BSBFIM601: Manage Finances - Australian Tax Office Requirements - Business Assignment Help

Assignment Task :

ASSESSMENT CONDITIONS
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial management field of work and include access to:

• financial data
• relevant legislation and Australian Tax Office requirements
• examples of business plans, profit and loss statements, cash flows and aging summaries
• organisational financial policies and procedures
• financial management software.

Answer all of the following questions.
Q1. What are the requirements for financial probity?
In your response provide an overview of what financial probity involves and the impact it has upon the organisations financial activities. 

Q2. Briefly describe the following key concepts and principles of accounting: [80-100 words]
a) Accounting Entity Concept
b) Reliability Principle
c) Going Concern Principle
d) Full Disclosure Principle

Q3. Describe the following key principles and tools for effective financial systems: [80-120 words]
a) Transaction Recording
b) Reconciliation Processes
c) Invoicing
d) Cash Flow Management

Q4. Explain the following Australian, international and local legislation and conventions that are relevant to financial management in an organisation. 
a) Competition and Consumer Act 2010
b) Privacy Act 1988
c) National Employment Standards under the Fair Work Act 2009
d) World Trade Organisation and the 10 things the WTO can do

Q5. Outline the requirements of the Australian Tax Office, in regards to Goods and Services Tax, Company Tax, Pay As You Go. Provide an outline of the what the tax is and how it works. 

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