...Establish the payroll system Submission details Candidate’s name | | Phone no. | | Assessor’s name | | Phone no. | | Assessment site | | Assessment date/s | | Time/s | | The assessment task is due on the date specified by your assessor. Any variations to this arrangement must be approved in writing by your assessor. Submit this document with any required evidence attached. See specifications below for details. Performance objective The candidate will demonstrate the ability to establish procedures for the management of payroll. Assessment description In response to the scenario provided, you will develop a step-by-step plan to establish a payroll system, develop security procedures, establish control measures, and ensure procedures guarantee substantiation of claims for allowances. Procedure 1. Consider the scenario and task provided. 2. Consider the design of a payroll system to cover organisational and legislative requirements. 3. Prepare a planning document in which you outline steps you would take to establish the payroll system. Your plan must include a step-by-step description of review, design, development and implementation. Include: a. a survey of legal environment b. the development of policies and procedures (refer specifically to those three developed in steps 4–5 of this procedure. c. communication/consultation. 4. Write a policy and procedures document to ensure security of employee payroll information...
Words: 2692 - Pages: 11
...y2. The Superannuation System in Australia Superannuation has been used in Australia as a policy instrument to increase retirement incomes and reduce reliance on the age pension (which is provided by the government). Tax concessions have existed for superannuation since 1914.1 Until the 1980s, interest and capital gains on superannuation funds were not taxed. However, the extent of tax concessions has since been reduced. In 1986 compulsory superannuation was introduced in Australia. The system initially applied to employees on Federal awards, with 3 per cent of their earnings saved in superannuation funds in lieu of wage rises.2 The system was extended to apply to most employees in 1992 under the Superannuation Guarantee Charge (SGC), with the contribution rate gradually raised to its current level of 9 per cent of earnings and coverage increased to 90 per cent of employees. Perhaps not surprisingly, households’ superannuation assets as a proportion of GDP almost quadrupled in Australia over the last 20 years (Figure 1), and are now the second largest component of household wealth after non-financial assets, which comprise mostly housing.3 However, the growth in superannuation funds (or their equivalent) was an experience shared by the US and the UK, which do not have compulsory superannuation schemes in place. Valuation effects were an important factor behind the unprecedented growth in superannuation assets over the 1980s and 1990s, explaining around 70 per cent of the rise...
Words: 1588 - Pages: 7
...Date The Trustee(s) XXX Superannuation Fund Street Suburb, State, PCode Dear Trustee(s), AUDIT ENGAGEMENT – YEAR ENDED 30th June 2007 Thank you for my appointment as auditor of your Superannuation Fund. As it is necessary to clarify my role to you, under the Superannuation Industry (Supervision) Act 1993 (the SIS Act) and Regulations, I wish to set out the detail of my terms of engagement as follows: 1. Audit of Financial Report In accordance, with section 113 of the Superannuation Industry (Supervision) Act 1993 (SISA), the financial report of a regulated superannuation fund must be audited by an approved auditor. The auditor must give the trustees an audit report on the financial report in the approved form within the prescribed time after the year of income to which the financial report relates. I direct your attention to the fact that the trustees are responsible for the maintenance of adequate accounting records and internal controls, the safeguarding of superannuation fund assets, the selection of accounting policies and the preparation of financial reports and returns. The trustees are required to keep minutes of meetings, reports and records of trustee changes for a period of at least 10 years. My audit will be conducted in accordance with Australian Auditing Standards. Those auditing standards require that I comply with relevant ethical requirements relating to auditing engagements and that I plan and perform the audit to obtain reasonable assurance...
Words: 2060 - Pages: 9
...Chapter 18 - Superannuation 1 18 SUPERANNUATION Superannuation: An overview.........................................................................................18.000 Thresholds.................................................................................................... ................... 18.002 Superannuation: A quick guide........................................................................................ 18.004 Contribution acceptance and deductibility table................................................................ 18.008 Contributions.................................................................................................... ................18.010 Acceptance of contributions............................................................................................. 18.015 Concessional (before-tax) contributions............................................................................ 18.020 Non-concessional (after-tax) contributions........................................................................ 18.030 Contribution caps.................................................................................................... ......... 18.040 Excess contributions tax................................................................................................... 18.050 Tax file numbers and superannuation............................................................................... 18.060 Reportable superannuation contributions...
Words: 81667 - Pages: 327
...1. ------------------------------------------------- The investment policy in their current superannuation fund, the investment policy in the fund proposed by the planner and the suitability of each for Max and Min; * Compare the investment options in the current superannuation fund and the fund proposed and point out that Max’s needs can be met by switching the investment option. Particularly on: * The fees; * The returns; * Explain to Max that, since superannuation is long-term investments, fluctuations in short-term return might not materially affect the balance at retirement; * Suggest that a balanced / growth option is suitable for both Max and Min. However, if Max still prefers a more conservative investment option, it is also available. 2. ------------------------------------------------- The insurance cover in their current superannuation fund, the insurance cover proposed by the planner and the suitability of each for Max and Min; * Explain about the features of the current insurance cover and draw comparison between it and the proposed cover, particularly to point out the similarities between the two, which leads to the suggestion of increasing the sum insured instead of obtaining a new cover; * Key things to explain about in the above bullet points are: * The sum insured (also mention the underwriting and increasing S.I.); * What is covered and what is not; * The premium and commission; * Financial planner suggested...
Words: 663 - Pages: 3
...The Australian Financial System in the 2000s: Dodging the Bullet Kevin Davis* Abstract The global financial crisis (GFC) occupied only a quarter of the decade of the 2000s but, because of its severity and implications for future financial sector development, dominates the decade. The Australian financial system coped relatively well with the GFC, raising the question of whether there was something special about its structure and prior evolution which explains that experience. This paper reviews Australian financial sector performance and development over the decade, then provides a more detailed overview of the Australian GFC experience and its implications, and considers explanations for the Australian financial sector resilience. 1. Introduction The Australian (and global) financial system entered the first decade of the millennium preparing for a systems crisis, in the form of the Y2K computer scare, which on 1 January 2000 passed without event. But towards the end of the decade, the financial sector was faced with, arguably, its most serious systemic crisis ever, which the Australian financial system and economy weathered relatively well compared with advanced nations in the northern hemisphere.1 While the GFC occupied only one-quarter of the past decade (from mid 2007), it prompts the questions which this review must seek to answer. Was there something about the structure and evolution of the Australian financial system which explained its resilience in the face...
Words: 22385 - Pages: 90
...Table of contents 1. Executive Summary .................................................................................................. 3 2. Service Policy and Disclaimers ................................................................................ 4 3. Family Profile ................................................................................................................. 6 4. Goals and Objectives .................................................................................................... 8 4.1. Short-‐term Goals ................................................................................................................ 9 4.2. Mid-‐term Goals .................................................................................................................... 9 4.3. Long-‐term Goals .................................................................................................................. 9 5. Risk Profile ................................................................................................................... 10 5.1. Risk Profile Conclusion .................................................................................................. 12 5.2. Risk Recommendation ......................................................
Words: 16427 - Pages: 66
...Company Report: Strategy Evaluation 8 February 2013 Table of Contents Executive Summary 3 Industry: Banking and Financial Services in Australia 4 Overview 4 PESTLE 5 Porter’s Five Forces of Competition 6 Firm: Westpac 7 Overview 7 McKinsey’s 7 S Framework 7 Competition Analysis 11 Blue Ocean Analysis 13 SMSF and Strategy Recommendations 13 What is a SMSF? 13 Three tiers of Non-Customers 13 Strategic Canvas – SMSF 14 3 Keys to Success: Tagline, Focus and Differentiation 14 Option 1 14 VRIO 15 Option 2 15 VRIO 15 Appendix 17 Industry Analysis Charts 17 Porters 5 Forces Analysis Detail 20 Westpac Strategic Priorities 22 Material issues 23 Executive Summary Westpac Bank is Australia’s first Bank, founded in 1817 and is currently one of the “big four” group of lending banks in Australia. Listed on the stock exchange in 1970, Westpac has a history of acquisitions, notably the recent (2008) purchase of St George, which contributes 19% of Westpac’s Cash Earnings. Westpac has a market capitalisation of $76.5 billion in an industry with an overall value of $208.6 billion, or roughly 10% of Australia’s GDP. The financial services industry in Australia is an Oligopoly, with the big four banks accounting for over 80% of the market. A mature market, players are converging, and the industry is forecast to grow at around 8% year on year to 2018. Competition in this industry is fierce, though there is also speculation that there may be significant price signaling...
