Explain the four main taxation and superannuation obligations for a business. Briefly discuss each obligation (50 – 100 words for each).
Explain the difference between PAYG withholding and PAYG Income Tax Installments. If you make payments subject to withholding, what are the five things the Australian Tax Office requires a business owner to do?
TASK 1- Written Questions
- Task summary
You are to answer all the 12 written questions in this task.
- Resources and equipment required to complete this task
- Access to textbooks and other learning materials.
- Access to a computer, MS Word (or similar), printer, Internet and email software (if required).
- When and where should the task be completed?
- This task may be done in your own time as homework or you may be given time to do this task in class (where applicable).
- Your assessor will provide you with the due date for this assessment.
- What needs to be submitted?
- Your answers to each question in this task.
- Instructions
- This is an open book test – you can use your learning materials as reference.
- You must answer all questions in this task correctly.
- You must answer the questions by typing your answers in Microsoft Word or a similar program.
- Please include the following details in the header section of each page of your assessment document:
- Student Name and ID
- Course Code and title
- Unit Code and title
- Trainer and assessor name
- Page numbers
- Your assessor will advise as to whether you must email them your completed assessment, submit the file on a USB drive or hand in a hard copy
| Question 1: | Explain the four main taxation and superannuation obligations for a business. Briefly discuss each obligation (50 – 100 words for each). |
| Question 2: | Answer the following questions relating to GST in Australia: When does a business/enterprise and non-profit organisations have to register for GST? When do you need a tax invoice to claim a GST credit? What eight details must be identifiable on a tax invoice for sales over $1,000?What accounting method would a small business with an aggregated turnover of less than $2 million use to account their GST? (50 – 100 words each). |
| Question 3: |
| Question 4: | Answer the following questions relating to Pay-as-you-go (PAYG) in Australia: Explain the difference between PAYG withholding and PAYG Income Tax Instalments.If you make payments subject to withholding, what are the five things the Australian Tax Office requires a business owner to do? (100 – 150 words each). |
| Question 5: | Explain the principle of cash accounting. Include two advantages and two disadvantages of cash accounting in your response (150 – 200 words). |
| Question 6: |
| Question 7: | Describe the following terms: Financial accountingManagement accountingAccounting standardsFinancial accounting system (100 – 150 words each). |
| Question 8: | What type of entity must have their financial report audited? (50 – 100 words). |
| Question 9: | Explain the purpose of an audit and auditor’s report (100 – 150 words). |
| Question 10: | Explain the concept of financial probity. In your response, outline the principles that underpin ethics and probity (100 – 150 words). |
| Question 11: | Provide four examples of what would be considered fraudulent behaviour in regard to company finances (100 – 150 words). |
| Question 12: | Discuss the difference between Generally Accepted Accounting Principles (GAAP) and the International Accounting Standards and why there was a need for harmonisation (300 – 350 words). |
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