FNSTPB402 : Demo Company Requires It’s Accounting, Bookkeeping - Accounting Assignment Help

Assignment Task:

Task:

• You have been appointed as the Payroll Officer for General Retail Shoe Company Pty Ltd.
• Your Assessor will act as the Payroll Manager / CFO for the company.
• Use the month and financial year exactly as stated on all tasks.
• Refer to the following Policies & Procedures, Employment Contract details, and the company and employee information when completing this assessment.
• The current Payroll year is 2020, that is 1 July 2019 to 30 June 2020.
• Company Information
• Company Name:Demo Company Pty Ltd
• Address:524 Hay Street, Sydney, NSW 2000
• ABN: 52 021 922 320
• Bank Details - Branch 306 234
• Bank Details - Account No: 1234 5678
• Direct Entry ID: 543210 (If required)
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• Payroll Policy & Procedures - Extract
• Staff of are employed under Employment Contracts.
• Payment of Wages
• Wages are paid on a fortnightly basis.
• Payments are made electronically into the employee’s nominated bank account on last day of the pay period.
• The fortnightly pay run is processed by the Payroll Officer.
• Each fortnight a payroll summary report should be submitted to the Payroll Manager for review and authorisation of payment.
• Payslips should be produced for each pay run and distributed to employees.
• Termination payments must be authorised by the Payroll Manager prior to processing the pay run.
• Long Service Leave
• Demo Company Pty Ltd does not account for Long Service Leave in their payroll system.
• Chart of Accounts:
• The following accounts are required for payroll liabilities:
• PAYG Withholding Payable
• Superannuation Payable
• The following accounts are required for expenses:
• Wages & Salaries
• Car Allowance
• Superannuation Expense
• Overtime meal allowance
• Other accounts can be added by the Payroll Officer as required
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• Business Activity Statements
• Demo Company Pty Ltd is classified as a medium withholder and required to submit PAYG withholding information to the ATO monthly.
• Business and Instalment Activity Statements must be approved by the Payroll Manager prior to submitting to the ATO.
• Payroll Disputes and Enquiries
• All payroll enquiries should be directed to the Payroll Officer and answered within 48 hours.
• Any query that can’t be resolved by the Payroll Officer should be escalated to the Payroll Manager.
• All payroll disputes should be referred to the CFO for resolution.
• Incorrect paymentsStaff should contact the Payroll Manager should an incorrect salary payment be identified.
• In situations where an overpayment has occurred, the issue is discussed and the repayment options and schedule is negotiated with the employee. Under normal circumstances, the debt should be repaid within a two-week period. A copy of all documentation relating to the overpayment is kept in the employee’s personnel file. In addition, the Payroll Manager is also notified.
• If the matter remains unresolved, it is referred to the CFO who may resort to legal measures to recover the debt.
• End of Year finalisation
• The business uses Single Touch Payroll reporting within Xero software. STP end of year finalisation must be submitted within 14 working days after June 30.
• Payroll must be reconciled using the payroll checklist for the year, prior to declaration. The completed checklist must be submitted to the Payroll Manager for approval before completing finalisation declaration to the ATO.
• The employee year to date summary information should reconcile to the completed checklist. This also must be approved by the payroll Manager.
• Code of Practice
• Demo Company requires it’s Accounting, Bookkeeping and Payroll staff to abide by the Tax Practitioner’s Board Code of Professional Conduct
• Privacy Policy & Procedures - Extract
• Confidentiality
• Payroll staff are in a unique situation within General Retail Shoe Company (from here on referred to as GRSC) as they hold sensitive records of a personal and financial nature about all GRSC employees. All staff within the payroll department are required to maintain confidentiality over this information and must comply with privacy legislation.
• No employee of GRSC is permitted to access any information on employees for personal reasons. This rule applies to GRSC staff in general and to Payroll staff.
• Tax File Numbers (TFN)
• For privacy reasons the staff of the Payroll department will not disclose a TFN to anyone over the telephone, or by email or fax.
• If an employee wishes to obtain their TFN from Payroll staff, they should provide suitable identification (photo identification such as a Drivers Licence or Passport is preferred). His/her completed Tax Declaration Form will be shown to them so that they can write down the TFN number themselves. The Tax Declaration Form will not be handed over or made available for copying.
• For any staff member that is unable to come to the Payroll department, the Payroll Officer can mail out the TFN to the home address once the Payroll Manager is satisfied as to the identification of the person and written authority is received (fax or emails are acceptable). A faxed or emailed copy of a Drivers Licence or Passport is acceptable for identification purposes for persons who have a genuine reason for being unable to attend the office in person.
• Confirmation of Salaries
• Payroll information will not be provided to third parties (e.g. banks, mortgage lenders etc.) unless prior written approval has been provided by the employee to release such information. The employee should name the institution(s) that will be making the enquiry.
• Official requests from Government Departments (e.g. Child Support Agency, Centrelink etc.) will be actioned directly with the relevant department.
•  
• Employment Contract - Extract
• Ordinary hours of work
• Ordinary hours of work for full time employees are: 7.6 hours per day, Monday to Friday between 8am and 5pm.
• Employees are entitled to a 30 minute unpaid lunch break to be taken between the hours of 12pm and 1pm.
• Payment of Wages
• Wages and salaries are negotiated on an individual basis
• Employees will be paid fortnightly
• General Retail Shoe Company will make superannuation payments on your behalf in accordance with the Superannuation Guarantee (Administration) Act 1992.
• Overtime
• Overtime is paid at time and half for the first 2 hours and double time thereafter on each shift.
• Allowances
• Overtime meal allowance is paid at full ‘ATO reasonable amount’ for the current year as per Tax Determination “Income tax: what are the reasonable travel and overtime meal allowance expense amounts”
• Meal allowances are claimed in combination with overtime claims.
• Meal Type Eligibility
• Breakfast When required to work at least two hours overtime prior to 8.00am
• Lunch When required to work at least two hours overtime prior to 1.00pm and two hours after 1.00pm
• Dinner When required to work at least two hours overtime after 5.00pm
• Car allowance is paid at 68 cents per km (business travel kilometres are less than 5,000 km per vehicle)
•  
• Leave entitlement
• Full time and part time employees are entitled to Long Service leave after ten years of continuous service
• All other leave entitlements are as per the National Employment Standards.
• Notice Required for Employee Resignations
• An employee is required to give the following minimum notice period when resigning:
• Period of continuous service Minimum notice period
• 1 year or less 1 week
• More than 1 year - 3 years 2 weeks
• More than 3 years - 5 years 3 weeks
• More than 5 years 4 weeks
• The minimum notice period an employer has to give an employee is based on the employee’s ‘continuous service’ with them. Continuous service is the length of time an employee is employed by the company.
• The CFO may decide to waive or pay out the notice period depending on individual circumstances.
• Salary Packaging or Deductions – Pre-Tax
• Salary packaging (also known as salary sacrifice) allows a staff member to have certain payments made from their salary BEFORE the deduction of PAYG tax.
• Employees may salary package the following benefits by arrangement with Payroll Branch:
• Superannuation
• Superannuation is paid at the pre-sacrifice salary level.
• It is advised that employees seek independence advice from their Tax Accountant or Financial Adviser before entering into a salary sacrifice arrangement.

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