Project 1 - Overview

Tincture Naturopathy

You started as a new assistant accountant at Tincture Pty Ltd on 01 Mar 2022. Access the following Tincture Policies and Procedures.

Activity Statement Tincture Pty Ltd For the period ending 31 March 2021 ABN 111 222 3703 GST Accounting Method Accrual Basis Goods and Services Tax (Jan-Mar) Total Sales G1 201,400.00 Does the amount shown at G1 include GST Yes PAYG Tax Withheld (Jan-Mar) Total salary, wages, and other payments W1 50,000.00 Amount withheld from payments shown in W1 W2 17,850.00 Amount withheld where no ABN is quoted W4 Other amounts withheld (excluding any amount shown in W2 or W4) W3 Total amounts withheld (W2 + W4 + W3) W5 17,850.00 PAYG Income Tax Instalment (Option 1) (Jan-Mar) Instalment (copy from BAS If varying this amount, complete T8, T9 and T4 Estimated tax for the year TE Varied amount for the quarter T9 Reason code for variation T4 Amounts you owe the Tax Office GST on Sales 1A 16,900.00 Wine equalisation tax 10 PAYG Tax Withheld 4 17,850.00 PAYG tax income tax instalment 5A Total owed to the ATO 8A 34,750.00 Amount the Tax Office owes you GST on purchases 6,890.00 Wine equilisation refundable 1D Credit from PAYG income tax instalment variation 5B Total owed by the ATO 8B 6,890.00 Payment or Refund Is 8A more than 8B? Yes Your Refund 9 27,860.00General Guidelines 1. Tincture follows an accrual accounting system. 2. Reconciliation to the general ledger should be produced for major BAS amounts. Preparation Accounting Clerks prepare the draft of the BAS. All drafts should include detailed work on supporting schedules. The draft should be reviewed and signed off by the Financial Accounting Head. All queries on BAS preparation should be directed to the Financial Accounting Head. The Financial Accounting Head should receive the draft BAS and any supporting documentation by the 107 of the month after the end of the quarter. o L pa = Submission 1. Tincture submits its BAS requirements on a quarterly basis. 2. The Financial Accounting Head should finalise and submit the BAS at the end of the month following the end of the quarter or according to the lodgment schedule by ATO. 3. Lodgment is facilitated via Xero to the ATO. Qualification Verification 1. All applicants should provide certified copies of their qualifications. 2. HR will verify the gualifications with the issuing organisation prior to hire. Staff Training 1. All staff will have a professional development plan (PDP) 2. PDPs should include at least 10 hours of training in the role's area of expertise per quarter. 3. Accounting Staff are required to attend a 'Monthly Mash Up Webinar on changes in their industry. Privacy and Confidentiality 1. All staff are expected to protect the privacy and confidentiality of client information. 2. Only authorised personnel can handle sensitive business information such as financial information, business plans, and legal proceedings. 3. Awhistleblower website has been set up for reporting of any unethical conduct within the company. Project 1 Template Task 1 - Prepare a Reconciliation Report Reconciliation as at 31 March 2021 Balance as per General Ledger account for Wages & Salaries at 31 March 2021: Explanation of any differences or adjustments: Termination amounts - posted to GL separately ] Balance as per BAS at label W1 _ DOifference: | Reconciliation as at 31 March 2021 for total owed to the ATO Balance as per General Ledger account for G5T collected at $ 31 March 2021: PAYG withholding payable ] TOTAL General Ledger Balance Explanation of any differences [ adjustments ] Balance as per BAS at label 8A Difference: Lniligie GST calculation worksheet for BAS Tax period March If you want to use the calculation sheet method to work out GST amounts) Name Tincture Pty Lid ) You can find information to help you complete culation worksheet on our website alo cox.miGSTheBAS ()Do not lodge the calculation sheet with your BAS. We recommend you file it with a copy of the BAS to which it relates. GST amounts you owe the Tax Office from sales G1 Total sales Including any GST) G1 S 201400 -5 How much of your total sales (G1) are G2 Export sales G2 S 10000 - in The BAS G3 Other GST-free sales G3 S 5500 -50 G4 Input taxed sales 0.x G5 G2 + G3 + G4 GS S 15600 .5 G6 Total sales subject to GST (G1 minus GS) G6 S 185900.50 67 Adjustments (f applicable) G7 S GB Total sales subject to GST after adjustments (GO . G7) 185900 .5 G9 GST on sales (Gal divided by elevery GO S 16900 .50 GST amounts the Tax Office owes you from purchases G10 Capital purchases Induding any GST) G10 S 12500.50 Gif Non-capital purchases 65800.C Including any GST) G11 5 G12 010 . G11 G12 S 78300 . How much of your purchases (G10 and G1 1) are G13 Purchases for making input taxed sales G13 S 0.x 014 Purchases without GST in the price G14 S 2600 .50 G15 Estimated purchases for private use Gis s or not income tax deductible G16 G13 . G14 . G15 G16 5 2500 . G17 Total purchases subject to GST (G12 minus G16) G17 s[ 75800 .50 G18 Adjustments (f applicable) G18 S 0J.x G19 Total purchases subject to GST after adjustments (G17 + G18) G19 S 75800 .50 G20 GST on purchases (19 divided by clever) 020 S 6890 .5GST Collected Date Details Debit Credit Balance 3/1/2021 Opening bal 13,500CR 3/1/2021 Sales 1.400 14,900CR 3/12/2021 Sales 3,500 18,400CR 3/28/2021 Refund Sales 1,500 16,900CR PAYG withholding payable Date Details Debit Credit Balance 3/1/2021 Opening bal 13850CR 3/20/2021 Payroll 4,000 17850CR 3/31/2021 Closing 17850CR Wages Expense Date Details Debit Credit Balance 3/1/2021 Opening bal 35,000DR 3/20/2021 Bank 5,500 40,500DR 3/31/2021 Accrued 4,500 45,000DR Termination Payments Date Details Debit Credit Balance 3/10/2021 Bank 5,000 5,000DRProject 1 Template Task 2 - Request Authorisation Date: 08/04/2022 Click or tap here to enter text. Attachments (indicate the files to be attached to this email) Tenulige Project 1 Template Task 3 - Undertake Research '-)' TaniTige 1. Discuss the application of STP in Phase 1. Click or tap here to enter text How do organisations determine how they will report through STP? How should organisations arrange authorisations and declarations? What will the employees see through their myGov account once the organisation starts porting through STP? Click or tap here to enter text Click or tap here to enter text. 2. Discuss how organisations implement the transition from Phase 1 to Phase 2. What will happen if the organisation does not have full YTD data in Phase 27 Click or tap here to enter text. 3. Answer Tincture's Queries (Query [ Answer Source Tincture pays our employees on a monthly basis, every 15 of the month. When is our STP We currently have contractors who are not part of our payroll solution. Are we mandated to report them under 5TP? Tincture has to make one employment termination payment by the end of this month (30%), should we report the ETP and when? Click or tap here to enter text. Click or tap here to enter text. Click or tap here to enter text. Click or tap here to enter text. Click or tap here to enter text. Click or tap here to enter text. Project 1 Template '\"-:'}ff" Task 4 - Reflect on Policies and Procedures Policies and Procedures How Policy/Procedure Policy or Procedure Related Code of Conduct | Ensures Code of Conduct Compliance Click or tap here to enter | Click or tap here to enter | Click or tap here to enter text. text. text. Click or tap here to enter | Click or tap here to enter | Click or tap here to enter text. text. text. Activities How the Code of Conduct Click or tap here to enter | Click or tap here to enter Click or tap here to enter | Click or tap here to enter