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Question: please answer all questions we are doing it for australia...

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PLEASE ANSWER ALL QUESTIONS 

WE ARE DOING IT FOR AUSTRALIA 

PLEASE PLACE ANSWERS BELOW THE QUESTION 

 

 

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)     Define the term

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 obligation 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 is 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.   A full-time employee of a company has accepted part time paid work with one of the company’s 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.

 

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