Words: 6332 - Pages: 26
...ways to improve HR policies and standards | JOB SPECIFICATIONS | Qualification: | Degree in business management, human resources managementBachelor’s degree in human resources management or business related fieldPost graduation in personnel or human resources management | Experience: | Working experience minimum 3 years in human resources management or business related field including administration of recruitment and training at all levels | Knowledge skills and Competencies | * Good organizational and interpersonal skills * Ability to understand comprehensive information * Basic numeracy and it skills required for operating various system * Ability to interpret, analyze and explain the official framework employment regulation. * Must be proficient with Excel, Word and Outlook applications. * Good negotiating and influencing skills in implementing personal policies * Able to work alone on a broad variety of project * Staff training, development and recognition * Mentoring and coaching * An understanding of relevant legislation, policies and procedures * Ability to research, evaluate and analyze new recruitment techniques, method and procedure. | KEY RESPONSIBILITIES, TASKS AND ACTIVITIES | * Establish staffing numbers, skills and needs to meet the...
Words: 457 - Pages: 2
...File: Chapter 01 The Financial Services Industry: Depository Institutions Multiple Choice [QUESTION] A non-bank depository institution is also referred to as: A. Drift. B. Thrift. C. Phrift. D. Draft. Answer: B Level of difficulty: 1 [QUESTION] Which of the following statements is true? A. A non-bank depository institution is also referred to as drift. B. A non-bank depository institution meets the legal definition of a bank. C. A non-bank depository institution undertakes exactly the same activities like a bank. D. A non-bank depository institution is also referred to as drift and a non-bank depository institution undertakes exactly the same activities like a bank . E. None of the given answers. Answer: E Level of difficulty: 2 [QUESTION] Which of the following statements is true? A. Authorised depository institutions are those that have been granted an authority by the RBA to operate in Australia. B. Authorised depository institutions are those that have been granted an authority by APRA to operate in Australia. C. Authorised depository institutions are those that have been granted an authority by the Australian Government to operate in Australia. D. Authorised depository institutions are those that have been granted an authority by ASIC to operate in Australia. E. None of the given answers. Answer: B Level of difficulty: 2 [QUESTION] Which of the following statements is true? A. Building societies are depository institutions. B...
Words: 3637 - Pages: 15
...professional advice. Question 2 In Queensland, you are required to register a business name if you trade under a name that isn’t your natural or corporate name. Question 3 In Queensland the Workers Compensation Act is administered by the State via WorkCover Queensland. Question 4 Only when the contracted work performed is paid for as a mix of labour and some materials, or the workers are on lump sum labour only and use other than hand tools, is the employer exempt from paying the levy. Question 5 Government regulations require you, as an employer, to contribute the equivalent of 9% currently of each employee’s ordinary times earnings to an approved superannuation fund on each employee’s behalf. This applies even when you are subcontracting if the person is contracted solely for their labour. These contributions are tax deductible, so long as they are paid into the fund on time. Question 6 An employer is required to pay superannuation if an employee earns $450 (before tax) or more per calendar month. Question 7 Based on the Anti-Discrimination Act 1991, a person cannot be...
Words: 1447 - Pages: 6
...Financial Institutions, Instruments and Markets—7th edition Instructor’s Resource Manual Christopher Viney and Peter Phillips Chapter 1 A modern financial system Learning objective 1.1: explain the functions of a modern financial system • The introduction of money and the development of local markets to trade goods were the genesis of the financial system of today. • Money is a medium of exchange that facilitates transactions for goods and services. • With wealth being accumulated in the form of money, specialised markets developed to enable the efficient transfer of funds from savers (surplus entities) to users of funds (deficit entities). • A modern financial system comprises financial institutions, instruments and markets that provide a wide range of financial products and services. • A financial system encourages accumulated savings which are then available for investment within an economy. • Financial instruments incorporate attributes of risk, return (yield), liquidity and time–pattern of cash flows. Savers are able to satisfy their own personal preferences by choosing various combinations of these attributes. • By encouraging savings, and allocating savings to the most efficient users, the financial system has an important role to play in the economic development and growth of a country. Learning objective 1.2: categorise the main types of financial institutions, being depository financial institutions, investment banks and merchant banks,...
