Manage Finances

Running head: MANAGE FINANCES
Manage Finances
Name of the Student
Name of the University
Author Note

MANAGE FINANCES
Table of Contents
1. Identify the statutory requirement for tax compliances and calculate the tax liabilities for
Libertine restaurant group pty Ltd under taxation legislation:........................................................3
2. Identify the current compliances requirements and liabilities for this organisation under
corporation ACT 2001.....................................................................................................................5
3. Review the existing financial management software to discuss the suitability of Libertine
restaurant group pty ltd....................................................................................................................6
4. Explain how you can apply the following principle of accounting in developing the budget
required for the task.........................................................................................................................7
5. Explain and discuss the implications of probity when preparing and revising budgets..............7
6. Identify most viable financial quarters for Libertine restaurant group pty ltd............................8
7. List any other items you would recommend for inclusion in budgets for Libertine restaurant
groups..............................................................................................................................................8
8. List new or modified internal control that could improve risk management technique for
Libertine restaurant pty Ltd including the maintenance of audit trails............................................9
9. Discuss the understanding of following and their impact on hospitality:.................................10
Assessment 2.................................................................................................................................12
1. Issues which can be identified...................................................................................................12
2. Performance...............................................................................................................................14
3. Financial management process in place....................................................................................15
Reference and Bibliography:.........................................................................................................17

MANAGE FINANCES
1. Identify the statutory requirement for tax compliances and calculate the tax liabilities for
Libertine restaurant group pty Ltd under taxation legislation:
A:- The Libertine restaurant group pty ltd. need to satisfy all the following statutory
requirements as a tax compliance
Tax Requirement
a) Goods and service tax As, per the ATO guidelines all the Australian business
organisation who are having a turnover more or equals to
$75,000 in an income year must have to register and file the
GST. Since, Libertine has generated revenue of $16,264,105 in
the financial year 2016/2017 so it requires filing GST.
b) Payroll tax According to NSW guideline, if an organisation have any
individual bill is $75,000 or more, then it require to pay the
payroll tax.
c) company tax The federal government of Australia has imposed a tax rate of
30% o the Australian companies since 2001. There is a tax
relief for the companies who has a turnover $10 million but
Libertine does not satisfied this so it has to pay a tax rate of
30%.
d) Fringe benefit tax It is required to lodge a tax return and have to pay FBT for the
total amount that it owed in the income year.
e) PAYG withholding payable According to Australian taxation office, a taxpayer
required to register under PAYG withholding payable
payments like payment to employee, payment under
voluntary agreement and payment where
ABN(Australian Business Number) has not quoted. The
timeline for this is 14Th of August.

MANAGE FINANCES
f) Income tax A Australian citizen can lodge the tax or eligible to pay tax if
the income of the person is more than $18200 in a income
year. The $18200 is known as tax free threshold. A tax rate of
19% is impose for each $1 more than $37000 and a rate of
45% for over $180000.
Tax liability of Libertine-
Goods and service tax = $ 10,95,774.75
Pay roll tax= $ 78,815.09
Fringe benefit tax= $ 7,000.00
PAYG tax= $ 50,691.20
Income tax= $2,34,510.79
Therefore the total tax incurred in the financial year is $1466791.83