<br />
<h3>Assessment 1</h3>
<ol start="1">
<li style="font-weight: 400;" aria-level="1"><em><strong>Identify and describe financial probity requirements for businesses.</strong></em></li>
</ol>
<p><span style="font-weight: 400;">“Probity” is based on honesty especially in the monetary terms and the legal requirements. This can include purchasing, payments contracts and engaging with the customers. The financial probity principles are: </span></p>
<ul class="unordered-listing">
<li style="font-weight: 400;" aria-level="1"><strong>Responsibility:</strong><span style="font-weight: 400;"> clarification of the manner in which there is the performance of the obligations.  How choices were made, how cash was spent. </span></li>
<li style="font-weight: 400;" aria-level="1"><strong>Transparency –</strong><span style="font-weight: 400;"> clarifying the choices that that were made for clarification of the choices that are made and be sure that the explanations are moral. </span></li>
<li style="font-weight: 400;" aria-level="1"><strong>Impartiality–</strong><span style="font-weight: 400;">All procedures must be straightforward, reasonable and free from predisposition <br /></span></li>
</ul>
<br />
<ol start="2">
<li style="font-weight: 400;" aria-level="1"><em><strong>Identify four examples of what would be consider fraudulent behaviour in regard to company finances.</strong></em></li>
</ol>
<p><span style="font-weight: 400;">As a deliberated trickiness the fraud can be characterized. Crime is being conducted by the Fake conduct comprises that includes detainment. They include: </span></p>
<ul class="unordered-listing">
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Insider managing and market misuse </span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Tax evasion </span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Pay off</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Fake and unfair exchanging, and </span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">General crime in the administration of an organization</span></li>
</ul>
<br />
<ol start="3">
<li style="font-weight: 400;" aria-level="1"><em><strong>Identify the requirements for audited accounts and the purpose of an audit report.</strong></em></li>
</ol>
<p><strong>Requirements for audited accounts: </strong><span style="font-weight: 400;">Financial reporting and auditing requirements are regulates by the ASIC regulates. These requirements are complained with the active monitoring of entities that contribute to the integrity of the market. </span></p>
<p><strong>The purpose of Audit Report:</strong><span style="font-weight: 400;"> the purpose is to provide the examination of the financial statement that leads to the increase in credibility of the financial statement.  </span></p>
<br />
<ol start="4">
<li style="font-weight: 400;" aria-level="1"><em><strong>Describe the principle of cash accounting as well as one advantage and one disadvantage of cash accounting.</strong></em></li>
</ol>
<p><span style="font-weight: 400;">Cash Accounting is a bookkeeping technique in which the recording of the instalment receipt is done. Incomes and costs are recorded at the end of the day. Money bookkeeping is additionally called money premise bookkeeping. Cash Accounting is one of two types of bookkeeping. The other is gathering bookkeeping, where income and costs are recorded when they are brought about. </span></p>
<p><strong>Advantage:</strong><span style="font-weight: 400;"> </span></p>
<p><span style="font-weight: 400;">Maintenance is easy: it is tough to maintain a system of accounting. When the cash is received then the revenue can be recorded.  </span></p>
<p><strong>Disadvantage: </strong><span style="font-weight: 400;">It is not very accurate.</span></p>
<br />
<ol start="5">
<li style="font-weight: 400;" aria-level="1"><em><strong>Explain the four main taxation and superannuation obligations for a business. Briefly discuss each obligation.</strong></em></li>
</ol>
<p><span style="font-weight: 400;">Exhibition and position of the organization is estimated by the Accrual Accounting. By coordinating the incomes the monetary occasions are perceived. Money inflow and outflow is permitted by this technique.</span></p>
<p><strong>Advantage:</strong><span style="font-weight: 400;"> </span></p>
