Payroll Management: BSBFIM502 Assessment Workbook Solution

This document provides a comprehensive solution to the BSBFIM502 Manage Payroll assessment, addressing both Assessment 1 and Assessment 2. It covers essential aspects of payroll management, including security and confidentiality procedures, substantiation of claims for allowances, control measures for safeguarding financial resources, and systems for meeting statutory obligations. The solution includes calculations for hourly and weekly pay rates, annual salary, and net pay, as well as details on payroll checks, reconciliation, and administrative actions. Furthermore, it explores declaration forms, periodic deductions, Fringe Benefit Tax (FBT) payments, GST calculations, and the reconciliation of payroll summaries. The document also presents the policy and procedure for National Camper Trailers, outlining steps for establishing an accurate payroll system and ensuring the security and confidentiality of payroll information. References to relevant literature are also provided.

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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:

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i) Actual periodic deduction that has time duration of 30 days.
ii) Fixed period deduction that has to be done at the beginning of every month
iii) Annual deduction that has to be at the beginning of every financial year.
iv) Quarterly Deduction: After each 3 months
13) The processes that can be used to prepare and dispatch Fringe Benefit (FBT) payments to
the Australian Tax Office (ATO) are:
i) Calculation of the amount of FBT that the employer has to pay
ii) Registration for FBT has to be done
iii) Necessary FBT records have to be kept
iv) Fringe benefits in the payments summaries of the employees has to be reported
vi) Return and payment of FBT to the ATO has to be lodged.
vii) Comprehension of the benefits that are exempted form FBT has to be done.
14) GST CALCULATION Activity 14 is attached.
15) In order to ensure the Payroll summaries in the which were formally known as group
certificates reconcile form the records of salary, ensuring the issuance of PYG to all the
employees has to be done at first. The income earned form full or part time or any kind of casual
employment during the following income year has to be included. The payment summary needs
to mention all the details even if there were no deduction of installments by 14th of July of every
year. Further, no deduction should have been made within 7 days of making termination
payment. The reconciliation of the payroll needs to be completed for ensuring that all data has
been provided and made to be calculated in a proper way. This would verify the payments
accuracy that are made to the creditors, employees, superannuation funds, the ATO and other
institutions for which the deductions were made (Riley, 2014).
B) The functions of PAYG Payment Summary Statement in preparing the final payroll report of
to the ATO include the provision of complete details of the payment summary. The details and

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information of the employee regarding the payments that are made on the financial year are
mentioned. Review of the payment summaries is facilitated by the saving of the payment
summary annual report in a format that one can lodge with the ATO. The PAYG Payment
Summary Statement provides an outline for all the summaries of the payments that the employer
issuedto the employees for the entire financial year (Renwick, Redman & Maguire, 2013).
Assessment 2:
1) The policy and procedure for National Camper Trailers that document the steps that are
undertaken for establishing and creating an accurate payroll system is as follows:
Legally binding authentication rules and guidelines would regulate the standards of tax,
codes and regulations of the accounting practices that would have significant implication
on the payroll operations.
2) The policy and procedure for National Camper Trailers that ensures the security and
confidentiality of payroll information is stated below:
The privacy and confidentiality Act is intended to ensure the security and confidentiality
of information of the payroll of the organization by limiting access to the payroll
department and the computer applications that are associated with the payroll department.
The Act also encompasses the ensuring the security of the physical environment of the
payroll department (Reiche, Mendenhall & Stahl, 2016). Any kind of physical copies or
documents associated with the payroll of the company needs to block at all times. The
computer systems need to be highly protected and access should be provided top
authorized individuals only.
3) The policy statements states that “the company is subjected to guarantee of
substantiation of claims for allowances associated with the higher duties, for uniforms,
laundry and protective clothing, kilometer and meal allowances, compensation for
damage to personal equipment or clothing and staying away from home.
4) The policy and procedure that establishes a system for ensuring statutory obligations are
met and records are maintained for the period that is determined by the government
legislation state that “ The Records Act requires that all the payroll records maintained
by the company be made available to the members of the with extremely narrow
exemptions (Renwick, Redman & Maguire, 2013).

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References
Purce, J., 2014. The impact of corporate strategy on human resource management. New
Perspectives on Human Resource Management (Routledge Revivals), 67.
Reiche, B.S., Mendenhall, M.E. and Stahl, G.K. eds., 2016. Readings and cases in international
human resource management.Taylor & Francis.
Renwick, D.W., Redman, T. and Maguire, S., 2013. Green human resource management: A
review and research agenda. International Journal of Management Reviews, 15(1), pp.1-14.
Riley, M., 2014. Human resource management in the hospitality and tourism
industry.Routledge.