Case Study - part 2

Anthony's business, Go Golfing has grown exponentially, which is great. However, it has caused some complexities for his business as he now employed an administration officer to organise bookings and changed his business structure to a private company.

Compliance issue 1: Meeting superannuation requirements

Anthony has drafted what he thinks are the correct procedures and wants the policy checked for accuracy. These are the current procedures in place to meet this compliance requirement.

Go Golfing current procedures to pay superannuation contributions:

1.Provide a choice of super funds to eligible employees. 2.Pay at least the minimum 9.50% contribution amount of the earnings base 3.Pay super contributions for eligible employees 4.Keep records of super contribution payments

Compliance issue 2: Meeting records management requires for companies

The compliance issue in relation to superannuation has concerned Anthony. He is no worried that since changing to a company structure he is no longer meeting compliance in relation to records management.

This is the current procedure in place to meet this compliance requirement.

1.Keep records for five years

Step 1: Determine compliance requirements

The compliance requirements of Question 1 and Question 2 must be submitted as an appendix to the procedures established in Steps 3 and 4.

Step 2: Meet with Go Golfing

Anthony would like to ask some questions about pensions so that he can comply with Go Golfing's correct compliance requirements. He asked to help him obtain correct information about different aspects of the pension law, which will influence his operational decisions.

This task will be carried out during class time. This will be an actual observation and will involve a discussion with your teacher (Anthony), who will ask you to clarify certain information. Anthony will interview you to determine your ability to explain relevant sources of authority related to the accountant's role.

As an accountant, you should be able to understand the compliance requirements of the relevant departments of the Australian Taxation Office. (Please refer to the following question for reference).

1. Where can I find general compliance information for employer pensions? 2. How does an enterprise determine its employer nominated fund (default fund)? 3. Where can I choose the form of pension? 4. Can you tell me how to use the ATO calculator to calculate the correct pension payment amount for nomination income? 5. To meet regulatory compliance, what is the correct payment deadline for pension payments? 6. What if the employee does not nominate the fund?

Step 3: Develop pension-related compliance procedures for Go Golfing

After reviewing Go Golfing and meeting with Anthony, you found that there were some omissions in the above procedures, to guide and inform Anthony's decision-making process. Please refer to the ATO link below to develop these procedures for Anthony to meet Go Golfing's full compliance requirements. You need to develop at least ten (10) steps that must be followed.

The program must be presented in a separate document in an appropriate format using appropriate software functions. You should use clear language, including accurate legal terminology, and ensure that all audiences who use these programs (such as Anthony, Go Golf employees, external consultants, etc.) understand these programs.

https://www.ato.gov.au/Business/Super-for-employers/ At the end of the procedure document, the time when the procedure should be reviewed/updated must be indicated to ensure compliance with the legal deadline.

Step 4: Develop golf record management procedures

This aspect of the case study builds on Q4e and Q4f of Evaluation 2.

Six months later, Anthony decided to change his business structure to a privately listed company structure. Anthony remembers pensionRegarding the procedures developed for Go Golfing, and requiring the completion of procedures related to records management.

The program must be presented in a separate document in an appropriate format using appropriate software functions. Documents should use clear language, include accurate legal terminology, and ensure that all audiences who use these procedures (such as Anthony, Go Golf employees, external consultants, etc.) can understand the procedures. At least six (6) mandatory steps need to be developed to be tracked.

https://www.ato.gov.au/business/managing-your-small-business-records/records-required-by-law/ https://www.business.gov.au/new-to-business-essentials/series-one/keep-the-right-records

At the end of the procedure document, it is necessary to indicate when the procedure should be reviewed/updated to ensure compliance with the legal deadline.

Step 5: Reflection

After completing the above procedures for Anthony, he began to consider compliance requirements related to the accountant's role. need to be met and which authoritative sources can be consulted to determine that your explanation is actually correct.