<p><strong>Provides an accurate picture of overall cash flow:</strong><span style="font-weight: 400;"> over a period of time many business transactions occur. Accrual accounting reflects that income and expenses generated in one month can carry over into the next month or even longer.</span></p>
<p><strong>Disadvantage:</strong><span style="font-weight: 400;"> </span></p>
<p><strong>Might lack the staff needed to manage this method:</strong><span style="font-weight: 400;"> Larger companies have staff – even an entire department <br /></span></p>
<br />
<ol start="6">
<li style="font-weight: 400;" aria-level="1"><em><strong>Explain the requirements for registered foreign companies regarding preparing and lodging financial reports.</strong></em></li>
</ol>
<p><span style="font-weight: 400;">The integral part of the business is management of the tax and obligation. According to the type of the work, the Business tax obligations and entitlements will vary.</span></p>
<p><span style="font-weight: 400;">Main taxation and superannuation obligations are:</span></p>
<ol>
<li style="font-weight: 400;" aria-level="2"><strong>Australian Business Number:</strong></li>
</ol>
<p><span style="font-weight: 400;">Management of taxes and business obligations can be done by ABN. For identification of the number, 11 digit registration number is used. It is an 11 digit registration number used to identify businesses. <br /></span></p>
<ol>
<li style="font-weight: 400;" aria-level="2"><strong>Goods and Services Tax</strong></li>
</ol>
<p><span style="font-weight: 400;">Goods and Service Tax is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia. <br /></span></p>
<ol>
<li style="font-weight: 400;" aria-level="2"><strong>Business Activity Statement</strong></li>
</ol>
<p><span style="font-weight: 400;">This form is submitted to the Australian Taxation Office by the registered business entitles to report their tax obligations that include GST.</span></p>
<br />
<ol start="7">
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;"><em><strong>Identify the current company tax rate for both smaller and larger businesses.</strong> </em><br /></span></li>
</ol>
<p><span style="font-weight: 400;">The basic requirement for lodging financial report under corporation act is:</span></p>
<ol>
<li style="font-weight: 400;" aria-level="2"><span style="font-weight: 400;">Financial report:</span></li>
</ol>
<p><span style="font-weight: 400;">The notes of financial statements Director’s declaration about the statement</span></p>
<ol>
<li style="font-weight: 400;" aria-level="2"><span style="font-weight: 400;">Director’s Report:</span></li>
</ol>
<p><span style="font-weight: 400;">A company registered scheme or disclosing entity that must prepare a director’s report for each financial year 2011.</span></p>
<ol>
<li style="font-weight: 400;" aria-level="2"><span style="font-weight: 400;">Remuneration Report:</span></li>
</ol>
<p><span style="font-weight: 400;">Segment 300A of the Enterprises Demonstration requires certain data to be unveiled about the compensation of key the board work force.</span></p>
<br />
<ol start="8">
<li style="font-weight: 400;" aria-level="1"><em><strong>Explain the process by which a business reports GST to the Australian Tax Office.</strong></em></li>
</ol>
<p><span style="font-weight: 400;">Business action proclamation (BAS) is to be presented by The Australian Assessment Office (ATO) month to month, quarterly or every year <br /></span></p>
<p><span style="font-weight: 400;">It is utilized to report and pay products and enterprises charge (GST), pay as you go (PAYG) portions, PAYG retaining assessment and other expense commitments.</span></p>
<p><span style="font-weight: 400;">If the business is registered for an Australian business number (ABN) and GST, BAS will be continuously sent by the ATO when the time has come to stop. </span></p>
<br />
<ol start="9">
<li style="font-weight: 400;" aria-level="1"><em><strong>Identify the penalty rate to be applied if a supplier does not provide an ABN?</strong></em></li>
</ol>
<p><span style="font-weight: 400;">Australian business number needs to be quoted if a business or organisation supplies goods or services. ABN is mostly quoted on their invoice, and it is needed to keep this invoice in records of the business. </span></p>
