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FNS50215 Diploma Of Accounting

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  • Course Code: FNS50215
  • University: Australian Pacific College
  • Country: Australia

Question:

For this assessment you are required to answer all of the questions. You are permitted to research the answers by reading your text book, theory notes and accessing the internet. If more room is needed label each task with the question number and use headings or dot points to make your work clear for your trainer and assessor.

Please follow the Referencing Guide contained on your Course handbook.

Please attach a student assessment cover sheet to each unit submission. You must complete the cover sheet in full detail.

  1. What is the purpose of establishing security procedures in relation to managing payroll information? There are three aspects of this purpose.
  1. Claims for allowances require substantiation documentation.  Explain how substantiation procedures guarantee that an employee’s claim for an allowance is substantiated?
  1. Identify three (3) different records relating to managing payroll that an organisation is required to keep for employees and the minimum period that these records must be kept?
  1. List the key items that are required in order to calculate an employee’s gross pay and where you would obtain the required information.
  1. Identify two (2) statutory deductions that can apply to a wage or salary earner and provide a brief description of each including how the amount of each deduction would be calculated and determined.
  1. Describe your current job and provide two (2) allowable tax deductions that you could claim to reduce your overall taxable income.  Justify the deductions.
  1. Explain three (3) checks that an organisation can perform when reconciling payroll.
  1. Explain the purpose of a Tax File Number (TFN) declaration and the time lines for completion and lodgement with the Australian Taxation Office (ATO).
  1. Log onto the Office of State Revenue Queensland website (osr.qld.gov.au) and answer the following questions relating to payroll tax as a business.
    1. What is payroll tax and when does a business need to register?
    2. What is the current payroll tax exemption yearly threshold?
  • What is the current payroll tax rate?
  1. How often does a business have to lodge a return for payroll tax?
  2. When is the return due after the end of the return period?
  3. Using the information you have just found on the website, calculate the payroll tax payable for a Queensland business that has a total payroll of $1 million.
  1. Provide an explanation of the following terminology and also the importance of each in the management of a payroll system:
  2. Fringe Benefits Tax (FBT)
  3. Higher Education Contribution Scheme (HECS)
  • Superannuation Guarantee
  1. Pay  As You Go Tax (PAYG)
  2. Medicare Levy
  1. For each of the following pieces of legislation or codes of practice describe why each is relevant to the management of a payroll system:
  2. Anti –discrimination Laws
  3. Ethical principals
  • Australian Accounting and Auditing Standards code of practice
  1. Superannuation Guarantee (Administration) Act
  2. Privacy laws
  1. Explain how often an employer should report and forward payment to an employee’s nominated superannuation fund.

Case study

A Payroll Manager of a private school in Sydney used five employee codes of past employees to create fake teachers and had money transferred to her bank account.  This occurred over a period of six years and amounted to over $1 million dollars being stolen from the school.

Explain five (5) security procedures and control measures that the school could implement to prevent this from occurring again.

  1. Scenario– Brett Symthe is a carpenter.  He must provide his own tools of trade and had to purchase an electric drill for use at work.  He bought a Makita electric drill for $880 including GST.

Brett bought the drill on the 21st of June 20XX from Bunnings, ABN 33 987 223 120, 5 Nerang Street, Nerang Qld 4211.  He lives at 33 Moore Parade, Southport Qld 4215.

For tax purposes, Brett must keep a tax invoice to substantiate his claims.Create a tax invoice that Brett could use to claim this purchase in his next tax return.

  1. Scenario– Brett uses his own utility (Volkswagen Transporter, registration IDX 812) for work and is able to claim the kilometres travelled as an allowable deduction.
 

Answer:

Requirement 1: 

Payroll management policies: 

Management of payroll is an important part of overall management of an organization. A standard payroll management system must have the following attributes to ensure efficient management of payroll system (Laudon & Laudon, 2016).

Security: 

The security is of utmost importance in the payroll management system. The information in the payroll system should be secured and confidential. The system must not be allowed to be used by anyone except the payroll manager. Strong authorization procedure should be inbuilt in the system to ensure that except eligible person no one is allowed access in the system. Physical security of files is equally important hence, all necessary precautions shall be taken such as having a separate physical location for the computers in which the files are stored (Nicholas & Steyn, 2017).

