Hello, I have some assignment documents I'd like to ask your help. (BSBFIM601_Summative Assessment)
The task needs to be referred to the scenario provided by the other file, (BSBFIM601_Case Study_V2).
In Summative Assessment, There are five tasks, from Task1 to 5.
I’ve already done Task 1.
I need your help for Task 2,3,4,5
In Task 3, there is a question you need to develop an annual budget (in quarterly periods) using the templates provided.
Task 3
‘3.1 Budget’
PART 1: You need to develop an annual budget (in quarterly periods) using the templates provided.
There are two templates as below. Please complete both.
(Annual profit budget-calculations.docx)
(BSBFIM601_Template .xlsx)
In Task 3, there is also a Role-play task but you don’t need to do this.
Overall, I’d like to ask you to complete all the tasks except Task1 and Task3 “Role-play”.
I’d presume there is going to be 1000 - 2000 words need to be written in the tasks in total.
I was wondering how much the estimation will be, and if there are any discount because I’ve done one of the tasks.
Please kindly refer to the files I sent and feel free to ask any questions about the tasks.
Regards,
Satomi
Lonsdale Institute PTY LTD Summative assessment BSB61015 Advanced Diploma of Leadership and Management BSBFIM601 Manage Finances Due Date See Training Log and Moodle Student Name Satomi Nakatsu Student ID LON00001PG Declaration of authenticity I, the above-named student, confirm that by submitting, or causing the attached assignment (and any additional attachment associated with it) to be submitted, to Lonsdale Institute Pty Ltd, I have not plagiarised any other person’s work in this assignment and except where appropriately acknowledged, this assignment is my own work, has been expressed in my own words, and has not previously been submitted for assessment. I do understand and accept the consequences of academic misconduct according to Lonsdale’s Policies and Procedures. Additionally I have read: · The submission and assessment completion instructions in Moodle · The assessment task completion instructions in this document · I have sought clarification from my trainer and assessor, if needed I understand my rights and obligations under Lonsdale’s policy and procedures The purpose of assessment is to determine competency in: BSBFIM601 Manage Finances ASSESSMENT TASK This assessment comprises of different tasks designed to assess your ability to: · Plan for financial management · Establish budgets and allocate funds · Implement budgets · Report on finances Read each task carefully and address all that is required. To perform this task, refer to the scenario provided in a separate document. TASK 1 – Questionnaire This assessment is a questionnaire (with a mix of objective and subjective questions). Research the topics and the terms mentioned in the questions below and answer all questions in your own words. 1 What are the requirements for financial probity (stewardship)? Mention at least 4. Accountability, Transparency, Impartiality, Confidentiality 2 Describe at least 4 principles of accounting and financial systems. · Matching Principle; it requires companies to use the accrual basis of accounting. The matching principle requires that expenses be matched with revenues. For example, sales commissions expense should be reported in the period when the sales were made (and not reported in the period when the commissions were paid). Wages to employees are reported as an expense in the week when the employees worked and not in the week when the employees are paid. If a company agrees to give its employees 1% of its 2018 revenues as a bonus on January 15, 2019, the company should report the bonus as an expense in 2018 and the amount unpaid at December 31, 2018 as a liability.
· Full Disclosure Principle; If certain information is important to an investor or lender using the financial statements, that information should be disclosed within the statement or in the notes to the statement. It is because of this basic accounting principle that numerous pages of "footnotes" are often attached to financial statements.
· Going Concern Principle; it assumes that a company will continue to exist long enough to carry out its objectives and commitments and will not liquidate in the foreseeable future. If the company's financial situation is such that the accountant believes the company will not be able to continue on, the accountant is required to disclose this assessment. The going concern principle allows the company to defer some of its prepaid expenses until future accounting periods.
· Conservatism; If a situation arises where there are two acceptable alternatives for reporting an item, conservatism directs the accountant to choose the alternative that will result in less net income and/or less asset amount. Conservatism helps the accountant to "break a tie." It does not direct accountants to be conservative. Accountants are expected to be unbiased and objective.
3 Describe 3 international and local legislation and convention that are relevant to financial management in the organisation. Hint: consider where you could find that information. · The Australian Prudential Regulation Authority (APRA); Australia’s financial system prudential regulator. It is responsible for promoting the prudent management of regulated institutions so that they can meet their financial obligations under all reasonable circumstances. APRA’s objective is to protect Australian depositors, insurance policyholders and superannuation fund members, and to promote financial stability more broadly.
· The Australian Securities and Investments Commission (ASIC); is Australia’s financial markets conduct regulator. It is responsible for promoting a fair, transparent and efficient financial system for all. ASIC regulates the conduct of Australian companies, financial markets, financial services organisations and professionals who deal in and advise on investments, superannuation, insurance, deposit-taking and credit.