<p><span style="font-weight: 400;">If they don't quote their ABN, organization must withhold 47% (from 1 July 2017) from their payment </span></p>
<p><span style="font-weight: 400;">The total payment to the supplier is $75 or less, excluding any goods and services tax (GST).<br /><br /></span></p>
<ol start="10">
<li style="font-weight: 400;" aria-level="1"><em><strong>A non-profit organization needs to register for GST after it has a turnover of more than how much?</strong></em></li>
</ol>
<p><span style="font-weight: 400;">Current GST is needed to be calculated if not registered for GST, for identifying if it is required to be registered for GST purposes, ie when either of these turnovers are $150,000 or more. Generally, you must register for GST within 21 days if either GST turnover meets or exceeds the GST turnover threshold of $150,000.</span></p>
<p><span style="font-weight: 400;">    </span></p>
<ol start="11">
<li style="font-weight: 400;" aria-level="1"><em><strong>Explain the difference in Pay As You Go withholding obligations for employees and contractors.</strong></em></li>
</ol>
<p><span style="font-weight: 400;">For keeping a portion of payment that is made to the employees and other business, PAYG withholding is legal requirement is needed.</span></p>
<p><span style="font-weight: 400;">A contractor, generally do not withhold amounts from payments that make to them </span></p>
<p><span style="font-weight: 400;">If this is the first time you're hired a worker, complete the checklist Hiring workers for the first time before continuing.</span></p>
<p><span style="font-weight: 400;">For knowing whether the person is a contractor or employee, check working arrangements.</span></p>
<br /><br />
<h3>Assessment 2</h3>
<ol start="1">
<li style="font-weight: 400;" aria-level="2"><em><strong>Prepare a finance report</strong></em></li>
</ol>
<p><span style="font-weight: 400;">Review the case study scenario above, as well as the information provided in Profit and Loss 2017/18 and Cash Flow Statement 2017/18 Using this information, identify areas of the business that have generated a profit and those that have generated a loss.</span></p>
<p><span style="font-weight: 400;">Conduct research to establish why those areas have made a profit or loss. Your research should include a review of the financial data provided to you and economic conditions and business trends that may have resulted in the profit or loss.</span></p>
<p><span style="font-weight: 400;">Your report should include the following:</span></p>
<ul class="unordered-listing">
<li style="font-weight: 400;" aria-level="3"><span style="font-weight: 400;">Overview of the purpose of the report.</span></li>
<li style="font-weight: 400;" aria-level="3"><span style="font-weight: 400;">Analysis of the previous year’s (2017 – 2018) profit and loss statement for Grow Management Consultant, including revenue generated, cost of sales, as well as gross profit/loss margin and net profit/loss margin.</span></li>
<li style="font-weight: 400;" aria-level="3"><span style="font-weight: 400;">Analysis of overall business performance, as well as performance of each of the income streams for 2017 – 2018.</span></li>
<li style="font-weight: 400;" aria-level="3"><span style="font-weight: 400;">Outline of reasons for profit or loss based on your analysis of the data and research on economic conditions and business trends.</span></li>
<li style="font-weight: 400;" aria-level="3"><span style="font-weight: 400;">Analysis of the organisation’s goals and priorities for the upcoming financial year as documented in the Strategic Business Plan and financial resources required to achieve these goals, as well as key dates.</span></li>
<li style="font-weight: 400;" aria-level="3"><span style="font-weight: 400;">An analysis of cash flow trends as per the cash flow statements.</span></li>
<li style="font-weight: 400;" aria-level="3"><span style="font-weight: 400;">Review and analysis of at least three other financial software products that the business could use, including the advantages and disadvantages of each, as well as the advantages and disadvantages of MYOB that is currently used.</span></li>
</ul>
<p><span style="font-weight: 400;">Use the Finance Report Template to guide your work.</span></p>
<p><strong>Growth Management Consultants</strong></p>
<p><strong>Finance Report</strong></p>
<p><strong>Introduction</strong></p>
