What is the difference between a profit and loss statement, balance sheet and statement of cashflows?

1.Identify and explain at least two (2) relevant legislation and current requirements of the Australian Tax Office, including Goods and Services Tax (GST).(KE2)

Goods and Services Tax (GST)

Explain GST

What is the GST rate in Australia

Who pays GST

What information must be included on a tax invoice for sales of $1.00 or more?(KE2)

What is a budget? Describe the two most common types of budgets?(KE4)

Explain the main steps in the budgeting process

Under Australian tax law, for how long must businesses keep their records?(KE3)

Identify the basic records and end of financial year financial records a business should keep for financial reports.(KE3)

Who must have their financial report audited?(KE3)

What is the purpose of an audit and auditor's report?(KE3)