Substantiation of claims for allowances: 

  1. The claims shall be substantiated from records.
  2. Necessary documents such as employee registrar and pays slips shall be verified.
  • Cross checking with the relevant departments before finalizing the claims of allowances (Laudon & Laudon, 2016).

Measures to safeguard financial resources: 

  1. Identifying the appropriate legislations that shall govern the wages and salaries payments.
  2. Ensure that the provisions applicable to the organization are complied with in making payments to the employees and workers.
  • Recording all information correctly in the payroll system (Balazs, Liu-Barker, Foiles, Thomas & Lee, 2016).

Payroll checking and authorization of salaries and wages payment: 

  1. The payroll manager must check the payroll with appropriate documents before making payments.
  2. All necessary deductions must be made from gross salaries and wages before making payment to the employees and workers.
  • Authorization from respective department heads shall be obtained before making payment to employees and workers (Feinsmith, 2015).

Reconciliation: 

The process of reconciliation of salaries, wages and deduction shall be carried out by following the procedures mentioned below:

  1. Gross salaries and wages calculated shall be reconciled with the appropriate pay rates of the workers and employees.
  2. Taxes deducted from gross salaries must be in accordance with the provisions of the Income Tax Assessment Act 1997.
  • Adjustment for bonus and rewards along with absence from work must be checked properly (Debroux, 2017).   
 

Enquiries of employees related to salaries and wages: 

  1. Employees’ enquiries must be dealt with specifically by the payroll managers.
  2. Payroll managers must resolve all the queries of employees and workers.  
  • All deductions shall be shown to the employees and workers to ensure they understand the deductions properly (Nielsen, Chambers & Farr, 2014).

Requirement 2:

Employees  

 Gross pay  

 John Ryan  

                                                                          1,042.00

 Janice Wright  

                                                                              871.00

 Robert Jones  

                                                                              625.00

 Mary Jacobs  

                                                                              617.00

 Rebecca Wong  

120.00

 

Calculation:  

Days  

 Monday

 Tuesday  

 Wednesday

 Thursday

 Friday

 Saturday

 Sunday

 Gross pay  

 John Ryan  

 

 

       8.00

     11.00

       8.00

       8.00

       6.00

  1,041.91

 

 

 

   181.20

   249.15

   181.20

   226.48

   203.88

 

 Janice Wright  

       8.00

       8.00

       8.00

 

       8.00

       6.00

 

     870.58

 

   176.32

   176.32

   176.32

 

   176.32

   165.30

 

 

 Robert Jones  

       8.00

       8.00

 

 

 

       8.00

       3.00

     624.77

 

   166.32

   166.32

 

 

 

   207.92

     84.21

 

 Mary Jacobs  

 

 

       8.00

       8.00

 

       5.00

       5.50

     616.98

 

 

 

   166.32

   166.32

 

   129.95

   154.39

 

 Rebecca Wong  

 

 

 

       6.50

 

       4.00

 

 

 

 

 

 

67.54

 

51.96

 

119.50


Template:

As can be seen that firstly, the employees have been classified under full time and casual categories as the payment to the employees vary depending on their status of employment. It is clear that John Ryan and Janice Wright are only full time employees of the fast food restaurant whereas other three employees, namely Robert Jones, Mary Jacobs, and Rebecca Wong are casual employees (Shoham, Bank, Cobbe, Matta, Rubin, Weiner & Toft, 2015). In fact Rebecca Wong is under 17 worker for the restaurant and accordingly, her wage rate is different from the other employees. The hourly wage rates are different for day evening and night shift (Lim, 2016). The hourly rate of wages also varies during week days and weekends. Taking into consideration all these the calculation of gross pay has been made. The total number of hours worked by these employees on different days have been determined as cab ne seen in the above template as well as brief calculation table provided above (Angeles, 2015). Accordingly, appropriate rate of wages has been ascertained based on the day when the employees have worked. Multiplication of appropriate hourly wage rates with the number of hours worked during a particular day has helped in calculating the gross wage of that particular day (Goetsch & Davis, 2014). By following this method the total weekly gross pay has been calculated for the fulltime and casual employees. It is also important to mention that the level of employees are different as some belongs to level 1 whereas some belongs to level 3. Since the wage rate varies on the basis of the level of an employee hence it was important to determine the appropriate level of all employees accordingly, the level of all employees have been determined to use appropriate hourly wage rate pot calculate gross pay of the works and employees of fast food restaurant (Vos & Slavin, 2015).     