<p><span style="font-weight: 400;">The audit of organization’s strategy is included. The business strategy, cash statement is depended on the survey. <br /></span></p>
<p><strong>2017/18 Performance </strong></p>
<p><span style="font-weight: 400;">It is explained by the general investigation of the P&amp;L statement and Cash flows that there was a positive result for the business. It is seen that the business accomplished a real excess of $ 613, 805 which is really higher than the planned overflow of $595,640, from the explanation of benefit and misfortune. The all out costs planned was $ 665360. </span></p>
<p><span style="font-weight: 400;">The Gross benefit is $1335600 that is shown by the P&amp;L account and the absolute costs are just $ 683523. So, the general net benefit is (Gross benefit – complete costs) = 1335600-683523 = $ 652077. <br /></span></p>
<p><span style="font-weight: 400;">2016/17. </span></p>
<p><span style="font-weight: 400;">As can be seen from the revenue stream for 2017-18; Pay from the counselling charges has been the most in June 2017 and least in September 2017. </span></p>
<p><span style="font-weight: 400;">For the workshop, the real pay from the income is $36000 and the P&amp;L account shows a pay of $38000. </span></p>
<p><strong>Strategic goals and priorities</strong></p>
<p><strong>Goals &amp; Priorities for 2018-2019</strong></p>
<ul class="unordered-listing">
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Recommendations about financial assets needed to accomplish these objectives <br /></span></li>
</ul>
<p><span style="font-weight: 400;">Following the marketable strategy of the association, the objectives are: <br /></span></p>
<ul class="unordered-listing">
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Grow the organization from 2 representatives in Year 1, to more than 10 by Year 5. <br /></span></li>
</ul>
<ul class="unordered-listing">
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Increase income to more than $3 million by Year 3. </span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Increase customer base by 450% in three years. Keep up work costing that keeps edges above 70%. <br /></span></li>
</ul>
<p><span style="font-weight: 400;">It implies that by next period, the objectives are: <br /></span></p>
<ul class="unordered-listing">
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Grow the organization from 2 workers in Year 1, to more than 4 by Year 1. <br /></span></li>
</ul>
<ul class="unordered-listing">
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Increase income to more than $1 million. <br /></span></li>
</ul>
<ul class="unordered-listing">
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Increase customer base by 150%. Keep up work costing that keeps edges above 70%. <br /></span></li>
</ul>
<p><span style="font-weight: 400;">The suggestion for accomplishing the operational objectives is increment the income by designating assets in regions such like advertising and HR. <br /></span></p>
<ul class="unordered-listing">
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Key dates <br /></span></li>
</ul>
<br />
<table class="table table-bordered">
<tbody>
<tr>
<td>
<p><strong>Quarter</strong></p>
</td>
<td>
<p><strong>Period</strong></p>
</td>
<td>
<p><strong>Due date</strong></p>
</td>
</tr>
<tr>
<td>
<p><span style="font-weight: 400;">1</span></p>
</td>
<td>
<p><span style="font-weight: 400;">1 July to 30 September</span></p>
</td>
<td>
<p><span style="font-weight: 400;">28 October</span></p>
</td>
</tr>
<tr>
<td>
<p><span style="font-weight: 400;">2</span></p>
</td>
<td>
<p><span style="font-weight: 400;">1 October to 31 December</span></p>
</td>
<td>
<p><span style="font-weight: 400;">28 January</span></p>
</td>
</tr>
<tr>
<td>
<p><span style="font-weight: 400;">3</span></p>
</td>
<td>
<p><span style="font-weight: 400;">1 January to 31 March</span></p>
</td>
<td>
<p><span style="font-weight: 400;">28 April</span></p>
</td>
</tr>
<tr>
<td>
<p><span style="font-weight: 400;">4</span></p>
</td>
<td>
<p><span style="font-weight: 400;">1 April to 30 June</span></p>
</td>
<td>
<p><span style="font-weight: 400;">28 July</span></p>
</td>
</tr>
</tbody>
</table>
<p><strong>Cash flow statements analysis<br /><br /><img src="data:image/png;base64,[encoded data, 148816 characters]" alt="" width="666" height="407" /><br /></strong></p>
