please write detailed answers and use the reference from ATO
FNSACC511 Version 2.2 March 2020 Page 1 of 16 ASSESSMENT 1 – PROJECT STUDENT INFORMATION This information is to be handed to each student to outline the assessment requirements For this assessment, students are required to liaise with their client and undertake a business needs analysis. This can be done in a simulated working environment with the instructor role-playing the part of the CEO of a simulated business model. Part 1: You are to consult with appropriate personnel in order to undertake an assessment of your client’s financial needs. You must undertake an interview / consultation process to achieve the following: List all the financial objectives of the client, including but not limited to: - Tax liability reduction goals - Wealth accumulation - Asset development Identify relevant legal and financial requirements that will need to be considered in order to achieve the client’s specific objectives Detail other processes the client will need to undertake in order to achieve their financial goals, such as: - Personal investment strategies - Business registration - Insurance needs - Tax issues / requirements Detail strategies to put in place to ensure the above requirements are met Once the consultation process is over, you are to develop a detailed written report of the above information. This report should be submitted before attempting part 2 Part 2: For part 2, instructors will review your report and plan covered in Part 1 and give feedback relating to the following: The time you took to complete part 1 (was it by deadline, was it early / late?) How specific was your questioning process? Did you ascertain all relevant financial requirements / goal of the client? How detailed was your report? Were the strategies set realistic and did they meet the client’s requirements? If not, what did you neglect to report on? Your instructor will also detail any changes to the client’s financial position / requirements that are relevant to the consultation process. Once the feedback is received, you are to write a second report on how to ensure the client’s needs are being met. You must cover the following in their report: Discuss the importance of constantly reviewing a client’s financial position / goals Review the feedback given – discuss any areas that were not covered sufficiently – how can these be rectified? Is more information needed? Have there been changes in the client’s financial requirements / position? If so how can strategies be adjusted to incorporate these changes. Assessment Summary You are to submit the following evidence / perform the following tasks Prepare for and conduct an interview with your client to determine their financial direction and requirements (refer to explanation outlined above) Develop and submit a report outlining your findings Discuss your findings with your assessor FNSACC511 Version 2.2 March 2020 Page 2 of 16 Develop and submit the completed Business Analysis Report (as outlined above) This assessment is due on: __________________________________ FNSACC511 Version 2.2 March 2020 Page 3 of 16 ASSESSMENT 2 – PROJECT STUDENT INFORMATION This information is to be handed to each student to outline the assessment requirements For this assessment, students are required to analyse company financial data. You are to refer to the Gage Roads Brewing Co 2019 Annual Report (supplied by your assessor). Your task is to complete the following: 1. Detail what authorities / personnel / sources you would have to consult with to ensure the financial data provided is accurate and complete. Give a thorough overview of how you would reconcile the financial data to confirm accuracy. 2. Undertake both a vertical and horizontal analysis of the Gage Roads Brewing Co consolidated income statements for the years ending 30 June 2018 and 30 June 2019 3. Complete a Profit and Loss report for year ending 30 June 2019 as well as a debt-to-equity ratio for the 2019 financial year. 4. Utilising appropriate models and financial and quantitative data from the Annual Report provide an environmental and further financial analysis of Gage Roads Brewing Co – any suspected problem areas should be highlighted. 5. Assess the Statement of Cash Flows in the Annual report – explain why there was a significant decrease in cash at the end of the year ending 30 June 2019 compared with the previous financial year. 6. Based on the above analyses, comment on the financial performance of Gage Roads Brewing Co in the last financial year – specifically on the following aspects: a. Profitability b. Financial Stability c. Efficiency 7. If the objective of Gage Roads Brewing Co management was to consolidate their earnings and post a moderate increase in the previous years profit, have they achieved this? Has the above analyses demonstrated this information – if not, undertake a further analysis of the statements to determine this. 8. Assess the financial potential of Gage Roads Brewing Co Ltd. Using the financial data provided in the 2019 financial report. Comment on what funding requirements would be required in the future to continue the same rate of growth over the last financial year. Also list the statutory obligations of the company. 9. For each of the following categories, provide an overview of what is allowable and what is not allowable for Gage Roads Brewing Co Ltd under taxation legislation: a. Deductions b. Allowances FNSACC511 Version 2.2 March 2020 Page 4 of 16 c. Charges 10. Identify two risks that may impact Gage Roads Brewing Co Ltd.’s financial and business performance. For each risk provide a brief contingency management plan. Students must undertake the above analysis tasks in accordance with standard accounting techniques. Spreadsheet or appropriate accounting software must be used – hand written analyses will not be accepted. This assessment is due on: __________________________________ FNSACC511 Version 2.2 March 2020 Page 5 of 16 ASSESSMENT 3 – WRITTEN REPORT STUDENT INFORMATION This information is to be handed to each student to outline the assessment requirements This assessment is to be undertaken after Assessment 2, and relates to the analysis completed for Gage Roads Brewing Co. You are to develop a detailed written advice to the Management of Gage Roads Brewing Co that covers each of the following: All the relevant analyses in Part 2 to compose a detailed written report on financial performance for the year ending 30 June 2019. Discuss company compliance protocols in place – are they sufficient to meet statutory requirements? Do they meet all the Corporate Governance principles? Outline reporting and lodgement timeframes for the 2017 business year Research and comment on the following - What are the financial risks that should be considered – e.g. Debtor default, stability of global economy, operating costs etc - For the above risks, outline options for contingencies – e.g. Insurance options, investment options etc. Give advice on how Gage Roads Brewing Co can ensure they do not have another similar loss of cash at the end of the next financial year Include a detailed section on the rights and obligations of the client – ensure you include: - All relevant laws, i.e. corporation law, legislative protection, contract law, privacy law, taxation legislation etc. Conclude with a list of alternative sources of short and long term investment, giving a brief description of each. Assessment Summary You are to submit the following evidence / perform the following tasks Complete, review and submit the written report covering each aspect outlined above This assessment is due on: __________________________________ FNSACC511 Version 2.2 March 2020 Page 6 of 16 ASSESSMENT 4 – RESEARCH AND QUESTIONING Submission details Students will use their online study time to prepare for answers to the following questions and submit softcopies of the answers. You must submit soft copy of your answers in a word document. Upload the softcopy on the link provided in the eLearning site. See instructions below for details. Instructions: · To be prepared on an individual basis. · Assessment will only be accepted if they have an assignment cover sheet on them signed by the student. · Students must provide detailed answer for every question along with relevant examples. · There is no word limit, but answer for every question should be reasonable in size, preferably ½ a page. · The Trainer/Assessor may further prompt and question in order to receive answers of appropriate quality and to verify the authenticity You are required to do research and type answers for following questions in a word document: Questions 1 List and explain 6 different taxes that are payable by businesses. Tax Name Tax Explanation FNSACC511 Version 2.2 March 2020 Page 7 of 16 2 List 15 different allowable deductions a business may claim to reduce the amount of tax that is payable 3 Describe the rules that must be followed before any expense can be used as a tax deduction within a company. FNSACC511 Version 2.2 March 2020 Page 8 of 16 4 Describe the regulations around claiming travel expenses. 5 Answer the following questions in relation to the simplified depreciation rules that relate to small business entities What accessing this concession means What not accessing this concession means How do you access this concession? FNSACC511 Version 2.2 March 2020 Page 9 of 16 6 Answer the following questions in relation to the immediate deduction for certain prepaid expenses