...Common Accounting Unit FNSACC403B Make decisions in a legal context Assessment Task 2 – Written Report 31470/02 By Kim-hung PUN Student number E0574958 All terms mentioned in this text that are known to be trademarks or service marks have been appropriately capitalised. Use of a term in this text should not be regarded as affecting the validity of any trademark or service mark. © Open Colleges Pty Ltd, 2014 All rights reserved. No part of the material protected by this copyright may be reproduced or utilised in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without permission in writing from the copyright owner. Printed in Australia Instructions Once you feel confident that you have covered the learning materials for this unit, you are ready to attempt this assessment. To complete the assessment, please create a new Microsoft Word document and type your answers to each question or task in this document, noting the question number from the assessment. Alternatively, you can download a Microsoft Word copy of this assessment from the relevant Study Period of your course in OpenSpace. To help Open Colleges manage your assessment, please use the following file naming convention when you save your Microsoft Word document. Your file should be named and saved to your computer’s hard drive using your [student number]_[assessment number].doc. For example 12345678_21850a_01.doc Assessment...
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...YOUR OBLIGATIONS AS A COMMONWEALTH SUPPORTED STUDENT AND UNDER HECS-HELP. Request for Commonwealth support and HECS-HELP form If you do not submit a form or finalise your payment by the census date you risk cancellation of your enrolment as a Commonwealth supported student (your institution may have set an earlier administrative date for this deadline—check with your institution). USING THIS BOOKLET • As you read through, you will notice that certain terms are highlighted in pink. These terms are defined in the glossary. • If you have a specific question after reading this booklet, the contacts list at the end of this booklet will help you. • More information is available at www.studyassist.gov.au. IMPORTANT NOTE: The Department of Education and Training has endeavoured to ensure that the information in this publication is consistent with the Higher Education Support Act 2003 (the Act) and guidelines made under the Act, available at www.comlaw.gov.au. However, there may be differences between this publication and the Act or guidelines—if there is any inconsistency the Act will take precedence. WHO IS THIS BOOKLET FOR? This booklet is for eligible higher education students enrolling in a Commonwealth supported place (CSP). Most undergraduate students at Australian public...
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...are the record keeping requirements for a business in Australia? All businesses are required to keep records and documents for tax purposes in relation to their business operations. Some of the main reasons for keeping accurate and up-to-date financial records are: Financial records provide information to allow you to monitor the performance of your business; By law, the Australian Taxation Office (ATO) requires you to keep certain business records and penalties may apply if you do not comply; Business is required to keep financial records for a minimum of five years after they are prepared; The obligations to keep records for five years continue even if you sell, close, or retire from the business; The records need to be in plain English and allow for ease of access should the tax office ever wish to see them; If you maintain good financial records, it will be easier and faster to complete the business activity statements and other tax obligations when they are due. 2. What is an audit and how often can a business be audited by the tax office? An audit is the examination of the financial report of an organization - as presented in the annual report - by someone independent of that organization. The financial report includes a balance sheet, an income statement, a statement of changes in equity, a cash flow statement, and notes comprising a summary of significant accounting policies and other explanatory notes. The purpose of an audit is to form a view on whether...
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...MACQUARIE UNIVERSITY FACULTY OF BUSINESS AND ECONOMICS DEPARTMENT OF ACCOUNTING AND CORPORATE GOVERNANCE BUSL320 - REVENUE LAW - 1st semester 2012 Written Assignment Cover Sheet Family Name | Pik Kwan | Given Name(s) | Lee | Student ID number | 42078032 | Tutor’s Name | Peter | DECLARATION I certify that: . This assessment is my own work, based on my personal study and/or research; I have acknowledged all material and sources used in the preparation of this assessment, including any material generated in the course of my employment; . If this assessment was based on collaborative preparatory work, as approved by the teachers of the unit, I have not submitted substantially the same final version of any material as another student; . Neither the assessment, nor substantial parts of it, have been previously submitted for assessment in this or any other institution; . I have not copied in part, or in whole, or otherwise plagiarised the work of other students; . I have read and I understand the criteria used for assessment; . The assessment is within the word and page limits specified in the unit outline; . The use of any material in this assessment does not infringe the intellectual property / copyright of a third party; . I understand that this assessment may undergo electronic detection for plagiarism, and a copy of the assessment may be retained in a database and used to make comparisons with other assessments in future...