<br />
<ol start="2">
<li style="font-weight: 400;" aria-level="2"><em><strong>Develop budget forecasts</strong></em></li>
</ol>
<p><span style="font-weight: 400;">Develop budget forecasts, ensuring that the analysis of the previous year’s data and future plans as indicated in the business plan is taken into account in determining projected income and expenditure.</span></p>
<p><span style="font-weight: 400;">Use the Budget Forecast Template to guide your work.</span></p>
<p><span style="font-weight: 400;">Ensure that your budget includes the estimated income and costs for the conference and e-book to be implemented in 2019 in the document Costs and Income</span></p>
<p><span style="font-weight: 400;">Assume a 5% increase in all general costs, as well as a 10% increase in income for consulting and executive recruitment service. Input costs and income for the conference and e-book as set out in the Costs and Income data.<br /><br /><img src="data:image/png;base64,[encoded data, 202272 characters]" alt="" width="666" height="455" /><br /></span></p>
<p><span style="font-weight: 400;">Estimated cost and income for conference and e-book to be implemented in 2018:</span></p>
<table class="table table-bordered">
<tbody>
<tr>
<td>
<p><span style="font-weight: 400;">Type</span></p>
</td>
<td>
<p><span style="font-weight: 400;">Cost</span></p>
</td>
</tr>
<tr>
<td>
<p><span style="font-weight: 400;">Venue and catering</span></p>
</td>
<td>
<p><span style="font-weight: 400;">$5000</span></p>
</td>
</tr>
<tr>
<td>
<p><span style="font-weight: 400;">Speaker fees and travel</span></p>
</td>
<td>
<p><span style="font-weight: 400;">$10000</span></p>
</td>
</tr>
<tr>
<td>
<p><span style="font-weight: 400;">Marketing</span></p>
</td>
<td>
<p><span style="font-weight: 400;">$5000</span></p>
</td>
</tr>
<tr>
<td>
<p><span style="font-weight: 400;">Conference bags</span></p>
</td>
<td>
<p><span style="font-weight: 400;">$1000</span></p>
</td>
</tr>
<tr>
<td>
<p><span style="font-weight: 400;">Staff time</span></p>
</td>
<td>
<p><span style="font-weight: 400;">$30000</span></p>
</td>
</tr>
<tr>
<td>
<p><span style="font-weight: 400;">Total</span></p>
</td>
<td>
<p><span style="font-weight: 400;">$51000</span></p>
</td>
</tr>
</tbody>
</table>
<br />
<p><span style="font-weight: 400;">Assuming a 5% increase in the cost and income for conference would be-</span></p>
<table class="table table-bordered">
<tbody>
<tr>
<td>
<p><span style="font-weight: 400;">Type</span></p>
</td>
<td>
<p><span style="font-weight: 400;">Cost</span></p>
</td>
<td>
<p><span style="font-weight: 400;">Assumed cost </span></p>
</td>
</tr>
<tr>
<td>
<p><span style="font-weight: 400;">Venue and catering</span></p>
</td>
<td>
<p><span style="font-weight: 400;">$5000</span></p>
</td>
<td>
<p><span style="font-weight: 400;">$5250</span></p>
</td>
</tr>
<tr>
<td>
<p><span style="font-weight: 400;">Speaker fees and travel</span></p>
</td>
<td>
<p><span style="font-weight: 400;">$10000</span></p>
</td>
<td>
<p><span style="font-weight: 400;">$10500</span></p>
</td>
</tr>
<tr>
<td>
<p><span style="font-weight: 400;">Marketing</span></p>
</td>
<td>
<p><span style="font-weight: 400;">$5000</span></p>
</td>
<td>
<p><span style="font-weight: 400;">$5250</span></p>
</td>
</tr>
<tr>
<td>
<p><span style="font-weight: 400;">Conference bags</span></p>
</td>
<td>
<p><span style="font-weight: 400;">$1000</span></p>
</td>
<td>
<p><span style="font-weight: 400;">$1050</span></p>
</td>
</tr>
<tr>
<td>
<p><span style="font-weight: 400;">Staff time</span></p>
</td>
<td>
<p><span style="font-weight: 400;">$30000</span></p>
</td>
<td>
<p><span style="font-weight: 400;">$31500</span></p>
</td>
</tr>
<tr>
<td>
<p><span style="font-weight: 400;">Total</span></p>
</td>
<td>
<p><span style="font-weight: 400;">$51000</span></p>
</td>
<td>
<p><span style="font-weight: 400;">$53550</span></p>
</td>
</tr>
</tbody>
</table>
<br />
<p><span style="font-weight: 400;">Estimated E-Book cost </span></p>
<table class="table table-bordered">
<tbody>
<tr>
<td>
<p><span style="font-weight: 400;">Type</span></p>
</td>
<td>
<p><span style="font-weight: 400;">Cost</span></p>
</td>
</tr>
<tr>
<td>
<p><span style="font-weight: 400;">Contract writer</span></p>
</td>
<td>
<p><span style="font-weight: 400;">$10000</span></p>
</td>
</tr>
<tr>
<td>
