1. Develop report on key financial compliance requirements and liabilities for tax. So that financial risks are managed in relation to the misappropriation of funds and recording of transactions, you...

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1. Develop report on key financial compliance requirements and liabilities for tax. So that financial risks are managed in relation to the misappropriation of funds and recording of transactions, you are also required to outline reporting requirements and financial delegations as outlined in the company’s financial policy and procedures, as well as research and report on the company’s compliance requirements and tax liabilities. Research and report on the business’ key financial compliance requirements and liabilities for tax. The report should explain: · GST reporting requirements (the company is required to report quarterly) · PAYG withholding obligations · PAYG income tax instalment · Payroll tax obligations (state government) · Superannuation entitlements and requirement to comply with legislation regarding frequency of payment, choice of fund and reporting to staff.

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Answered Same DayOct 06, 2021

Answer To: 1. Develop report on key financial compliance requirements and liabilities for tax. So that...

Sumit answered on Oct 07 2021

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1. GST reporting requirements are based on the turnover of the company. The two methods of reporting are:
(a). If the GST Turnover of the business is less than the $10 Million, than the company should report using the Simpler BAS reporting method. Under this method the business does not need to make detailed calculations of the GST. Under this method only the total sales, total purchases and the GST paid on the goods.
(b). If the GST Turnover of the business is more than the $10 Million, than the company has to maintain the detailed GST calculations. Under this method only the total sales, total purchases and the GST paid on the goods, Export Sales, Capital Goods Purchased and Non-Capital Purchases.
2. The employers are required to deduct the tax from the salary of the employees and pay to the government. The...

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1. Develop report on key financial compliance requirements and liabilities for tax. So that financial risks are managed in relation to the misappropriation of funds and recording of transactions, you...

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