Assessment Task 1: Written Questions Question 1 Briefly explain the six (6) main taxation and superannuation obligations of an Australian company, including taxes that are paid through the Australian Tax Office.

1. Goods and Services Tax (GST)

2. Pay as You Go (PAYG) withholding

3. Fringe Benefits Tax (FBT)

4. Superannuation Contribution

5. Payroll tax

6. Australian Company Tax

Question 2 When does a business/enterprise and non-profit organisations have to register for GST? You are required to list four (4) items.

What is the minimum amount to spend when you need a tax invoice to claim a GST credit?

What eight (8) details must be identifiable on a tax invoice for sales over AUD $1,000.00?

What accounting method(s) could a small business with an aggregated turnover of less than $2 million use to account their GST?

Question 3 Outline below, what is the definition of a 'company' as defined by the Australian Tax Office.

Definition :

source:

QUESTION 4 To work as a business and be entitled to an ABN, what five (5) activities might you be undertaking according to the Australian Taxation Office?

Question 5 According to the ATO website, what four (4) obligations are you likely to have if you have an ABN?

Question 6 Outline the key requirements around tax for companies in Australia including: how annual tax is reported

the methods by which it can be paid

the name and value of the two tax rates for Australian companies and when each applies

The small business tax rates for FY (Financial Year) 2019, FY 2020, FY 2021 and FY 2022

Question 7 Answer the following questions relating to pay-as-you-go (PAYG) tax in Australia: Explain the difference between PAYG withholding and PAYG Income Tax Instalments

If you make payments subject to withholding, what are the four (4) things the Australian Tax Office requires a business owner to do?

Question 8 Explain the three (3) principles of cash accounting. Include two (2) advantages and two (2) disadvantages of cash accounting in your response.

Question 9 Explain the principle of accrual accounting. Include two (2) advantages and two (2) disadvantages of accrual accounting in your response.

Question 10 Describe the following terms: Financial accounting

Management accounting

Accounting standards

Financial accounting system

Question 11 Explain what is meant by audited financial statements?

Question 12 Explain what a financial audit is and the purpose of a financial audit report.

What is a financial audit?

What is the purpose of a financial audit report?

Question 13 Explain the concept of financial probity. In your response, outline at least six (6) principles that underpin ethics and probity.

Probity

Principles

Question 14 Provide four (4) examples of what would be considered fraudulent behaviour in regard to company finances. .

Question 15 Discuss the difference between Generally Accepted Accounting Principles (GAAP) and the International Accounting Standards.

Generally Accepted Accounting Principles (GAAP)

International Accounting Standards

Question 16 What are the three (3) key components of a financial budget?

Question 17 What are the three (3) key functions of financial management software

Question 18 Outline how the financial accounting process is used to establish and review profits and losses from financial statements?

Question 19 Outline how the management accounting process is used to establish and review profits and losses from financial statements?

Question 20 Outline the four (4) phases in the management of Profit and Loss when reviewing Profits and Losses from Financial Statements?