Assessment Task 2- Report

Assessment Task 2- Report

Question-1

Statutory Requirements for Tax

The statutory requirements that are being provided as far as tax liabilities are concerned are many and they can be listed follows:

General sales tax is being levied on all the products of Houzit limited. There is some leeway and leverage though in a form of the overall accounting information that is needed to be provided. The accounting information system makes sure that GST is collected in the input tax credits that is being earned in that time period. The tax is also earned on the purchase of stocks and eventual assets of the entity. The amounts and proceeds that is being collected at should be paid in compliance with the business activity assessment. The schedule of this activity is determined by Australian Tax Office. There is another requirement as far as tax compliance is concerned. The overall net profit that is being accumulated will be taxed by 30% of each and every quarter. Payroll tax will be around 4.75% of all the wages and salaries.

List of all the tax liabilities

Luxury Car Tax

20920

5230

5230

5230

5230

fringe Benefits Tax

28000

7000

7000

7000

7000

Income Tax

839585.5

83419.13

202600.9

239691.8

313873.6

GST Payable

1663680

306145.1

399965

439374.9

518194.8

Sum

2552185

401794.2

614795.9

691296.7

844298.4

5104371

Question-2

Compliance Requirements

There are many compliance standards as far as Housiz Pvt Limited is concerned as it has to take into the consideration. The most important requirement for them is to make sure that all the relevant accounting standards are being followed. There can be an instance where the firm does not have to necessarily comply with the overall accounting standards. These types of leverages are only provided to the smaller entities and some of the conditions under which it might be happening are:

The reports were prepared keeping in mind the requirements and needs of shareholders as described under the section 293 of the corporate act 2001. Another instance where compliance might not be very necessary when it is pre-specified that the information that is being provided does not comply with the accounting standards. As the company is limited by a guarantee, there are some other considerations as well as far as compliance with the accounting standards is concerned. For instance, the reports are prepared for a member that is under the direction of 294A and there are well defined specifications that report should not be complying necessarily. All the items and the liablilites should be treated under the corporate act of 2001.

Question-3

As Houzit Pty Limited is trying to export its goods to Europe, it has to take care of Australian legislation first. There is much legislation that are specific and particular to a certain industry, but some of the more recent and more general set of legislations as well. The export control act which was being devised in 1982 provides this framework. Lot of legislation are rather focused meat and livestock as it is the main export that happens between Australia and rest of the world. This act provides all the details regarding as far as trade and compliance of other considerations while trading is being done between this ...