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Running Header: BSBFIM502 – Manage payroll – Business Services Training Package         1
BSBFIM502 – Manage payroll – Business Services Training Package     5
BSBFIM502 – Manage payroll – Business Services Training Package
BSBFIM502 – Manage payroll – Business Services Training Package
Assessment 1 – Short Answer Questions
Question 1
The five different procedures which can be utilized for ensuring confidentiality as well as security with respect payroll information includes the following (Snell et al., 2015; Stone et al., 2016) –
· Securing the relevant physical relevant
· Limiting the access to information based on relevance, authority, etc.
· Establishing effective form of electronic security
· Standardizing the request for information from the external entities
· Effectively handing the procedures of disposal
Question 2
For ensuring that the procedures can guarantee substantiation for claims concerning allowances, it shall be essential for establishing clear set of policies as well as procedures with respect to payments concerning allowances. The procedures include the following (Snell et al., 2015; Stone et al., 2016)–
· Establishing the allowances
· Specific set of event related allowances
· Specific set of activities / events that are claimable allowances
Question 3
There are varied set of principles for internal control which shall govern varied measures that organisation could suitably safeguard the financial resources of organisations with respect to legislative as well as organisational requirements. These include (Snell et al., 2015; Stone et al., 2016) –
· establishing the responsibility
· separating or else dividing the responsibilities concerning affiliated transactions
· documentation procedures
· usage of mechanical as well as electronic form of equipment
· internal reviews
Question 4
· Establish effective forms of procedures to correct oversights / errors which have impacts on the tax obligations
· Systems for identifying, flagging as well as addressing the events / transactions that are unusual while they take place
· Systems to document the reasonable form of arguable position with respect to tax treatment concerning transactions
Question 5
Part A
Part B
Annual Salary (Taxable Income): 52 * $807.90 = $42,010.80
Question 6
Part A
    Gross weekly pay
     950
    Tax withheld
     300
    Weekly PEA*
     354
    Pay remaining
     296
    Deducted child support (this amount to be remitted to CSA)
    50
    Pay remaining
     246
    Plus PEA
     354
    Net pay to employee
     600
Part B
Car Allowance = 66 cents per 2000 KM = $1,320
Question 7
It shall be important for providing payroll data with respect to payroll processor before timeline designated such suitable comparisons could be undertaken amongst the normal as well as overtime hours that are recorded with respect to timesheets of employee as well as entered with respect to payroll register and in case discrepancies are determined, payroll processor shall check the related calculations for any errors initially. In case the same do not resolve this problem, the concerned supervisor shall be informed as well as error shall be investigated for resolution. The reconciliation process in addition prevents the pay in being prepared (Snell et al., 2015; Stone et al., 2016).
Question 8
· Employee entitlement in terms of reports from payroll systems needs to be suitably reviewed for ensuring they reflect accurately the amounts which are paid for all of the employees. In addition, many of the entitlements shall carry over towards the subsequent financial...