Tax and Quick Books
| MANAGE FINANCES | PREPARE BUDGETS | | UIC00843 | 4/28/2013 |
This assessment is about the requirements to undertake budgeting and forecasting the finances of an organization. After reviewing the case study I have prepared a budget statement. |
Introduction
I am making a budget plan and am going to recommend financial managing application for the business as a business manager. The company is named Houzit Pty Ltd, it is a retailer for home wares. It is a growing business. It has 15 stores in Brisbane area. It has 150 staff members. It is registered with ASIC. As per the review of financial structure of this company the report below has been made.
1. The statutory requirements for tax compliances are listed below: * 9% of wages and salaries is to be calculated as superannuation for every quarter * 4.75% is payroll tax of wages and salaries for every quarter * Worker compensation is 2% of salaries and wages for every quarter * For every quarter the company tax is 30% of net profit before taxes.
Current Liabilities:
GST: Goods and service tax is a value added tax of 10% in most services and goods, it is imposed on most of the transactions but refunded later with certain process.
Fringe benefit tax: this tax is applied to most non cash benefits that an employed provides. It is imposed on the employer.
Payroll tax: it is a tax paid by employers to government. It is calculated as per the wages and salaries. It is different in different states in Australia.
PAYG Withholding: pay as you go withholding is a way of paying ones tax in a year should one be an employee.
Income tax: it’s a most important revenue stream in Australia. Income tax is imposed in earnings. 2. * Company must be registered as per the corporation Act 2001 * Tax must be paid regularly 13% of total income. * Auditing should be done. * Financial reporting to ASIC.
3. The name of software is arrow business software creators
This assessment is about the requirements to undertake budgeting and forecasting the finances of an organization. After reviewing the case study I have prepared a budget statement. |
Introduction
I am making a budget plan and am going to recommend financial managing application for the business as a business manager. The company is named Houzit Pty Ltd, it is a retailer for home wares. It is a growing business. It has 15 stores in Brisbane area. It has 150 staff members. It is registered with ASIC. As per the review of financial structure of this company the report below has been made.
1. The statutory requirements for tax compliances are listed below: * 9% of wages and salaries is to be calculated as superannuation for every quarter * 4.75% is payroll tax of wages and salaries for every quarter * Worker compensation is 2% of salaries and wages for every quarter * For every quarter the company tax is 30% of net profit before taxes.
Current Liabilities:
GST: Goods and service tax is a value added tax of 10% in most services and goods, it is imposed on most of the transactions but refunded later with certain process.
Fringe benefit tax: this tax is applied to most non cash benefits that an employed provides. It is imposed on the employer.
Payroll tax: it is a tax paid by employers to government. It is calculated as per the wages and salaries. It is different in different states in Australia.
PAYG Withholding: pay as you go withholding is a way of paying ones tax in a year should one be an employee.
Income tax: it’s a most important revenue stream in Australia. Income tax is imposed in earnings. 2. * Company must be registered as per the corporation Act 2001 * Tax must be paid regularly 13% of total income. * Auditing should be done. * Financial reporting to ASIC.
3. The name of software is arrow business software creators
References: www.wikipedia.org www.ato.gov.au www.asic.gov.au www.australia.gov.au www.moneysmart.gov.au