WRITTEN QUESTIONS
1. IDENTIFY THE CURRENT STATUTORY REQUIREMENTS FOR TAX COMPLIANCE AND LIST AND CALCULATE THE TAX LIABILITIES FOR HOUZIT PTY LTD UNDER TAXATION LEGISLATION.
STATUTORY REQUIREMENTS
a. Business Registration. Registering the business organisation will enable the company to register itself to the following in order to comply with the legal requirements set by the government to regulate business entities.
• Tax File Number (TFN)
• Australian Business Number (ABN)
• Goods and Services Tax (GST)
• Pay As You Go (PAYG) Withholding
b. Tax Obligations. Statutory Taxes that must be complied by the company during its existence.
• Superannuation Guarantee. Also called super is the amount that the company pays to its employees on top …show more content…
Act in the company’s best interests
n. Use information appropriately.
3. REVIEW COMERCIALLY AVAILABLE FINANCIAL MANAGEMENT SOFTWARE TO SELECT THE MOST SUITABLE SOFTWARE FOR HOUZIT PTY LTD.
ENSURE YOU DIAGNOSE SOFTWARE OPTIONS BY COMPARING TWO COMMERCIALLY AVAILABLE SOFTWARE TITLES AGAINST THE CAPABILITIES OF THE EXISTING TECHNOLOGY FOR THE ORGANISATION AND AGAINST THE PRIORITISED REQUIREMENTS, AND OUTLINE THE REASONS THAT LEAD YOU TO THIS RECOMMENDATION.
Presented below is the comparison between the two most popular financial management software in the market.
QUICKEN for Windows QUICKBOOK Online
Price: AU$ 114.99 AU$ 294.00 Annual Subscription
Location: On Site / In Office Online
Features: See, track & pay bills in one place
Free phone support
Shows bank/credit card balances
Imports bank transactions securely
Puts your spending in categories
Projects income and expenses
Helps you create a budget
Reminds you when bills are due
Sends text/email alerts
Syncs with free mobile app
Snap and store receipts
Free credit score and more
Imports from previous Quicken versions
Shows all financial accounts
Helps you save for house/college
Helps you plan for …show more content…
Probity is essential in ensuring that these aspirations are uphold. Probity confirms that accountability is practised within a business organisation that all business activities or transactions are current, accurate and abides with standards set by statutory and legislative requirements. It provides that opportunity to create internal control features to prevent suspicious, erroneous and fraudulent transactions from transpiring that may tamper the veracity of the company’s statement of financial position and performance which is a requirement by the ATO. Probity will also help deter any unnecessary inclusions or omissions in the preparation of the company’s budget.
6. LIST THE CRITICAL DATES AND INITIATIVES THAT WILL REQUIRE OR GENERATE RESOURCES FOR HOUZIT PTY LTD IN THE NEXT FINANCIAL CYCLE.
a. Increase the advertising activities in the first quarter of the year to take advantage of the high sales percentage in the last quarter of the previous year.
b. Encourage advertisement on the company’s mirror and decorative items to increase the sales on these products and continue on advertising the highly profitable bathroom and bedroom fittings.
c. Reduce the prices of the company’s product on the first quarter of the year to encourage
1. IDENTIFY THE CURRENT STATUTORY REQUIREMENTS FOR TAX COMPLIANCE AND LIST AND CALCULATE THE TAX LIABILITIES FOR HOUZIT PTY LTD UNDER TAXATION LEGISLATION.
STATUTORY REQUIREMENTS
a. Business Registration. Registering the business organisation will enable the company to register itself to the following in order to comply with the legal requirements set by the government to regulate business entities.
• Tax File Number (TFN)
• Australian Business Number (ABN)
• Goods and Services Tax (GST)
• Pay As You Go (PAYG) Withholding
b. Tax Obligations. Statutory Taxes that must be complied by the company during its existence.
• Superannuation Guarantee. Also called super is the amount that the company pays to its employees on top …show more content…
Act in the company’s best interests
n. Use information appropriately.
3. REVIEW COMERCIALLY AVAILABLE FINANCIAL MANAGEMENT SOFTWARE TO SELECT THE MOST SUITABLE SOFTWARE FOR HOUZIT PTY LTD.
ENSURE YOU DIAGNOSE SOFTWARE OPTIONS BY COMPARING TWO COMMERCIALLY AVAILABLE SOFTWARE TITLES AGAINST THE CAPABILITIES OF THE EXISTING TECHNOLOGY FOR THE ORGANISATION AND AGAINST THE PRIORITISED REQUIREMENTS, AND OUTLINE THE REASONS THAT LEAD YOU TO THIS RECOMMENDATION.
Presented below is the comparison between the two most popular financial management software in the market.
QUICKEN for Windows QUICKBOOK Online
Price: AU$ 114.99 AU$ 294.00 Annual Subscription
Location: On Site / In Office Online
Features: See, track & pay bills in one place
Free phone support
Shows bank/credit card balances
Imports bank transactions securely
Puts your spending in categories
Projects income and expenses
Helps you create a budget
Reminds you when bills are due
Sends text/email alerts
Syncs with free mobile app
Snap and store receipts
Free credit score and more
Imports from previous Quicken versions
Shows all financial accounts
Helps you save for house/college
Helps you plan for …show more content…
Probity is essential in ensuring that these aspirations are uphold. Probity confirms that accountability is practised within a business organisation that all business activities or transactions are current, accurate and abides with standards set by statutory and legislative requirements. It provides that opportunity to create internal control features to prevent suspicious, erroneous and fraudulent transactions from transpiring that may tamper the veracity of the company’s statement of financial position and performance which is a requirement by the ATO. Probity will also help deter any unnecessary inclusions or omissions in the preparation of the company’s budget.
6. LIST THE CRITICAL DATES AND INITIATIVES THAT WILL REQUIRE OR GENERATE RESOURCES FOR HOUZIT PTY LTD IN THE NEXT FINANCIAL CYCLE.
a. Increase the advertising activities in the first quarter of the year to take advantage of the high sales percentage in the last quarter of the previous year.
b. Encourage advertisement on the company’s mirror and decorative items to increase the sales on these products and continue on advertising the highly profitable bathroom and bedroom fittings.
c. Reduce the prices of the company’s product on the first quarter of the year to encourage