attachedQuestion 1.1 Top of Form State whether the following are or are not a BAS or Tax Agent...

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attachedQuestion 1.1 Top of Form State whether the following are or are not a BAS or Tax Agent service. 	Coding transactions, tax invoices and transferring data onto a computer program for clients through processes that require the interpretation or application of a BAS provision. 	 	Applying to the Registrar for an ABN on behalf of a client. 	 	Completing activity statements on behalf of an entity or instructing the entity which figures to include. 	 	Confirming figures to be included on a client’s activity statement. 	 	Entering data without involvement in or calculation of figures to be included on a client's activity statement. 	 	General training in relation to the use of computerised accounting software not related to client's particular circumstances. 	 	Installing computer accounting software without determining default GST and other codes tailored to the client. 	 	Preparing bank reconciliations. 	 Bottom of Form Question 1.2 1.2.a Top of Form Explain the aspects of legislation that impact BAS agents. Bottom of Form 1.2.b Top of Form Describe the legislation that should be considered in regards to establishing and maintaining a payroll system. Bottom of Form 1.2.c Top of Form How might you ensure an organisation complies with the leave requirements for each employee under the NES? You might need to conduct additional research to answer this question. Bottom of Form Question 1.3 1.3.a Top of Form What is the relationship between awards and workplace agreements and what is their effect on payroll? Bottom of Form 1.3.b Top of Form What award information might be necessary for establishing and maintaining payroll systems? Bottom of Form Question 2.1 2.1.a Top of Form What are the advantages of a computerised payroll system over a manual system? Bottom of Form 2.1.b Top of Form What employee data is vital for payroll systems to process wages and salaries? Where is the data found and how is it used by payroll systems? Bottom of Form Question 2.2 2.2.a Top of Form How can payroll data be monitored to ensure it is correct? Bottom of Form 2.2.b Top of Form Who should be notified if a discrepancy is found? Bottom of Form Question 2.3 2.3.a Top of Form What are the items (pay period details) that can be used to calculate the amount owing to employees? Bottom of Form 2.3.b Top of Form What are seven deductions or allowances that can be applied during payroll processing? Bottom of Form Question 3.1 3.1.a Top of Form Explain the differences between policies and procedures. Bottom of Form 3.1.b Top of Form List seven facets of payroll preparation. Bottom of Form 3.1.c Top of Form How can an organisation make sure payroll preparation allows sufficient time for employees to be paid within designated timelines? Bottom of Form Question 3.2 3.2.a Top of Form Describe five employee entitlements that might be included when processing payroll. Bottom of Form 3.2.b Top of Form What records of employee entitlements should an organisation keep? Identify five record types. Bottom of Form Question 3.3 Top of Form Who should a bookkeeper speak to within an organisation about matters relating to a payroll system? Bottom of Form Question 3.4 Top of Form Explain the pros and cons for the three common arrangements used to pay employees. Bottom of Form Question 3.5 Top of Form What information is required on an employee’s pay advice? Bottom of Form Question 3.6 Top of Form A 45-year-old worker who has been employed for seven years is made redundant. The worker’s ETP is made up of: · redundancy pay – $48,200.00 · unused sick leave – $3,250.80 · payment in lieu of notice – $936.72 · gratuity – $15,000.00 The worker has received $72,000 in other taxable payments during the income year. For the exercise, the tax-free limit is equal to $10,638 (base amount), plus $5,320 (service amount) multiplied by the years of service. The ETP cap is $205,000 and the whole of income cap is $180,000. The withholding rate is 32%. 1. Is the worker under the preservation age, at preservation age, or older than the preservation age? 2. Calculate the withholding amount. Bottom of Form Question 3.7 3.7.a Top of Form What payroll records should an organisation keep? Bottom of Form 3.7.b Top of Form How should payroll records be stored? Bottom of Form Question 4.1 Top of Form What should you do to handle a dispute that arises from a payroll enquiry? Bottom of Form Question 4.2 Top of Form Explain the circumstances when an employer is obliged to release employee records to a third party. Bottom of Form Question 4.3 Top of Form If an enquiry is outside your area of responsibility or knowledge, what should you do? Bottom of Form Question 4.4 4.4.a Top of Form Explain the time frames for providing additional information or completing a follow-up action. Bottom of Form 4.4.b Top of Form If Fair Work Australia is involved in a follow-up action, what are the stages in an investigation? Bottom of Form Question 5.1 5.1.a Top of Form Under employment legislation, what pay and hours of work records must be kept? Bottom of Form 5.1.b Top of Form What superannuation records are required by employment and superannuation guarantee legislation? Bottom of Form Question 5.2 5.2.a Top of Form Create an end of month checklist. Bottom of Form 5.2.b Top of Form Create an end of year checklist. Bottom of Form Question 5.3 5.3.a Top of Form What records are likely to be changed due to reviews and other employment status changes? Bottom of Form 5.3.b Top of Form What form should an employee use to notify the employer (and ATO) of changes to residency, withholding, HELP repayments, and claiming the tax free threshold? Bottom of Form Question 5.4 Top of Form Create a backup schedule suitable for protecting payroll data. Bottom of Form Question 5.5 5.5.a Top of Form How are reports generated from manual payroll systems? Bottom of Form 5.5.b Top of Form How are reports generated from computerised payroll systems? Bottom of Form Question 5.6 5.6.a Top of Form Conduct the appropriate research and explain the ATO’s requirements in relation to pay as you go (PAYG) withholding tax. Bottom of Form 5.6.b Top of Form Conduct the appropriate research and explain the ATO’s requirements in relation to fringe benefits tax (FBT). Bottom of Form Question 6.1 Top of Form What is an industry code of practice? Bottom of Form Question 6.2 Top of Form Conduct the appropriate research and explain the ATO’s requirements in relation to: 1. Australian Business Number (ABN) 2. Employment declaration 3. Tax File Number (TFN) declaration Bottom of Form Question 6.3 Top of Form For the provision of what services do practitioners need to register with the tax practitioner’s board? List at least six areas requiring registration as a BAS agent. Bottom of Form

Ayushi · Accepted Answer

Question 1.1
Top of Form
State whether the following are or are not a BAS or Tax Agent service.
	Coding transactions, tax invoices and transferring data onto a computer program for clients through processes that require the interpretation or application of a BAS provision.
	
