...“Establishing a business in Australia” Introduction The demand for bakery products is growing in Australia as people are getting more knowledgeable about health benefits of eating protein enriched bread varieties. Since there is a bakery skill shortage in Australia(Apprenticepower 2012) and our client is specialized in making bread, cakes, tarts, biscuits and cookies he intends on starting the bakery business is Australia. The purpose of this paper is to help the prospective businessman to understand the challenges and opportunities of entering the bakery industry so that appropriate business decisions could be made. This report focuses on providing a guide to the potential bakery businessman in terms of starting a bakery in Australia. Important matters covered in this report are choosing the appropriate business structure for establishing a bakery, vital bakery business registrations and few important specifics of entering into the bakery business. Matters for consideration Business Structures Starting or buying a bakery involves many indispensable steps. The foremost priority when starting a bakery business is choosing the business structure keeping in mind the needs and the budget of the business. There are four main types of business structures used by small-medium sized business in Australia (ATO & ATC 2012). • Sole-traders • Partnerships • Trusts • Companies The appropriate types of business structures for the bakery business would be sole proprietorship...
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...choice, and you can use it instead of the ‘Standard choice’ form given to you by your I request that all my future superannuation guarantee contributions be made to the MTAA Superannuation Fund. employer. Please use capital letters. I request that all my future superannuation guarantee contributions be made to the MTAA Superannuation Fund. Employee name Employee number (if applicable) Employee name Date Employee number (if known) Tax file number (TFN) Date Turn off layer before exporting / / / / Other PDSs that have this form Under the Superannuation Industry (Supervision) Act 1993, you are not obliged to disclose your tax file number, but there may be consequences, such as paying increased tax. See the document How Super is Taxed at www.mtaasuper.com.au/memberPDS/howsuperistaxed. If your TFN is Signature provided, your employer must provide your TFN to the super fund. Return this form to your employer. Do not send this to the Tax Office or to your superannuation fund. Signature Return this form to your employer. Do not send this to the Tax Office or to your superannuation fund. MTAA Super is an eligible choice fund. How Super Works Your chosen fund My chosen fund Fund Name MTAA Superannuation Fund MTAA Super is an eligible choice fund. Fund (ABN) 74 559...
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...KAPper he following guidance is correct when recording and retaining tax file numbers (TFNs)? Wrong Score : 0 / 1 Your choice | Expected choice | Answer | Comment | | | TFNs must be clearly identified and retained on the client file for seven years | | | | Once the application form has been sent the adviser should black out the client's TFN on their copy of the form | | | | TFNs information should be collected in the fact finding interview and retained on the client file | | | | TFNs cannot be collected or retained in any circumstances | | 2. Which of the following would normally be a feature of the second interview stage of presenting client strategies? Wrong Score : 0 / 1 Your choice | Expected choice | Answer | Comment | | | The adviser undertakes the fact finding process in order to establish the client’s goals and objectives | | | | The adviser brings the client up-to-date with the implementation of the recommendations | | | | The adviser states the establishment and ongoing management costs associated with the implementation of the strategy | | | | The adviser goes through the Risk Profile Questionnaire with the client | | 3. When is a strategy of paying insurance premiums through superannuation arrangements most beneficial? Wrong Score : 0 / 1 Your choice | Expected choice | Answer | Comment | | | The client is able to reduce overall net cost (or increase the amount of cover for the same cost) of their life and...