<p><span style="font-weight: 400;">Desktop publishing</span></p>
</td>
<td>
<p><span style="font-weight: 400;">$3000</span></p>
</td>
</tr>
<tr>
<td>
<p><span style="font-weight: 400;">Marketing</span></p>
</td>
<td>
<p><span style="font-weight: 400;">$1200</span></p>
</td>
</tr>
<tr>
<td>
<p><span style="font-weight: 400;">Total</span></p>
</td>
<td>
<p><span style="font-weight: 400;">$14200</span></p>
</td>
</tr>
</tbody>
</table>
<br />
<p><span style="font-weight: 400;">Assuming a 5% increase</span></p>
<table class="table table-bordered">
<tbody>
<tr>
<td>
<p><span style="font-weight: 400;">Type</span></p>
</td>
<td>
<p><span style="font-weight: 400;">Cost</span></p>
</td>
<td>
<p><span style="font-weight: 400;">Assumed Cost</span></p>
</td>
</tr>
<tr>
<td>
<p><span style="font-weight: 400;">Contract writer</span></p>
</td>
<td>
<p><span style="font-weight: 400;">$10000</span></p>
</td>
<td>
<p><span style="font-weight: 400;">$10500</span></p>
</td>
</tr>
<tr>
<td>
<p><span style="font-weight: 400;">Desktop publishing</span></p>
</td>
<td>
<p><span style="font-weight: 400;">$3000</span></p>
</td>
<td>
<p><span style="font-weight: 400;">$3150</span></p>
</td>
</tr>
<tr>
<td>
<p><span style="font-weight: 400;">Marketing</span></p>
</td>
<td>
<p><span style="font-weight: 400;">$1200</span></p>
</td>
<td>
<p><span style="font-weight: 400;">$1260</span></p>
</td>
</tr>
<tr>
<td>
<p><span style="font-weight: 400;">Total</span></p>
</td>
<td>
<p><span style="font-weight: 400;">$14200</span></p>
</td>
<td>
<p><span style="font-weight: 400;">$14910</span></p>
</td>
</tr>
</tbody>
</table>
<br /><br />
<ol start="3">
<li style="font-weight: 400;" aria-level="2"><em><strong>Develop a financial compliance and tax liabilities report.</strong></em></li>
</ol>
<p><span style="font-weight: 400;">You are required to write a report on the company’s key financial compliance requirements and its current tax liabilities.</span></p>
<p><span style="font-weight: 400;">To ensure that the company’s financial risks in relation to the misappropriation of funds and recording of transactions are managed adequately, you are required to outline reporting requirements and financial delegations as outlined in the company’s Finance Policy and Procedures.</span></p>
<p><span style="font-weight: 400;">Research and report on the business’ key financial compliance requirements and liabilities for tax.</span></p>
<p><span style="font-weight: 400;">The report should explain:</span></p>
<ul class="unordered-listing">
<li style="font-weight: 400;" aria-level="3"><span style="font-weight: 400;">GST reporting requirements (the company is required to report quarterly)</span></li>
<li style="font-weight: 400;" aria-level="3"><span style="font-weight: 400;">PAYG withholding obligations</span></li>
<li style="font-weight: 400;" aria-level="3"><span style="font-weight: 400;">PAYG income tax instalment</span></li>
<li style="font-weight: 400;" aria-level="3"><span style="font-weight: 400;">Payroll tax obligations (state government)</span></li>
<li style="font-weight: 400;" aria-level="3"><span style="font-weight: 400;">Superannuation entitlements and requirement to comply with legislation regarding frequency of payment, choice of fund and reporting to staff.</span></li>
</ul>
<p><span style="font-weight: 400;">Your financial compliance and tax liabilities report should be between one and two pages long.</span></p>
<p><strong>Financial compliance and tax liabilities report</strong><span style="font-weight: 400;"> </span></p>
<p><strong>Purpose </strong></p>
<p><span style="font-weight: 400;">The aim is to clarify the requirements of financial compliance and the tax liabilities of the organization. </span></p>
<p><strong>Financial compliance</strong><span style="font-weight: 400;"> </span></p>
<p><span style="font-weight: 400;">Methodology and approval is set by the finance approval for favoring the financial exchange like CEO/Finance Manager. As per the money strategy, expenses are up to $100. A method to issuance is given by the utilization of business credit card. For the development of the specialists, $500 is the greatest cutoff. It is indicated by the new provider strategy, in which there is evaluation of all the new provider, personal investigation in incorporated. </span></p>
<p><strong>Tax liabilities</strong><span style="font-weight: 400;"> </span></p>
