business income and claim deductions, other yearly reports or returns may also be lodged for other tax types. What could a lodgement schedules include?
Question 2 – Written Report
Research each of the following topics and complete a basic report on your findings related to small businesses in Australia. The complete report must not be more than 1000 words in length. The research topics are:
a) What legislation is relevant to business taxation returns?
b) Why are accounting records for taxation purposes required to be kept by Australian Taxation law?
c) What areas need to be covered and what records need to be kept when preparing and processing business taxation returns according to Australian taxation requirements.
Task 2: Case Study and Practical Assessment
Question 1 – TJ Smith Pty Ltd
You have been employed as a bookkeeper for TJ Smith Pty Ltd. The basic details and other transaction details regarding the organisation have been provided in appendix. Your task is to:
a) Transfer the transactions onto an excel spreadsheet
b) Calculate the GST payable for the month of September 2015
c) Calculate income tax liability
d) Complete the GST remittance onto the hardcopy activity statement. Sample can be accessed from ATO website
e) Receive authorisation before submitting (From your assessor).
You will meet the CEO (your assessor) for organisation ‘TJ Smith’ and undertake the following:
During the roleplay, you will be assessed on your communication skills including:
• verbal exchanges
• language and concepts appropriate for the audience
• Handling a questions and answer session
• Uses collaborative and inclusive techniques to build rapport
• Establish and maintain positive relationships with a range of stakeholders
• Asking relevant questions to clarity and confirm information and instructions.
Question 2 – Cheshire industries Pty Ltd
Using the information provided regarding the organisation in Appendix, what government taxes would Cheshire industries Pty Ltd have to comply with and on what basis would these taxes be calculated?
Question 3 – Renham Industries Pty Ltd
You work for an accounting firm that specialises in assisting employers understand and meet their payroll obligations. Renham Industries Pty Ltd has been having problems with understanding its obligations in the area of employee superannuation.
Based on the information provided in appendix, calculate the following with regard to the company’s liability for superannuation for the quarter ended 30 June 2011:
a) total OTE for each employee
b) amount of superannuation for each employee
c) total amount of superannuation payable
d) the due date for payment of the superannuation.
Case Study – TJ Smith Pty Ltd Case Study – Cheshire Industries Pty Ltd
Case Study – Renham Industries Pty Ltd
References / recommended resources
Process business tax requirements – FNSACC401, Enhance Your Future