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...ABN 15 211 513 464 CRICOS PROVIDER NO 00026A Student Number: 450066959 HAN LI ROOM 7007, NO.2 JINCHENG INTERNATIONAL SQUARE BUIDNO.68 JINGSAN ROAD, JINSHUI DISTRICT, ZHENGZHOU, HENAN, Enrolment Year: 2016 Enrolment Semester: 1 Statement Issued Date: 23/02/2016 STUDENT FINANCIAL STATEMENT ENROLMENT AND FINANCIAL DETAILS FOR THE SEMESTER Course Name: Master of Engineering Census Date Credit 3 Point EFTSL ELEC5020 Capstone Project A 31/Mar/2016 6 ELEC5509 0.1250 0.1250 0.1250 Amount Unpaid Due Date Status 1 : S310 Type 2 : I004 4,750.00 $ 0.00 $ 4,750.00 $ 0.00 $ 0.00 $ 4,750.00 $ 0.00 $ 4,750.00 $ 0.00 $ $ 0.00 01/Mar/2016 Status 1 : S310 Type 2 : I004 4,750.00 $ 0.00 $ 4,750.00 $ 0.00 $ 0.00 01/Mar/2016 Status 1 : S310 Type 2 : I004 0.1250 $ 4,750.00 $ 0.00 $ 4,750.00 $ 0.00 $ 0.00 0.5000 24 01/Mar/2016 Status 1 : S310 Type 2 : I004 Sustainable Design, Eng and Mgt 31/Mar/2016 6 TOTALS Discount Entrepreneurship for Engineers 31/Mar/2016 6 ENGG5202 $ Amount Paid Mobile Networks 31/Mar/2016 6 ENGG5102 Amount Deferred Fee Amount4 $ 19,000.00 $ 0.00 $ 19,000.00 $ 0.00 $ 01/Mar/2016 0.00 DEFINITIONS 1 Liability Status S310 - Liable - International Fee Paying 2 Liability Type I004 - International - Rate 1 3 EFTSL...
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...is better to gain some money than nothing and that would be the salary during the period of training. As the first job I got in Perth, I really felt passion about it. It seems that it is really a hard job. Since our shop locates in the heart of Perth, there are lots of people coming to our shop every day. During the first week, I worked four days from 10am to 5.30pm, which made me very tired, but I still felt happy since I could get money from this job. One day, one of my colleagues asked Mr. Zhang to pay the salary, so did I. Mr. Zhang looked at me for five seconds and told me that there is no salary during the training and I could get 10 dollars per hour after training. After hearing that, my mind got blank. Even I applied for the tax file number before that, but Zhang said he would pay me by cash. I did not say anything that day. What is more, staffs there have to pay for the lunch all by themselves; and when it is really busy, we do not have time to have lunch. Now, it is the second week I work there and I should get...
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...Starting a technology company in Tasmania Australia Western International University International Business INB 300 March 25, 2009 No doubt everyone is familiar with a computer or sorts, either it are at work, home or right in their very hands. Today’s society requires that we establish and continue to maintain a familiarity with computer through all different kinds of electronic devices. Without information that is passed between individuals, organizations and in this case a startup technology company, there would be no use for electronic devices. Information, or pieces of information called data, is moved around the world at what seems the speed of light. Imperative as it seems more so now a days from sales agents to the average Joe information needs to be accessible in seconds. Having the accurate information as well having the ability to organize and recall data about a particular subject is part of this papers makeup. The other portion of this paper is establishing a set of plans for the business to come into its own. Through discussing what type of technology and product along with a business plan to set this business in motion in Tasmania Australia is the focus of this paper. A start-up company’s way of making sure they become viable and a respected entity is through having a solid product and business plan. For this instance the technology company being discussed centers around the warehousing of data from clients. Data warehousing is the secure...
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...All government card holders should make sure they keep the government credit card in a safe place. Most supervisors advise their employees to keep it in a locked box in the office. You should never keep the credit card in your wallet. Many people accidentally use the GPC for personal items, because they thought it was their personal credit card. Card holders are only allowed to use the GPC with authorized vendors. Some of the authorized vendors include Office Depot, Lowe’s, Office Eagle, Home Depot, GSA Vendors, DOD Authorized Charter Companies and DOD Authorized Catering Companies. Card holders must make sure they submit a purchase memorandum before making a purchase. Also, the memorandum should be approved before making a purchase. It is very important to make sure that the vendor accepts the GPC and that they are tax exempt. Tax exempt is defined as “not subject or liable to taxation.” (Dictionary.com, 2012) Card holders have a monthly purchase limit and a single purchase limit. The single purchase limit is the amount that can be charged for a single purchase. The single purchase limit is usually $2,500. The monthly...