· The Reserve Bank of Australia (RBA); Australia's central bank and derives its functions and powers from the Reserve Bank Act 1959. Its duty is to contribute to the stability of the currency, full employment, and the economic prosperity and welfare of the Australian people. It does this by setting the cash rate to meet an agreed medium-term inflation target, working to maintain a strong financial system and efficient payments system, and issuing the nation's banknotes.
4 Outline the following requirements of the Australian Taxation Office: · GST GST is short for goods and services tax. That is exactly what it is, a tax on goods and services. It is described as a broad-based consumption tax as it applies to all sorts of goods and services that are consumed by the general public. It is levied at a rate of 10% and it is ultimately paid by consumers who are the end users of goods and services. Also GST is levied on most goods, services and other items sold or consumed in Australia. Certain types of supplies are GST free. Examples include certain fresh foods, exports and medical supplies, but most are subject to GST. · • Company Tax
An Australian resident company is subject to company tax, at a rate set by the Australian Government. A non-resident company is taxed on its Australian source income at the same rate as a resident company. Taxable income and the tax rate may vary under limited circumstances, such as industry or business structure. In 2018–19 Company tax rates are 27.5%, 28.5% in 2015-16, before it was 30% (2014-2001) · • PAYG
‘PAYG’ stands for ‘Pay As You Go’. It is an acronym used for two different processes systemised by the Australian Tax Office (ATO) for businesses in Australia: PAYG instalments and PAYG withholding. This system allows us and our business to meet our income tax obligations by making payments at the end of each quarter of the year.
It is important to note however, that there are special rules and exceptions that apply to PAYG instalments for different business and company structures, trusts, primary producers and consolidated groups. For instance, if we are a company or superfund, we will need to complete PAYG instalments if the ATO calculates an instalment rate of above zero for our GST-registered organisations. · • ABN ABN (Australian Business Number) is an number which is used for dealings with the Australian Taxation Office. An ABN is issued to all entities, irrespective of how large or small they are. Under A New Tax System (Australian Business Number) Act 1999 (Cth), we are entitled to an ABN if we carry on an enterprise in Australia. An ABN is used to make dealings with government and other entities and individuals easier. • Superannuation
Personal superannuation is money that’s put aside and saved while we’re working, so we can enjoy a regular income later in life when we retire. These days, the average Australian may expect around 20 years of retirement. If we work for a company or organisation, the employer must pay money into a super account in our name, which is then managed by a super fund. The formula used is currently 9.5% of our income, including bonuses, commissions and loadings. This is called the Super Guarantee and it's the law. We can also add extra money to our super account, so we’ll have even more to live off when we retire. Evidence checklist Response to questions TASK 2 – Plan for financial management 2.1 Report on financial analysis Prepare a report on financial analysis addressed to senior management. The report should be professionally developed, edited and presented. It must include: · Purpose of the report. · Financial analysis of past two financial year data (income statement, balance sheet and a review of the aging summaries). Use the following ratios: · Gross profit margin · Net profit margin · Debt ratio · Working Capital · Total asset turnover · Return on invested capital · Based on the analysis, explain the significant movements from 2015/2016 to 2016/2017. Make recommendations for improvement. · List significate factors that would impact cash-flow, included dates where appropriate · Review the business plan and identify: · Outline any applicable (at least three statutory and taxation requirements that will be essential in preparing budgets for next financial year · Key timelines to meet statutory obligations (such as BAS lodgement) · Review the benefits of changing account systems from MYOB to Xero. Consider the savings, the initial implementation issues & long term internal control any other factors you think is relevant. Min. 600 words. Max 1,200 words. Evidence checklist Financial analysis report TASK 3 – establish budgets and allocate funds 3.1 Budget PART 1: Develop an annual budget (in quarterly periods) using the template provided. To develop the budget, use previous financial data to better determine allocation of resources, and undertake appropriate research and analysis to make estimates of items for inclusion in the budget. The budget must include: · Profit budget · Assumptions that the budget is based on PART 2: Organisational and statutory requirements The budget must comply with organisational and statutory requirements. Briefly outline how the budget complies with the requirements. PART 3: Circulate the budget · Outline how the draft budgets will be circulated. · Prepare an email that will accompany the first draft of the 2017/18 budget. The email should include any significant numbers included in the budget, along with when and how amendments to the budget should be communicated. · Role play – communicate budget (You don’t need to do this) Schedule a time with the trainer and assessor in week 4 of delivery. This is a role-play (15 minutes) where you are required to present the budget to your team. Present the budget to 2 other students in your class who will play the role of team members. This is an assessable task and the trainer and assessor will evaluate your performance during the role-play. PART 4: Assess risks. Prepare a report directed to the CFO, that addresses the following: · What has been done to ensure that there are not opportunities for misappropriation of funds? · What other financial risks have been considered in financial planning and measures that have been put in place to avoid them or mitigate their effect? · What has been planned and implemented to ensure complete and accurate records? · Approach to comply with due diligence. Min. 200 words Evidence checklist Annual budget Outline of compliance considered for budgeting Outline of plan to circulate the