<p><span style="font-weight: 400;">With all the tax regulations/liabilities, the organization and staff should comply. The tax rate is 30%. </span></p>
<p><strong>GST reporting requirements </strong></p>
<p><span style="font-weight: 400;">GST turnover of grow management is more than $75000. </span></p>
<p><strong>Payroll tax obligations</strong></p>
<p><span style="font-weight: 400;">These are the thresholds for payroll in each state in Australia:</span></p>
<table class="table table-bordered">
<tbody>
<tr>
<td>
<p><span style="font-weight: 400;">State</span></p>
</td>
<td>
<p><span style="font-weight: 400;">Threshold per month ($)</span></p>
</td>
<td>
<p><span style="font-weight: 400;">Threshold per annum ($)</span></p>
</td>
<td>
<p><span style="font-weight: 400;">Rate ($)</span></p>
</td>
</tr>
<tr>
<td>
<p><span style="font-weight: 400;">ACT</span></p>
</td>
<td>
<p><span style="font-weight: 400;">166,666.66</span></p>
</td>
<td>
<p><span style="font-weight: 400;">2,000,000</span></p>
</td>
<td>
<p><span style="font-weight: 400;">6.85</span></p>
</td>
</tr>
<tr>
<td>
<p><span style="font-weight: 400;">NSW</span></p>
</td>
<td>
<p><span style="font-weight: 400;">72,192 (31 days months)</span></p>
</td>
<td>
<p><span style="font-weight: 400;">850,000</span></p>
</td>
<td>
<p><span style="font-weight: 400;">5.45</span></p>
</td>
</tr>
<tr>
<td>
<p><span style="font-weight: 400;">NT</span></p>
</td>
<td>
<p><span style="font-weight: 400;">125,000</span></p>
</td>
<td>
<p><span style="font-weight: 400;">1,500,000</span></p>
</td>
<td>
<p><span style="font-weight: 400;">5.50</span></p>
</td>
</tr>
<tr>
<td>
<p><span style="font-weight: 400;">QLD</span></p>
</td>
<td>
<p><span style="font-weight: 400;">108,333</span></p>
</td>
<td>
<p><span style="font-weight: 400;">1,300,000</span></p>
</td>
<td>
<p><span style="font-weight: 400;">4.75 or 4.95</span></p>
</td>
</tr>
<tr>
<td>
<p><span style="font-weight: 400;">SA</span></p>
</td>
<td>
<p><span style="font-weight: 400;">125,000</span></p>
</td>
<td>
<p><span style="font-weight: 400;">1,500,000</span></p>
</td>
<td>
<p><span style="font-weight: 400;">0-4.95</span></p>
</td>
</tr>
</tbody>
</table>
<br />
<ol start="4">
<li style="font-weight: 400;" aria-level="2"><em><strong>Send an email to the Principal Consultant (your assessor).</strong></em></li>
</ol>
<p><span style="font-weight: 400;">The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.</span></p>
<p><span style="font-weight: 400;">It should introduce and summarise the contents of the attachments. Ask them to read the documents in preparation for discussing them at the upcoming meeting.</span></p>
<p><span style="font-weight: 400;">Attach the following to the email:</span></p>
<ul class="unordered-listing">
<li style="font-weight: 400;" aria-level="3"><span style="font-weight: 400;">Your financial report</span></li>
<li style="font-weight: 400;" aria-level="3"><span style="font-weight: 400;">Your budget forecasts</span></li>
<li style="font-weight: 400;" aria-level="3"><span style="font-weight: 400;">Your financial compliance and tax liabilities report</span></li>
</ul>
<p><span style="font-weight: 400;">To: Principal Consultant</span></p>
<p><span style="font-weight: 400;">From: Milanpreet Singh</span><span style="font-weight: 400;">    </span></p>
<p><span style="font-weight: 400;">Subject: Attachment of the reports</span></p>
<p><span style="font-weight: 400;">Dear Principal Consultant </span></p>
<p><span style="font-weight: 400;">The mail is to inform that I have attached the report to the mail. Kindly go through the report once and share the views. </span></p>
<ul class="unordered-listing">
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Financial Report</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Budget Report</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Financial compliance and tax liabilities report.</span></li>
</ul>
<p><span style="font-weight: 400;">Thank you,</span></p>
<p><span style="font-weight: 400;">Best Regards,</span></p>
<br />
<ol start="5">
<li style="font-weight: 400;" aria-level="2"><em><strong>Prepare for meeting</strong></em></li>
</ol>
<p><span style="font-weight: 400;">The Principal Consultant has approved your budget for the upcoming financial year, 2018</span></p>
