BSBFIM502: Business, Accounting and Finance – Manage payroll Assignment Help

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BSBFIM502: Business, Accounting and Finance – Manage payroll Assignment

Task:

Answer the following questions:

1. What are some security procedures to protect information and possible approaches for payroll information? List 5 different options and give a brief explanation for each.

2. Identify the key provisions of relevant legislation standards and codes that may affect payroll operations.? Please ensure you address taxation legislation, privacy legislation, anti-discrimination legislation & WHS legislation.

3. What procedures guarantee substantiation of claims for allowances?

4. As a manager, what control measures do you need to establish to safeguard organisation’s financial resources in accordance with legislative and organisational requirements?

5. What are the payroll systems and statutory obligations to ensure compliance for the following:
Workplace Relations Regulations 2006; Fair Works Act 2009; National Employment Standards; Superannuation Guarantee (Admin) Act 1992; Income Tax; Payroll Tax; Paying Payroll Liabilities

6. How would you use nominated industrial awards, contracts and government legislation to calculate gross pay and annual salaries? Ensure you describe the type of employment contract e.g. AWAs, EAs etc in your explanation.

7. As part of a manager’s role, you need to understand how to calculate statutory and voluntary deductions using government and employee documentation. Please ensure as part of your answer that you give a minimum of 4 example descriptions of deductions such as Medicare, HELP, Child Support etc.

8. What do you need to consider when providing payroll data to payroll processor for calculation within designated timelines? You will need to include a brief explanation on each of the elements e.g. Prepare a payroll register; Key organisational timelines; Fringe benefits tax; Other payroll deadlines including ATO, TFN declaration, PAYG withholding; Employment termination payments; Employer superannuation contributions; and Business Activity statement (BAS).

9. Expand on how you check the payroll and authorise salaries and wages for payment in accordance with organisational policy and procedures.

10. Explain how and what the procedures are to reconcile total wages for pay period, check and correct irregularities and refer to designated persons for resolution. As part of your response, please ensure you include at least 3 different circumstances that could affect the organisation’s payroll.

11. How do you deal with salary, wage and related enquiries in accordance with organisational policy and procedures? Please ensure you include an explanation on legislative requirements, methods of handling inquiries, communicating appropriately, the resources to handle inquiries and support from the ATO including the online tax calculator.

12. How do you process declaration forms for new and existing employees in accordance with Australian Taxation Office requirements?

13. Explain the periodic deductions process within designated timelines and identify who are the nominated creditors.

14. When preparing and dispatching payments to government authorities accurately and in accordance with relevant government legislation, what are the key considerations? Please ensure you include the formula for (W5) Total Amounts Withheld as part of your response.

15. Describe how you would calculate and transcribe group tax amounts and make payments in accordance with taxation procedures. Ensure you provide an explanation on how to calculate PAYG withholding; the weekly tax table, and how to calculate tax offsets, FBT, HELP debt tax and financial supplement debt tax.

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