Assessment 1 - continued Task 5 I Helen and her husband Peter are partners in the Health Cosmetics Wholesalers Company. The business sells low-allergy cosmetics to retailers on a credit basis. Helen runs the business with the help of 2 employees, who are paid monthly. She freights goods around Australia and overseas. As reward for her hard work, Helen would like to draw a wage from the business. Tim is not involved in the day-to-day operations of the business. Details of the company are as follows: The business has an ABN. The business is registered for GST on a quarterly cash basis (option 1). PAYG withheld of $40,000 p.a. is payable. PAYG instalment are paid quarterly. Annual tax return is lodged by the owner. Superannuation is paid for all employee quarterly. You are required to answer the following questions: 5.1 What type of business is Helen operating? 5.2 What is the business structure of Helen and Peter's business? What accounting sub-systems would be required by the business? 5.3 5-4 5.5 What impact will the business structure (6.2) have on the accounting system? Outline the compliance requirements facing Helen, including GST compliance issues. 5.6 To help plan the workload of a company, you have been asked to prepare a schedule of due dates (and identify the appropriate document) to assist in the preparation and lodgement of the company's compliance documents. The Schedule of Due Dates should cover the financial year (1 July to 30June), detailed by month. 5.7 Helen and Peter would like a cloud based integrated accounting system including warehousing and logistics modules. You have no experience with either. 5.7.1 List two professionals you could network with to help Helen and Peter. 5.7.2 List two sources of information/training you could use to help with their request