Applicable tax: 

Employees  

 Gross pay  ($)

 Applicable tax  ($)

 John Ryan  

                                                                          1,042.00

        197.00

 Janice Wright  

                                                                              871.00

        138.00

 Robert Jones  

                                                                              625.00

          64.00

 Mary Jacobs  

                                                                              617.00

          62.00

 Rebecca Wong  

120.00

 

Employee pay slip:

ABC Fast Foods Pty Ltd pay advice slip

Employers ABN: 12 345 678 910

Employee no: 2

Date of payment: 16/07/2018

Pay period ending: 15/07/2018

Employee’s name:             Janice Wright

Employment status:          FT Supervisor C2

Wages, allowances and overtime

Hours

Rate

Amount

Wages

Standard hours

32

22.04

705.28

Wages

Overtime rate Sat

6

27.55

165.3

Wages

Overtime rate 2

 

 

 

Allowance 1

Laundry

 

 

 

Allowance 2

 

 

 

 

Public Holidays

 

 

 

 

Gross pay

871

PAYG tax

      138.00

Net pay

      733.00

Superannuation guarantee levy

 

Tax number declaration form: 

TFN

100 489 128

Name

Ms Jennifer Brown

DOB:

05-06-88

Address

10 James St, Burleigh Q 4220

Status of the employee

Casual 

Employee payment summary    

Details

Amount ($)

Gross weekly pay

                                                                                             871.00

Number of weeks (Assuming 44 weeks)

44

Gross annual pay

                                                                                       38,324.00

Tax withheld

                                                                                         6,072.00

Net pay

                                                                                       32,252.00

Form 8A: 

Particulars

Amount ($)

Amount ($)

GST collected

                                                                                       15,000.00

 

GST paid

                                                                                         9,500.00

 

GST payable

 

                                                                                         5,500.00

Form 8B:

Particulars  

 Amount ($)

 Amount ($)

 Tax withheld from staffs  

                                                                                         6,500.00

 

 Less: PAYG income tax instalment  

                                                                                         2,300.00

 

 Liability for tax withheld  

 

                                                                                         4,200.00

 
 

References:

Angeles, P. (2015). U.S. Patent No. 9,058,416. Washington, DC: U.S. Patent and Trademark Office.

Balazs, A. G., Liu-Barker, X. C., Foiles, D. L., Thomas, M. P. I., & Lee, R. E. (2016). U.S. Patent No. 9,444,824. Washington, DC: U.S. Patent and Trademark Office.

Debroux, P. (2017). Human Resource Management in Japan: Changes and Uncertainties-A New Human Resource Management System Fitting to the Global Economy: Changes and Uncertainties-A New Human Resource Management System Fitting to the Global Economy. Routledge.

Feinsmith, J. B. (2015). U.S. Patent No. 9,002,900. Washington, DC: U.S. Patent and Trademark Office.

Goetsch, D. L., & Davis, S. B. (2014). Quality management for organizational excellence. Upper Saddle River, NJ: pearson.

Laudon, K. C., & Laudon, J. P. (2016). Management information system. Pearson Education India.

Laudon, K. C., & Laudon, J. P. (2016). Management information system. Pearson Education India.

Lim, K. (2016). U.S. Patent No. 9,407,662. Washington, DC: U.S. Patent and Trademark Office.

Nicholas, J. M., & Steyn, H. (2017). Project management for engineering, business and technology. Routledge.

Nielsen, S., Chambers, C., & Farr, J. (2014). U.S. Patent No. 8,626,571. Washington, DC: U.S. Patent and Trademark Office.

Shoham, Y., Bank, J. E., Cobbe, K., Matta, A., Rubin, M., Weiner, Z. I., & Toft, K. T. (2015). U.S. Patent Application No. 14/076,046.

Vos, M., & Slavin, J. (2015). U.S. Patent No. 9,037,536. Washington, DC: U.S. Patent and Trademark Office.

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