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...Week 7 Research Project (Set #1) DeVry University Acct 429 TAX RESEARCH MEMORANDUM ASSIGNMENT 2 It appears as though a couple of your clients have encountered an unfortunate development in their financial situation. Cindy and Ralph Edmonds own TidyCo., Inc. TidyCo, in turn, owns and operates several coin Laundromats in and around Dubuque, Iowa. Over the last two years, the Edmonds made weekly deposits of the Laundromat receipts to corporate and personal bank accounts. However, it now also appears (unknown to you!) they also siphoned off a portion of the weekly collections and took them home rather than depositing them. These amounts, which appear to total about $200,000 were hidden in shoeboxes around the house and (surprise!) were not reported as income. The IRS found out about these amounts and has notified them that it intends to bring criminal tax evasion charges against them under Section 7201 of the Code. The IRS has made quite clear that it believes that the Edmonds’ actions constitute prima facie evidence that they intended to defraud the government and should therefore be liable under the statute. As their accountant, you know that TidyCo has a deficit in both its accumulated and current E&P accounts and that this deficit has existed over the entire...
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...bureaucrats are some to mention. Ok, lets move forward. Hope this article will help Startup Entrepreneurs greatly. Step 01: On-line verification of the uniqueness of the proposed company name with the Registrar of Joint Stock Companies and Firms. The proposed name needs to be sent on-line and clearance certificate is provided via e-mail by the Deputy Registrar (Name Clearance), RJSC. A print out of the name clearance certificate is to be submitted to the RJSC along with the other documents and forms required for the incorporation of the company. Time Duration: 1 day Estimated Associated costs: BDT 100 Step 02: Pay adhesive stamp fees at a designated bank. Until recently, special adhesive stamps of value was affixed to the memorandum of association regardless of the company’s authorized capital....
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...Federal Income Taxation SPRB12 - Sec B Professor James Shimko Tax File Memorandum Nino Giorgobiani May 16, 2012 May 14th, 2011 Tax File Memorandum From Nino Giorgobiani Subject Peaceful Pastures Funeral Home, Inc. Taxpayer Engagement Today I met with Peaceful to discuss the IRS audit notice they received in regards to their reported income. They want to know whether the amounts prepaid under Peaceful’s program constitutes prepaid income that must be included in Peaceful’s income in the year in which it was received. Facts Peaceful is an accrual basis taxpayer; they provide a full line of funeral services and sell related goods as well. Over the years their cost of goods sold increased and customers have not been able to afford their services. For this reason, they came up with an approach where customers are able to prepay for their funeral goods and services. Under the contract, the payments are refundable any time until the goods and services are provided to them. Peaceful does not report payments received in advance as income until the year in which the services are provided. Issue Should the prepaid income be included in the year in which it was received or in the year when the services are provided Conclusion Peaceful should not have to report prepaid income in the year received, they should report income when the services are provided. Analysis According to Comm. v. Indianapolis Power and Co & Light Co., (65 AFTR 2d 90-394) the opinion was...
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...[Memorandum] To: Thomas Collura From: Bryan Alread Date: October 6, 2014 Re: Corporate Tax Refund Claim Facts: The client used an extension on their 2010 calendar year tax return to extend their filing date to September 15, 2011. The client electronically filed their return on September 4th but was rejected by the IRS. After making some changes they resubmitted their return on September 9th and was received and accepted by the IRS on September 10th. On June 10th 2014, just under three years later, the corporation realized that they reported to much income for their calendar year 2010 tax return. Issue: What is the latest date the corporation can file a claim for a refund on calendar year 2010 tax return? Conclusion: The latest date in which the corporation can file a claim is September 9th, 2014. Analysis: Under section 6511 of the U.S Code, a claim for credit or refund of an overpayment can file a return within three years from the date the original return was filed or 2 years from when the tax was paid, whichever expires later. Under these facts we do not know when the tax for the return was paid and will go with the date the original return was filed. The corporation filed their return on September 4th but was rejected and then resubmitted their return on September 9th, which were accepted by the IRS on September 10th. In code section 6513a of the U.S. Code a return is considered filed on the latest day for that...
