BSBFIM502 Manage Payroll Assessment

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Assessment Workbook: BSBFIM502
Manage payroll

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Assessment 1
1) The procedures that can be used for ensuring security and confidentiality of payroll
information are securing the physical environment of the workplace, limiting access to
the information of the payroll system, establishment of the electronic security,
standardization of the external requests and proper handling of disposals of documents
(Purce, 2014).
2) The procedures that I would ensure in the place in an organization that would guarantee
substantiation of claims for allowances are correct are:
a) Organizing the documentary evidence
b) Sorting the nature and characteristics of documentary evidence
c) Implementing the apportionment of the documents
d) Identifying the penalties
e) Revising the guidelines for deduction
f) Deciding the time frame or duration for keeping every record
3) The control measures that can be considered for safeguarding the financial resources of
the organization in accordance to the organizational and legislative requirements are:
i) Disbursements
ii) Control on the payroll processing
iii) General ledger control
iv) Financial reporting
v) Budget processing
4) The systems that can be established for ensuring the meeting of statutory obligations and
records to be kept for the period determined by the legislation are: security frameworks,
records liaisons, record management systems, etc.
5) A) The calculated hourly and weekly pay rate for Daniel is$11.25 and $84.00
respectively.
B) The Annual Salary (Taxable Income) for Daniel in $4380.
6) A) the net pay to the employee is $954. 45.
B) The refund that was provided to the staff by the employer was around $1320.

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7) It is important to provide the payroll data to the payroll processor within the designated
timeline as all employees need to be fully paid with all the entitlements and allowances to
leave. The timelines are to be met on a strict note as the deductions need to be distributed to
the authorities (Reiche, Mendenhall & Stahl, 2016). The timelines are tobe strictly
maintained as the business activity statements lodgment along with the end-of-financial-year
procedures is fulfilled.
8) The payroll checks that one should undertake before submission for the authorization of
wages and salaries payment are update of authorization of signature, locking up of the
undistributed paychecks; handling checks directly employees, checking the payroll accounts.
9) Ensuring of the salaries, deductions and wages are reconciled in accordance with the
policies and procedures of the organization can be done by confirming the hours of pay
period for every match time of the employees card entries that are submitted by the
individuals. Ensuring of the pay rates for every employee has to be accurate which would
include the sick or vacation hours. Verification of the payroll expenses for the schedules has
also to be done.
10) Being a staff of the payroll department of the organization, I would take administrative
actions in a progressive ways. I would take required corrective actions that would involve
rectification of the payments of the employees for the over work which would be in
accordance to the policies and guidelines of the company.
11) A) the declaration forms that are to be completed by an employee are Taxation File
Number (TFN) Declaration and Withholding Declaration (Renwick, Redman & Maguire,
2013).
B) The information that are needed form the declaration forms for the determination of the
amount of tax which must be withheld in accordance with the Australian Taxation Office
requirements are tax file number, claims of tax free threshold, basis that are paid, information
regarding being an Australian resident for tax purpose, etc.
12) The periodic deductions that are needed to be forwarded to the respective creditors in the
payroll process are: