FNSBKG404: Rhonda’s Plants Accounting Transactions document - Accounting Assignment

Internal Code: MAS3270

Accounting Assignment:

Rhonda’s Plants is a company registered in Sydney, NSW which grows and sells plants and flowers to local businesses and flower markets. The company is registered for GST, is not a member of a GST Group nor is it eligible for GST deferment. The business has several employees. One employee has the use of a company car – FBT is paid by the company. The company also has a rental house on its property. The Company has a Policy and Procedures manual. Extracts of this manual covering GST and BAS reporting are provided separately. The client has specified that these policies and procedures are to be met. The company has provided an MYOB data file which should be used as the basis for the BAS calculations. The company has also provided a list of transactions which have not yet been entered into MYOB because the client is unsure of how to apply the correct GST coding to these transactions. These transactions need to be entered into MYOB before the BAS is completed and lodged. The company has also provided a Bank Statement at June 30th which should be used to complete a Bank Reconciliation prior to the completion of the BAS Questions: TASK 1 Rhonda’s Plants have provided accounting transaction information (see Rhonda’s Plants Accounting Transactions document) which relates to the BAS reporting period April to June 2017. You are required to Code these GST transactions for MYOB. In accordance with Rhonda’s Plants policies and Procedures Clause TASK 2 As Rhonda’s bookkeeper, you are required to ensure the business meets all their tax and reporting requirements. Prepare a schedule that provides Rhonda with estimates of the amounts and timing of her tax obligations for the year.(NOTE this should be done on excel or word) Annual turnover $2,750,000(30% of these are estimated to be Export sales) Rhonda estimates that she claims 20,000 per year for GST paid Annual withholding: $80,000 Pre-printed PAYG tax instalment $45,000 per quarter Pre-printed FBT per quarter $1200 TASK 3 Rhonda seeks your advice on the following: (i) Rhonda has heard from a work colleague about Fuel Tax credits. She has asked you whether she can claim Fuel Tax credits.Research the ATO website and your text book and advise Rhonda Advise Rhonda. Provide 2 practical examples of the application of the fuel tax credit (ii) Rhonda purchased a luxury car with an all-up price of $140,000. In April 2017.She has asked you a. To calculate the amount of luxury car tax she has paid for the carb. Whether she needs to include the luxury car tax in her June BAS statement.