Manage Finances BSBFIM601 Assignment

Part A
Task summary
You are required to answer all of the following questions. You need to answer all of the written
questions correctly. Generally, you are expected to write a response one or two paragraphs long.
Please answer the questions using word processing software.
Required
 Access to student workbook/other learning materials
 Computer and Microsoft Office
 Access to the internet
Assessment criteria
All questions must be answered correctly in order for you to be assessed as having completed
the task satisfactorily.
Provide answers to all of the questions below:

1. Identify and describe financial probity requirements for businesses.
2. Identify four examples of what would be consider fraudulent behavior in regard to company
   finances.
3. Identify the requirements for audited accounts and the purpose of an audit report.
4. Describe the principle of cash accounting as well as one advantage and one disadvantage of
   cash accounting.
5. Describe the principle of accrual accounting and one advantage and one disadvantage of
   accrual accounting.
6. Explain the four main taxation and superannuation obligations for a business. Briefly discuss
   each obligation.
7. Identify the Act that details requirements for financial reporting and auditing and, explain the
   requirements for companies for preparing and lodging financial reports under this Act.
8. Explain the requirements for registered foreign companies regarding preparing and lodging
   financial reports.

Identify the current company tax rate for both smaller and larger businesses.

10. Explain the process by which a business reports GST to the Australian Tax Office.
11. Identify the penalty rate to be applied if a supplier does not provide an ABN?
12. A non-profit organization needs to register for GST after it has a turnover of more than how
    much?
13. Explain the difference in Pay As You Go withholding obligations for employees and
    contractors.

Part B
Task summary
You are required, in the role of the General Manager for Grow Management Consultants, to
review existing financial information and prepare budgets for the following financial year based
on your review. This task will also require you to review existing financial software to ensure that
it is meeting the company’s needs.
You are then required to meet with the management team (your assessor) to discuss the
budgets you have prepared for the upcoming financial year, as well as to confirm reporting
requirements and financial delegations as documented in the financial management policy and
procedure.
You are also required to research and report on a guide for managers about the business’s
financial compliance requirements, as well as tax liabilities.
Required
 Access to textbooks/other learning materials
 Computer with Microsoft Office and internet access
 Profit and Loss 2017/18
 Strategic Business Plan
 Cash Flow Statement Data 2017/18
 Estimated Costs and Income
 Finance Report Template
 Finance Policy and Procedures
 Budget Forecast Template
 Printer
 Meeting space
 Roleplay participant (your assessor)
Submit
 financial report
 budget forecasts
 financial compliance and tax liabilities report