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...Beginning a Life in Australia Welcome to Australia English DIAC12/01138.11 The Beginning a Life in Australia booklet is produced by the Department of Immigration and Citizenship (DIAC) and is published online at www.immi.gov.au/living-in-australia/settle-in-australia/beginning-life It is recommended that you view the booklet on a computer as it contains links to many websites that provide additional information. The booklet is reviewed and released annually and is available in PDF format. If you would like to provide comments or suggestions about the Beginning a Life in Australia booklet you can complete the online feedback form on the department’s website at www.immi.gov.au/contacts/forms/services/services-form.htm Note: If you wish to speak to a government department or non-government organisation and you need the assistance of an interpreter, ring the Translating and Interpreting Service (TIS National) on 13 1450 during business hours, which are generally 9.00 am to 5.00 pm. Ask TIS National to set up a three-way conversation between you, one of their interpreters and the organisation you wish to speak with. See Chapter 2, Help with English for more information about TIS National. Telephone numbers: Telephone numbers beginning with 1800 are free calls if you ring from a private telephone and cost the same as a local call if you ring from a payphone. Numbers beginning with 13 or 1300 are charged at local call rates. Some 1300 and 1800 numbers can be used only from...
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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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...queries@stgeorgetax.com.au ABN 60-222-555-333 16 January 2009 Ms Shona Bridget 72 Shepperton Rd EAST VICTORIA QLD 4683 Dear Ms Bridget, Re: Your objections to the Notice of Amended Assessment 1. YOUR INSTRUCTIONS Following an audit by the Australian Taxation Office (ATO) of your tax return for the 2007 income year, you received a Notice of Amended Assessment dated 26 March 2008. As a result of this Assessment, three increases totalling $9,400 were made to your assessable income, and four decreases totalling $16,300 were made to your allowable deductions. You have approached us to assist you in explaining the objections to assessments process, prepare relevant objections to the Assessment, and explain the applicability of the General Interest Charge included. 2. THE OBJECTIONS PROCESS The Taxation Administration Act 1953 (Cth) governs the process for objecting to Amended Assessments prepared by the ATO. The Assessment is a definitive judgment of your taxable income, and you will be liable for the included amounts unless an objection is lodged. We have completed a comprehensive objection form on your behalf, which we will deliver to the Federal Commissioner of Taxation for evaluation. This is the key document in the objections process as it explains assessments we deem to be incorrect and provides detailed reasons for the objection supported by applicable law. If you are unhappy with the Commissioner’s response, which can often take several...
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...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...
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...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...
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...Question: Rebecca is a waitress in a busy restaurant. It is policy of the restaurant that the business and not the person who receives them own tips. However, tips are later shared in full between the staff. Rebecca's tips handed to her by diners during the year were $1050, but the restaurant manager only gave her $230. As this was cash, she does not believe any of it is required to be disclosed on her tax return. Is that correct? If not, how much should she declare her income in tax return in regards to the tips she received? Answer: Usually, Australian employment laws do not treat tips from customers as part of your employee’s salary or wages. However, any tips they obtain and retain, either straight from customers or distributed by employers, must be stated as a taxable income if they need to file an income tax return. If employees pay their tips to employer’s, they only need to report as income the amount of tips they keep and that employers distribute tips back to their employees .However under income tax law Rebecca needs to report their tips as income from working under the “Allowances, earnings, tips, director's fees, etc.”, on their income tax return. There may be different types of expenditures of income from working as waitress for Rebeca in a busy restaurant. These may include: * Allowances payments from which tax was not withheld, including salary, wages, commissions, bonuses, income earned from part-time and casual jobs, and income from income protection...
