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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.

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  1. All assessments must be completed and delivered individually. Where an assessment involves group discussions, you should consider the input of your group but submit an individual assessment to your trainer.
  2. Please read all instructions on completing each assessment. Instructions for completion are provided at the beginning of each assessment.
  3. All written answers must be typed in a word document using Arial font, 12 size and single spacing if similar instructions are not provided in the assessment.
  4. Your trainer will not be able to assist you in answering questions. However, your trainer will address any issues concerning questions requiring further explanation.
  5. You may refer to your student learning resources or any other relevant resources when completing your assessment.
  6. Assessments are due for submission as specified in the assessment schedule. Any variations to this arrangement must be approved by your trainer prior to the due date for submission.
  7. You have access to computers which are equipped with Microsoft suite of products or any other relevant software and printing facility.
  8. Use assessment templates if provided, to complete relevant sections of the assessment. You can also create your known templates for assessment evidence.
  9. You must achieve a satisfactory result for all tasks to achieve competency in this unit.
  10. All assessment answers should be submitted to the trainer in required format (soft or hard copy) as per trainer instructions with completed assessment cover sheet (if required).

Assessment Schedule
Task Due Date
Task 1 Week 1
Task 2 – Q1 Week 2
Task 2 – Q2 Week 3
Task 2 – Q3 Week 4

These materials were originally developed by Enhance Your Future Pty Ltd but may now be altered from the original form. Enhance Your Future Pty Ltd does not accept any liability for the Materials, the content and/or any reliance thereon.’
Task 1: Theory Assessment
Student Instructions

  1. Type all the answers in a word document if required.
  2. You can conduct internet research to answer these questions.
  3. Provide explanation of 2-3 lines when answering ‘Describe’ questions.
  4. Provide detailed workings for calculations questions.
  5. Provide answers in table format wherever possible.

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.


Accounting Terminology

Task 2: Case Study and Practical Assessment
Student Instructions

  1. Type all the answers in a word document if required.
  2. You can conduct internet research to answer these questions.
  3. Provide explanation of 2-3 lines when answering ‘Describe’ questions.
  4. Provide detailed workings for calculations questions.
  5. Provide answers in table format wherever possible.

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).

Role Play

You will meet the CEO (your assessor) for organisation ‘TJ Smith’ and undertake the following:

  1. Present the GST and income tax liabilities
  2. Provide opportunity to ask questions
  3. Respond appropriately to all questions asked
  4. Ask questions regarding submit process and authorisation.

During the roleplay, you will be assessed on your communication skills including:

• Content
• Professionalism
• Clarity
• 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

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