Assignment 75%
FNSACC401A Process business tax requirements (PBTR)
 
Assessment Task 2: Assignment 75%
 
Pre Requirements for this task
Student must review

• Lesson materials provided in class.
• Examples used in lessons.

 
INSTRUCTIONS TO STUDENTS:
·         This Assignment is comprising of sets of activities, such as Short answer questions, Questions relating to knowledge and skills
·         You must attempt all the activities
·         You must not copy other student’s work.
·         You must submit on or before the due date
·         You must attempt all the questions.
·         Copying or any kind of cheating is absolutely not permitted, if someone is found cheating or copying, will be debarred from the assessment and a disciplinary proceeding would begin.
·         Provide appropriate referencing, wherever needed.
Due Date:
 
 

Question 1 ( 25 Marks)

Planning advice for Lyall Lyall is considering setting up a training business where he provides training services to various pharmacies and retail outlets in Western Australia. While Lyall is a very capable trainer and consultant, he has very little knowledge and experience in the area of taxation and accounting. He wants to ensure that everything is set up correctly in his business and that he maintains adequate records for taxation purposes.   Lyall has given some thought and planning into his new venture and has determined that he will need at least two staff and will therefore have a wages bill of approximately $12 000 per month. His anticipated projected turnover will be approximately $300 000 for the first year of operations. Lyall will provide a company vehicle to at least one of his employees. There will also be some fringe benefits paid to his staff during the year. Lyall is planning to operate from his home office for the first year of business.

Assist  Lyall by making him aware of his responsibilities in the following cases:   1. What choice of accounting methods is available to Lyall?   2. Is he required to obtain an ABN and does he need to register for GST?   3. What are the advantages and disadvantages of registering for GST?   4. For FBT purposes, what records are required for the company car provided to the staff? In addition, how will this entitlement and tax impact on the employee?   5. What is the employer obligated to do as part of employing staff?   6. Is he required to register for payroll tax?   7. What are his responsibilities concerning PAYG?   8. Lyall is confused between the business activity statement and the instalment activity statement and thinks he will be required to complete both of these each month. Explain to him the difference between these two statements and which return he is likely to use.

 
代写 FNSACC401A Process business tax requirements
 
Question 2.( 5 Marks)
 
You employ your first worker – Gabrielle Daylight – and she will be employed on a casual basis until the business starts to take off.
(a) What form(s) will Gabrielle be required to complete?
(b) Obtain a copy of the correct forms from the ATO website and complete using the information provided:
 

Name of employee	Gabrielle Daylight
Date of birth	24/9/1991
Tax File no	286 660 544
Address	45 Sun Street, Seabreeze WA 6777
Tax free threshold	Yes
HELP Debt	No
Australian resident	Yes
Type of employment	Casual
Anticipated mthly income	$600
Super fund	Retail Employees Superannuation Fund PO Box 350 Parramatta NSW 2124
Super fund membership number	222 555 666

 
代写 FNSACC401A Process business tax requirements
Question 3.( 15 Marks)
Based on the weekly tax tables provided by the ATO (NAT 1005), calculate the correct tax withholdings and super contributions that you are obligated to pay for Gabrielle.
 

Employee	Gabrielle Daylight
Month	Week ending	Gross wages	Tax	Net wages	Super contribution
July 2014	2/7/14	200
	9/7/14	190
	16/7/14	140
	23/7/14	258
	30/7/14	220
	Total for month	1008
Aug. 2014	6/8/14	240
	13/8/14	265
	20/8/14	320
	27/8/14	450
	Total for month	1275
Sept. 2014	3/9/14	250
	10/9/14	280
	17/9/14	350
	24/9/14	279
	Total for month	1159

 
 

Question 4 (30 Marks)

The following GST-inclusive information/data has been recorded by Prime Constructions Pty Ltd. Prime constructions Pty Ltd  has opted to report and calculate their GST on a quarterly basis. There are no credit transactions. Their owner has approached you to assist him in sorting out the information using the Business Activity Statement worksheet for the period 1 January 2013 to 31 March 2014.   Account details Amount $ Sales of goods 635 200.00 Sales of services 11 000.00 Residential rent received 4 400.00 Commercial rent received 14 300.00 Interest received 110.00 Export sales 122 00 Advertising paid 1 770.00 Bank fees 55.00 Commercial rent expenses 231.00 Depreciation 10 500.00 Electricity 4 440.00 Insurance premiums, business 3 130.00 Interest paid 622.00 Motor vehicle costs 5 880.00 Purchase materials 209 900.00 Rates, council and water 660.00 Residential rent expenses 121.00 Superannuation paid 14 650.00 Subscriptions 44.00 Telephone 1 330.00 Wages and salaries 172 150.00   Other information: •  Purchased a new laser printer for $1100 cash. •  Sold the old printer for $220 cash. •  For use in the delivery of building materials, the company acquired a motor vehicle from the owner with a market value of $17 950 (no GST) •  PAYG withholdings for the month were $12 650. •  Fringe benefits for the quarter      were $3200.   1. Using the information above, complete the Business Activity Statement calculation worksheet NAT 4203.   2. What is the net GST payable or refundable?   3. What penalties may apply if the BAS is not lodged on time?

 
 代写 FNSACC401A Process business tax requirements