<p><span style="font-weight: 400;">– 2019. You are now required to meet with the Senior Managers to communicate the budgets you have developed.</span></p>
<p><span style="font-weight: 400;">Print off a copy of the following to take with you to the meeting:</span></p>
<ul class="unordered-listing">
<li style="font-weight: 400;" aria-level="3"><span style="font-weight: 400;">The budget that you have developed.</span></li>
<li style="font-weight: 400;" aria-level="3"><span style="font-weight: 400;">The Financial Policy and Procedures. You will be required to explain key reporting requirements to the Managers attending the meeting, as well as financial delegations. Review this document and highlight the relevant passages.</span></li>
<li style="font-weight: 400;" aria-level="3"><span style="font-weight: 400;">Your report on key financial compliance requirements and liabilities for tax</span></li>
</ul>
<p><span style="font-weight: 400;">At the meeting, you will need to:</span></p>
<ul class="unordered-listing">
<li style="font-weight: 400;" aria-level="3"><span style="font-weight: 400;">Discuss the budget you have developed and the rationale for the budget figures.</span></li>
<li style="font-weight: 400;" aria-level="3"><span style="font-weight: 400;">Discuss the amounts allocated to activity, including the conference and the e-book.</span></li>
<li style="font-weight: 400;" aria-level="3"><span style="font-weight: 400;">Explain that there will be no more workshops conducted.</span></li>
<li style="font-weight: 400;" aria-level="3"><span style="font-weight: 400;">Provide an outline of the financial policy and procedure. to ensure that roles and responsibilities are understood and risks of misappropriation of funds/incorrect recording of financial transactions is minimised.</span></li>
<li style="font-weight: 400;" aria-level="3"><span style="font-weight: 400;">Explain the company’s key financial compliance requirements and tax liabilities.</span></li>
</ul>
<p><strong>Meeting Details</strong></p>
<p><span style="font-weight: 400;">Date: 10</span><span style="font-weight: 400;">th</span><span style="font-weight: 400;"> November, 2021</span></p>
<p><span style="font-weight: 400;">Time: 1:00 pm</span></p>
<p><span style="font-weight: 400;">Venue: Meeting Room Grow Management consultants</span></p>
<p><span style="font-weight: 400;">Participants: CEO, Principal consultant, financial manager and management team</span></p>
<p><span style="font-weight: 400;">Principle cost conducted the meeting. The aim was to discuss the spending that have been created. Sum distribution to action is to discuss. <br /><br /></span></p>
<ol start="6">
<li style="font-weight: 400;" aria-level="2"><em><strong>Conduct meeting</strong></em></li>
</ol>
<p><span style="font-weight: 400;">Conduct the meeting as set out in the requirements above, making sure that you provide the team with all the required documentation.</span></p>
<p><span style="font-weight: 400;">During the meeting, demonstrate effective communication skills including:</span></p>
<ul class="unordered-listing">
<li style="font-weight: 400;" aria-level="3"><span style="font-weight: 400;">Speaking clearly and concisely</span></li>
<li style="font-weight: 400;" aria-level="3"><span style="font-weight: 400;">Using non-verbal communication to assist with understanding</span></li>
<li style="font-weight: 400;" aria-level="3"><span style="font-weight: 400;">Asking questions to identify required information</span></li>
<li style="font-weight: 400;" aria-level="3"><span style="font-weight: 400;">Responding to questions as required</span></li>
<li style="font-weight: 400;" aria-level="3"><span style="font-weight: 400;">Using active listening techniques to confirm understanding</span></li>
</ul>
<p><span style="font-weight: 400;">Date: 11</span><span style="font-weight: 400;">th</span><span style="font-weight: 400;"> November, 2021</span></p>
<p><span style="font-weight: 400;">Time: 4 pm</span></p>
<p><span style="font-weight: 400;">Venue: Meeting Room Grow Management consultants</span></p>
<p><span style="font-weight: 400;">Participants: CEO, Principal consultant, financial manager and management team</span></p>
<p><span style="font-weight: 400;">The budget you have developed and the rationale for the budget figures.<br /><br /><img src="data:image/png;base64,[encoded data, 137789 characters]