Tax Obligations Assignment Hewlett Packard

Added on - 21 Apr 2020

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MOHSIN ALI SHAIKH1321600
MOHSIN ALI SHAIKH1321600NOINDEXPAGENO1ASSIGNMENT 1 (QUESTION/ANSWERE)QUESTION 1 TO 232QUESTION 3 TO 543QUESTION 5 TO 654QUESTION 6 TO 865QUESTION 8 TO 1276QUESTION 12 TO 1487QUESTION 15 TO 1898QUESTION 18109ASSIGNMENT 2TASK 111/1610TASK 1 REFERENCES1611TASK 217/2212TASK 2 REFERENCES232
MOHSIN ALI SHAIKH1321600ASSESSMENT 1: WRITTEN QUESTIONSQUESTIONS1.What are the three main categories of tax obligations?Answer:The three main tax obligations for the taxpayer are as follows;a.Registrationb.Lodgementc.Reporting and PaymentIrrespective of the type of entity an individual, big organization or SMSF all the taxpayers are required to make an application for the TFN and a large number of themare required to lodge a yearly tax return.2.What do you need to do in order to identify individual compliance and otherrequirements?Answer:Obeying to the lawful requirements and obligations or systematically andpreventively protecting the individual taxpayer in the field of taxes is known as thetax compliance. Government with the help of the tax administrations, usually seek toreduce their own system of taxation operating cost whereas at the same timekeeping the compliance cost for taxpayers as minimum as possible. In order to attainthis, an equilibrium should be created between the cost borne by the individual incomplying with the regulations of tax and the cost that is shouldered by the revenueauthority in running the system. Enforcing compliance through constant checks,substantial audits and prosecution is considered as an expensive method of making3
MOHSIN ALI SHAIKH1321600sure that adequate compliance is attained where the taxpayer is stimulated to co-operate and actively comply with the regulations of taxation.3.How would you recognise and apply GST implications and code transactions?Answer:Recognizing and applying GST implications and code transactions are asfollows;a.The fundamentals of GST are recognized, applied and recorded.b.Purchases and payments are recorded, coded in accordance with the GSTclassifications and they are split in capital and non-capital as consideredappropriate.c.Sales and other receipts are recognized and coded according to the GSTclassificationsd.Accounting data is processed to adhere with the reporting requirements oftaxation1.4.What do you need to do to report on payroll activities?Answer:Reporting on payroll activities are as follows;a.An employer under the payroll activities is required to report to the ATOregarding all the payments on or prior to the payday, through the payrollevent.b.When the payment is made through electronic means, the day of payment iseither considered as the date that is stipulated in the electronic transactions orelse no date is specified, the data on which the payment is proposed to bemade in the employees bank account.c.The report should take into the account the employee, with the amount that issubjected to withholding in the regular cycle of pay.1Coleman, C, & K Sadiq,Principles of taxation law 2013. in4
MOHSIN ALI SHAIKH1321600d.Total amount of salaries and other types of payments during the period ofaccounting are recognized and reconciled.e.The sum that is to be withhold from the salaries, wages and other paymentsduring the period of accounting are recognized and reconciled in theconjunctions with the department of payroll if it is applicable.5.What do you need to do in order to report on other amounts withheld, PAYGinstalments and taxes?Answer:The requirements of reporting on the other amount withheld, PAYGinstalments and taxes are as follows;a.An employer having a branch for PAYG for withholding purpose, the employeris required to report separately the payroll events for each of the PAYGwithholding branch that is established with the ATO.b.Amounts that are withheld from other payments during the period ofaccounting are recognized and identified and reconciled in accordance withother subdivisions provided they are applicable.c.The instalment amount of PAYG should be verified or wherever applicableshould be computed.d.Instalments amounts must be verified wherever applicable and must becomputed for other taxes2.6.What tasks must be performed when completing and reconciling the activitystatement?2Kenny, P,Australian tax 2013. in , Chatswood, N.S.W., LexisNexisButterworths, 2013.5
MOHSIN ALI SHAIKH1321600Answer:Tasks that needs to be executed at the time of completing and reconcilingthe activity statement are as follows;a.Activity statement report should be generated whenever required and shouldbe checked and validated.b.Errors should be identified and correct bookkeeping entries must begenerated.c.Adjustment for previous quarter should be made, or months or end of the yearwhenever it is necessary.d.BAS and IAS return must be completed in compliance with the up to datestatutory, regulatory and legislative organisational schedule.e.Figures must be completed on the BAS and IAS form and must be reconciledwith the journal entries profit and loss statement, GST and other forms ofcontrol accounts.7.What tasks are required when lodging an activity statement?Answer:Task required at the time of lodging activity statements are as follows;a.Activity statement must be checked and signed off by an appropriateindividual as identified by the statutory legislation and regulationsrequirementsb.Activity statements must be dispatched in compliance with the statutoryrequirements, legislative and regulatory requirements.c.Payment or any form of refund that is processed must be recorded.8.What steps are involved in completing a BAS reconciliation?6
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