Question 1: What information may you be required to report to the Australian Taxation office?
Answer
The majority of the people know the importance of paying taxes. They know that the taxes they are paying will ultimately be used for the welfare of the society. Therefore, it is necessary for everyone to pay taxes. The following are details that are required while reporting to the Australian Taxation Officer (James, 2015):
- Name
- Address
- Account details
- Monthly income
Question 2: Explain the key requirements for financial record keeping and auditing.
Answer
According to the law, one should keep the following documents for the sake of record and to prove the legalization of one’s business anytime when needed (Cooper, 2008).
- Receipt for supplies
- Acquisition receipts
- Expense payment record
- Wage record
Question 3: Describe the techniques involved in managing budgets.
Answer
Budgeting is done to roughly estimate the cost of the project. If the project is completed within the estimated budget, it shows that the budget was made effectively and efficiently. Managing the budget itself is a big technique. To manage the budget properly, it is necessary to do the following things (Cooper, 2006):
- Efficiently authorizing and managing all expenses.
- Monitoring, recording and controlling expenditures and income.
- Must know the cost minimisng strategies and implement those strategies in your area of field.
References
Cooper, D.R., Schindler, P.S. and Sun, J., 2006. Business research methods (Vol. 9). New York: McGraw-Hill Irwin.
James, S., Sawyer, A. and Wallschutzky, I., 2015. Tax simplification: A review of initiatives in Australia, New Zealand and the United Kingdom. eJournal of Tax Research, 13(1), p.280.
Cooper, A., 2008. Governance, risk, and compliance handbook: technology, finance, environmental, and international guidance and best practices. John Wiley & Sons.
