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Question: must be for australia only please write answers underneath the...

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MUST BE FOR AUSTRALIA ONLY 

PLEASE WRITE ANSWERS UNDERNEATH THE QUESTION 

 

TOPIC 1 Privacy Act

a)    What is the body or person who controls and enforces that businesses follow the Privacy Act? 

b)    In what year did this Act come into effect? 

c)    Broadly, what does the Privacy Act regulate?

d)    Under the Privacy Act what are the 13 Australian Privacy Principles? List these.

TOPIC 2 Corporations Act

a)    What is the body or person who controls and enforces that businesses follow the Corporations Act?

b)    In what year did this Act come into effect?

TOPIC 3 National Employment Standards and Fairwork Legislation

a)    In what year/s did the Fair Work Act and the Fair Work Regulations come into effect?

b)    Broadly, in one or two paragraphs, what does the Fairwork Act regulate? 

c)    What is the body or person who controls and enforces that businesses follow the Fairwork Act and the National Employment Standards (NES)? 

d)    What are the 10 NES?

TOPIC 4 Australian Accounting Standards Board

a)    What is this Board and what does it do?

b)    Give 3 examples of AASB standards as listed on the website. 

TOPIC 5 Tax Act – Income Tax Assessment Act & Income Tax Rates Act 

a)    In what year did each of these Acts come into effect? (Different years)

b)    What is the body or person who controls and enforces that businesses follow the two Tax Acts?

c)    Go to the Income Tax Assessment Act, Volume 2, Chapter 2, Division 40, Operative provisions. Look at the section on depreciation of assets. Give the definition of a depreciating asset and at least two examples of a depreciating asset.

TOPIC 6 ATO & Income Tax Assessment Act - Methods and practices for deductions, benefits & depreciation

1)    Deductions 

a)    Define the term

b)    give an example of a deduction

2)    Fringe benefit

a)    Define the term

b)    give an example of an employee fringe benefit

3)    Depreciation

a)    A Define the term

b)    B. give an example of an asset that can be depreciated

 

TOPIC 7 ASIC

a)    What is ASIC and what does it do?

b)    In a paragraph or two, describe ASIC’s powers.

TOPIC 8 Discrimination Acts (Federal and State legislation)

a)    What are the Federal Acts that protect people from discrimination and harassment?

b)    What is the Victorian Act that protects people from discrimination and harassment?

c)    Provide a comprehensive list of the types of discrimination are illegal in Australia.

Topic 9 Ethical requirements associated with preparing financial reports for businesses.

 

a)    In a paragraph or two, explain what conflict of interest is, specifically when dealing with or preparing financial reports of a business. Give 4 examples of conflict of interest.

Go to the link/s below as a starting point.
https://fairworklegaladvice.com.au/conflicts-of-interest-in-employment-law/
and/or
https://www.investopedia.com/terms/c/conflict-of-interest.asp

 

b)    In a paragraph or two explain the ethical considerations of confidentiality when dealing with or preparing financial reports of a business:

Go to the link below as a starting point.
https://www.cpaaustralia.com.au/~/media/corporate/allfiles/document/professional-resources/ethics/an-overview-of-apes-110-code-of-ethics.pdf?la=en (Page 6, part d on confidentiality)

 

c)    In a paragraph or two explain a company directors financial reporting obligations and the financial knowledge they are required to have.

Go to the link below as a starting point.
https://asic.gov.au/regulatory-resources/financial-reporting-and-audit/directors-and-financial-reporting/#reporting

and
https://asic.gov.au/regulatory-resources/financial-reporting-and-audit/directors-and-financial-reporting/#obligations

 

Topic 10 Business taxation requirements, transactions & reporting

 

a)         What are the current business taxation and reporting requirements for companies?
Go to the link below as a starting point.
https://www.ato.gov.au/Business/Starting-your-own-business/Before-you-get-started/Choosing-your-business-structure/Company/

b)         What are the current changes to the company tax rates?
Go to the link below as a starting point.
https://www.ato.gov.au/rates/changes-to-company-tax-rates/

PART 2

SCENARIO:

Your business is a small proprietary company. For the following examples, list the ways in which your business would contravene the legislation, regulations, codes of practice or ethics area as outlined in the topics you have researched. State the area that it has breached and/or the penalties that may apply. 

1.   The business sent out an email to employee’s personal email addresses they had on file as TO:….. thus revealing all the personal email addresses to everyone. 

2.   The business has not lodged a BAS for over 12 months.

3.   A person returning from parental leave has been allocated a lower paid job within the organisation.

4.   A physically disabled person applies to your organisation and has all the right qualifications, experience and attributes for the job. You do not hire the person.

5.   An full time employee of a company has accepted part time paid work with one of the companies customers.

6.   An employee of a company has been paid by a company in direct competition with his employer for financial information about their company.

PART 3

Students will be required to verbally present one of the topics in Part 1 above to another class member who will act as a client who needs clarification on one of the topics. The students will then swap roles. The teacher will allocate a topic to each student at the beginning of the class in the designated session. Students will be given time at the beginning to re-read their research information. Students are required to answer questions clarifying the information. Students must demonstrate a knowledge of the topic allocated. If the student is not present in this class they will be required to present to the teacher at a time convenient to the teacher. If students do not present their material they will not have satisfactorily completed this assignment.

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