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...Tax Research Memorandum Peaceful Pastures Funeral Homes, Inc. Prepared by: May 25, 2014 May 25, 2014 TAX FILE MEMORANDUM FROM SUBJECT Peaceful Pastures Funeral Home, Inc. Peaceful Pastures Funeral Home, Inc. has contacted me for advice in regards to an audit notice rendered to them by the IRS. The incorporated funeral home wants to know if the IRS is correct when stating that Peaceful’s program has prepaid income that must be included in the company’s income and is subject to tax. FACTS Peaceful is an accrual basis taxpayer that offers funeral services together with products related to the services. The company created a program, after experiencing bad debts and losses, that gives customers the opportunity to pay for goods and services in advance that will be incurred by them at the time of death. The contract included a promise to the purchasers to refund payments at any time up until the goods or services are rendered to them. Because peaceful is an accrual basis tax payer, the pre payments from the customers and income gained from them are subject to tax. ISSUE Are the payments made in advance by the customers for Peaceful’s program considered prepaid income that is taxable at the end of the year? CONCLUSION The prepaid income from the customers is realizable as income only in the year that Peaceful receives the pre-payments. This means that income is not realizable at the time that the goods and services are rendered. Because of this, the IRS was correct in...
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...MEMORANDUM TO: Captain Kirk FROM: Mr. Spock DATE: September 26, 2279 RE: Failure to File and Late Payment Penalties ______________________________________________________________________________ FACTS While out on the outer rim of the galaxy the past two years, many of the Earth residents of the Enterprise crew failed to file Federation income tax returns for tax years 2277 and 2278. Others were able to file using Z-mail, but even those persons often lacked sufficient information to file a complete and accurate return. Upon the return of the Enterprise to Federation space, original or amended returns were promptly filed by those crew members that were required to file. Many crew members have recently received notices from the Interstellar Revenue Service that they owe penalties for failure to timely file their income tax returns and/or failure to timely pay the full tax due. ISSUE Does being outside of federation space for an extended period of time give sufficient grounds to have the failure to file and late payment penalties abated? CONCLUSION The IRS has authority to abate failure to file and late payment penalties due to reasonable cause. The IRS, which has sole discretion on what constitutes “reasonable cause,” has only granted relief when the taxpayer is physically unable to file returns. Since crew members were not physically prevented from filing their returns by Z-mail, it is unlikely that the IRS will abate any penalties for failure to...
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...October 2, 2014 Tax File Memorandum To: Brett Ouray Facts Kathy and Brett Ouray were married in 1996. In 2014, they consider themselves completely estranged. Due to financial reasons they have decided to not get a divorce or live separately. They also do not have any legal documentation of separation and neither of them has lived outside the home for a significant amount of time. They currently reside together with their three children. They have decided that Brett has contributed more to the upkeep of their home and children than Kathy. They have also decided to file separately. Brett believes he is eligible to file for head-of-household. Question Presented Is Brett Ouray eligible to file for head-of-household? If not, how should he file? Short Answer No, Brett Ouray is not eligible to file for head-of-household. They should file a joint return to maximize tax benefits. Analysis Section 2(b) defines an individual shall be considered a head-of-household if, and only if, such individual is not married at the close of his taxable year. Section 7703(a)(2) defines that a person is considered married unless individuals are legally separated under a decree of divorce or of separate maintenance. Section 7703(b) provides that certain married individuals can file for head-of-household if individuals are not living together. Also, an individual claiming head-of-household must reside more than one-half of the year in the home and provide more than one-half of the cost of maintaining...
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...DOCUMENTARY STAMP TAX Tax Rates |Tax Code Section |Document |Taxable Unit |Tax Due Per Unit |% of Unit |Taxable Base | |174 |Debentures and |P200.00 or fraction |P1.50 |.75% |Face value of Document | | |Certificates of |thereof | | | | | |Indebtedness | | | | | |175 |Original Issue of Shares |P200.00 or fraction |2.00 |1% |Par value of shares of | | |of Stock with par value |thereof |2.00 |1% |stocks actual consideration| | |Original Issue of Shares |P200.00 or fraction | | |for the issuance of shares | | |of Stock without par value|thereof based on | | |of stocks | | | |actual consideration| | | | |176 |Sales...
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