	Applying to the Registrar for an ABN on behalf of a client.
	
	Completing activity statements on behalf of an entity or instructing the entity which figures to include.
	
	Confirming figures to be included on a client’s activity statement.
	
	Entering data without involvement in or calculation of figures to be included on a client's activity statement.
	
	General training in relation to the use of computerised accounting software not related to client's particular circumstances.
	
	Installing computer accounting software without determining default GST and other codes tailored to the client.
	
	Preparing bank reconciliations.
	Not a BAS Service
Bottom of Form
Question 1.2
1.2.a
Top of Form
Explain the aspects of legislation that impact BAS agents.
BAS Agents can be described as professionals who provide professional services. They can be said as qualified bookkeepers who can prepare BAS Statements. Impact of Aspects that different legislations have on BAS agents:
1. Privacy Act 1988
2. Taxation Administration Act
3. Tax Agent Services Act 2009
4.  Corporations Act 2001
5. Tax Agent Services Regulations 2009
6. Tax Laws Amendment Act, 2013Bottom of Form
1.2.b
Top of Form
Describe the legislation that should be considered in regards to establishing and maintaining a payroll system.
A. Withholding tax laws: the withholding tax that is deducted by the employer from the employees is governed by laws.
B. Labor welfare laws: transfer of a particular amount from the income of the employees to the fund of labor welfare is governed by these laws.
C. Extraneous benefit tax, Contact of employment and Superannuation lawsBottom of Form.
1.2.c
Top of Form
How might you ensure an organisation complies with the leave requirements for each employee under the NES? You might need to conduct additional research to answer this question.
As per NES there are some minimum requirements which need to be fulfilled by each organization, from these some can be used to determine the leave requirements which are:
· Maximum hours to be worked per week
· Annual leaves of the employees
· Public holidays
· Any long service leaves
· Information statement of fair work
· Leave for community serviceBottom of Form
Question 1.3
1.3.a
Top of Form
What is the relationship between awards and workplace agreements and what is their effect on payroll?
Awards are applied to organizations and the workers on the basis of the industry in which work is done by them. The information in relation to who is covered in an award is provided in the award. But if any organization has its agreement registered then these registered agreements belong to a particular organization and all the terms and conditions specified in it applies to that organization only.
Bottom of Form
1.3.b
Top of Form
What award information might be necessary for establishing and maintaining payroll systems?
A payroll system requires all data relating to the employees including their pay structure, category of employees, joining dates and much other information. We can describe award information as a document which is prepared legally and it contains all information relating to the pay rates belonging to the employees and any other terms that are a part of the employment.
Bottom of Form
Question 2.1
2.1.a
Top of Form
What are the advantages of a computerised payroll system over a manual system?
Although the manual system seems to be more simple and easy to understand but the computerised system has many merits over the manual system such as a track of the work done in the terms of the hours can be done easily, it is not much time consuming that is saving of time can be done easily, not much calculations are done so the work can be done easily processing is done automatically which ultimately reduces the chances of errors.
ABottom of Fo
		
2.1.b
Top of Form
What employee data is vital for payroll systems to process wages and salaries? Where is the data found and how is it used by payroll systems?
The data of employees which is required for the purpose of processing the wages includes the names, addresses, the status of their tax fillings, numbers of social security, and any details in relation to the deductions and any other contributions. The attendance records are required and the joining and termination documents. This data can be found from the payroll forms that were filled by the employee and daily routine records maintained for each employee.Bottom of Form
Question 2.2
2.2.a
Top of Form
How can payroll data be monitored to ensure it is correct?
There are various ways like:
a. Important details should be verified and maintained properly.
b. Classification should be done properly
c. Verification of the compliance to the law
d. Tracking system of attendance and login and log out timings.
e. Payroll process should be automated.
f. Quality and integrity of the data.
g. Ensure adequate security and testing of the data.
Bottom of Form
2.2.b
Top of Form
Who should be notified if a discrepancy is found?
In case any discrepancy has been found by nay person during any time then such information should be firstly provided to the supervisor and any necessary steps should be taken under the guidance of the supervisor only. If necessary; supervisor may communicate the information depending upon its materiality to the higher authorities.
Bottom of Form
Question 2.3
2.3.a
Top of Form
What are the items (pay period details) that can be used to calculate the amount owing to employees?
In order to calculate this amount first of all determine the time period for which calculation is required to be done. The items that are used includes gross wages which a worker has earned before providing for any deduction, secondly benefits that the company has provided to the employees such as health insurance and many other benefits. Apart from these the overtime worked by the employee is also taken into consideration for determining overtime wages and the tax withholdings are also important.
Bottom of Form
2.3.b
Top of Form
What are seven deductions or allowances that can be applied during payroll processing?
1. Health insurance premiums
2. Any expenses related to the job
3. Garnishments 
4. Federal income tax
5. Life insurance premium
6. Retirement plans
7. State and local tax
Bottom of Form
Question 3.1
3.1.a
Top of Form
Explain the differences between policies and procedures.

Question 1.1 Top of Form State whether the following are or are not a BAS or Tax Agent service. Coding transactions, tax invoices and transferring data onto a computer program for clients through...

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