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...“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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...or a disqualification order under section 206C. ASIC is permitted to commence separate civil proceedings if it wishes to pursue civil remedies following an unsuccessful prosecution.62 ASIC is able to disqualify directors from managing corporations for certain periods of time due to the directors’ contravention of their general, statutory or constitutional duties. For example, in a statement dated 5 December 2006, ASIC banned nine directors of failed companies for their individual breaches, including trading while insolvent, uncommercial and fraudulent transactions, failure to exercise duties in good faith and in the best interests of the corporation, failure to maintain proper financial records, failure to pay taxes due to the Australian Taxation Office (ATO), failure to pay statutory debts, and failure to provide administrators with a statement of company affairs.63 Mr. Stephen Vizard, the defendant who was a director of Telstra, one of Australia’s largest public companies invested in listed shares through a company named Creative Technology Investments Pty Ltd ("CTI"). The sole director and member of CTI was Mr Lay, Mr Vizard's accountant. CTI entered a loan agreement with Brigham Pty Ltd ("BPL"), a trustee company. Mr Vizard, his wife and their children beneficially held the shares in BPL and were beneficiaries of the related trust. Pursuant to the loan agreement, BPL would loan funds to CTI to purchase a share portfolio. CTI would pay BPL 90% of the proceeds derived from...
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...EXAMPLE: Business activity statement ‘My Business’ has chosen Option 1 for reporting GST. Refer to the completed cash receipts and cash payments books on pages 44 and 42 for the source of the figures used in the ‘Option 1’ GST calculations. Front of activity statement A Office use only O When completing this form, please • use a BLACK pen only (to help with processing) • leave boxes blank if not applicable (do not use N/A, NIL) • show whole dollars only (do not show cents) • do not use symbols such as +, –, /, $ Complete Option 1 OR 2 OR 3 (indicate one choice with an X) X PL E 2 6 , 0 0 0 .00 No Goods and services tax (GST) Option 1: Calculate GST and report quarterly Total sales Option 2: Calculate GST quarterly and report annually Total sales G1 Does the amount shown at G1 include GST? (indicate with X) G1 $ , OR N LY Document ID ABN Form due on Payment due on GST accounting method Contact phone number Contact person who completed the form My Business 2003 Bass Road Mt Pleasant NSW Business activity statement 41890404 0 2 5 5 5 1 2 3 4 5 my name $ Yes , No , .00 M , , , , Does the amount shown at G1 include GST? (indicate with X) Export sales Other GST-free sales X Yes G2 $ G3 $ G10 $ G11 $ , .00 Report GST on sales at 1A and GST on purchases at 1B in the Summary section over the page Option 3: Pay GST instalment amount quarterly SA 8 , 3 5 0 .00 OR Capital purchases ...
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...1) Product: Shoes The raw material is plastic, then transformed into stylish shoes and sandals, that can be used day or night, for work or party time, each shoe has its own style and message to pass on. 2) Target Market: Age: 15 – 35 Gender: Female Income: 20.000 per year and above Marital Status: Any Sexual Orientation: Any Occupation: Student, worker, stay at home mum Social Activities: Shopping, hang out with friends, drinking, dinning out, internet, movies and partying. 3) Benefits: • All shoes and sandals are made of plastic, therefore they are easy to be cleaned, and can be used in any weather. • With different styles, you can have one for each occasion, or you can use the same one to work and party, depending on your own style. 4) Brand Name: Melissa Logo: [pic] Slogan: Style at your feet Image: Fashionable Women [pic] 5) Packaging A carton box that will come in different colours and designs that can be used for storage, each shoe will come in a stylish plastic bag inside the box. [pic] 6) Promotional Deals: ...
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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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