FNSACC401: Process Business Tax Requirement- Accounting Report Writing Assignment

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Internal Code: TV116
Accounting Report Writing Assignment:
Task:
1. What are the two methods available to account for GST liability and input tax credits (ITC) and how do they affect the timing of GST liability and ITC refunds?
2. The following business owners have asked for your advice on which method of accounting for GST would be most suitable for their operations. Suggest whether the cash or accrual method is most appropriate in their case and why.
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3. Describe some of the regular daily procedures you would follow to assist you in keeping adequate records for taxation purposes (suggest at least five).
4. You employ your first worker – Gabrielle Daylight – and she will be employed on a casual basis until the business starts to take off.
(a) What form(s) will Gabrielle be required to complete?
(b) Obtain a copy of the correct forms from the ATO website and complete using the information provided:
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Tax File Number Declaration form and the Super Choice form need to fill out. Attach completed forms.
5. What are the payroll tax thresholds and payroll tax rate for your State for the year 2015–2016?
6. Write the contents of a valid invoice. List at least five requirements. Create a sample invoice template for “Blocked up Plumbing, ABN 56 236 258 456” demonstrating all of the elements.
a) Calculate the minimum amount of super contribution that builder Bob Ltd should pay for the quarter ended 30 June 2015 given the following information:
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The following information for Belle Shoes was presented to you for the year ended June 2015. The purchases were creditable purchases and no taxable supplies were GST-free or input taxed.
Show how Belle Shoes should account for GST in the following cases.
1. If the business were operating on a cash basis
2 .If the business had elected to use the accrual basis
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9. What are the 2015/2016 percentage rates that apply to total HELP repayment incomes? Based on the following taxable incomes, calculate the amount to be pad.
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10. Based on the weekly tax tables (with tax-free threshold) provided by the ATO (NAT 1005), calculate the correct tax with holdings and super contributions that you are obligated to pay for Michael.
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