Words: 4075 - Pages: 17
...REST Super Product Disclosure Statement and forms Effective 1 October 2015 REST Super has a MySuper option Issued by Retail Employees Superannuation Pty Limited (Trustee) ABN 39 001 987 739 AFSL 240003 Retail Employees Superannuation Trust ABN 62 653 671 394 Unique Superannuation Identifier RES0103AU rest.com.au 1300 300 778 Contents 1. About REST Super 3 2. How super works 4 3. Benefits of investing with REST Super 5 4. Risks of super 6 5. How we invest your money 7 6. Fees and costs 9 7. How super is taxed 12 8. Insurance in your super 13 9. How to open an account 16 This PDS provides a summary of significant information and it includes links to important information which forms part of this PDS. The ‘REST Super Member Guide’, ‘REST Super Insurance Guide’, and ‘Investment Guide’ are important information you should consider before making a decision to invest in this product. The information in this document is general information only and doesn’t take into account your personal financial situation or needs. You should consult a licensed financial adviser to obtain financial advice that is tailored to suit your personal circumstances. The information contained in this PDS is up to date at the time of preparation. However, the Trustee reserves the right to change the insurer* and vary the benefits, insurance costs, procedures or terms and conditions from time to time. Some...
Words: 9616 - Pages: 39
...she understands the figures and relationship of risk and return, and rides out any movements in the investment market. As a result, she would like to channel any surplus funds into her investments. Besides, she more concerns about the income, capital growth, tax efficiency, control of her investment. Obviously, without certain financial literacy, she will not concern those so much. On the other hand, since she has superior financial literacy, I reasonably consider that she has dominant ability to manage her present and future financial investment. In addition to her financial concern and literacy, she weekly monitors her expenditures, banks account and investment balances and also prefers to take greater control over her self-managed superannuation, in other words, she indeed has superior ability to manage her financial investment. To conclude, I believe that Ms Truong has medium to high financial literacy and superior ability to manager her present and future financial investments. Q2 Short-term (1-3 years) financial goals: Ms Truong wants $10,000 available for accommodation, food and incidental expenses due to the overseas trip next year. Also, she needs to pay off her visa credit card liability of $2,256 and car loan of $9,128 . Medium-term (3-5 years) financial goals: she might need to build wealth in next few years in case moving to regional Victoria to be with her family. In addition, she plans to pay off mortgage loan of $58,456 as quickly as possible. Long-term...
Words: 1115 - Pages: 5
...The overall objectives and framework of rules and regulations of the Company are laid down in the Memorandum and Articles of Association of the Company. Each Department of the Company, while discharging its functions, is guided by Book of Delegated Powers, manuals, policy and guidelines, which are periodically reviewed and updated. The conduct of the employees is regulated by the Employees' (Conduct, Discipline and Appeal Rules) and Standing Orders. In addition, the Company follows the directives and guidelines issued by the Government of India on various matters. The important Internal Rules, Regulations, Manuals & Records, which are used by the employees of the Company in discharge of their functions are given below: (A) Matters pertaining to Company Affairs Memorandum & Articles of Association; Decisions of the Board of Directors and Sub-committees of the Board from time to time as contained in the minutes book; Decision of shareholders in the Annual General Meeting as contained in the minute book; The Code of Internal Procedures and Conduct for Prevention of Insider Trading in Dealing the Securities of ONGC ; Procedures for Corporate Disclosure; Companies Act, 1956 and Rules framed there under; Listing Agreement & SEBI Guidelines; (B) Matters pertaining to Finance & Accounts Accounting Policies; Accounting standards; Accounting Manual; Delegation of Powers; Internal Audit Manual; (C) Matters pertaining to Works, Contract, Sales, Procurement, Inventory...
Words: 509 - Pages: 3
