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FNSACC601-Assessment Tasks
Assessment Task 1:
Assessment Task Review & Written report: ATO: Corporate
Management Practice Statement
1. A brief overview of the Australian taxation law
The Australian Tax Office (ATO) collects various types of taxes of which income tax is one of the major business taxes. It is state based taxes commonly known as payroll tax which is also collected by the ATO. Australian Tax Office has implemented a number of treaties with other countries in order to avoid double taxation of the foreign entities which are operated in Australia. Australian Tax law is created by statute and its primary source lies in parliament and delegated legislation of regulations.    
2. Definitions of reporting and non-reporting entities
A reporting entity is that where the users depends upon the General Purpose Financial Report which helps them to understand the performance of the entity through the information in the financial statement. It also helps them to take decisions based on the information contained in the financial report. The users are generally the creditors, shareholders, lenders, members, employees and investors of the company.
On the other hand a non-reporting entity is one where those responsible for governance conclude that there are no users who are dependent on GPFR. Thus the non-reporting entities are allowed to prepare special purpose financial report instead of GPFR.
3. Documentation requirements for reporting entities
Preparation of the financial reports will be as per Chapter 2M of the Corporation Act 2001 as it contains the financial reporting and audit requirements for companies as well as disclose the entities and registered schemes which are keeping financial records, half yearly reports and annual financial reports and disclosures. Finally there will be provisions for auditing with respect to the information contained in the financial report.
4. Documentation requirements for non-reporting entities
There is requirement to prepare financial reports in accordance with the Chapter 2M of the Act for the non-reporting entities also which are as follows:
1. AASB 101 – Presentation of financial statements
2. AASB 107 – Cash flow statements
3. AASB – 1048 – Interpretation and Application of Standards
4. AADB – 108 – Accounting policies and alterations in the errors and estimates
5. Typical taxation parameters for preparing a tax return
The tax must be lodged within 31st October else there might be penalty. The process of lodging tax returns is as follows:
1. Lodging online through MyGov website
2. Getting assistance from the tax help personnel
3. Completion of a paper tax return
4. Lodging with a tax agent
5. Assistance from friends and family...