QUESTIONS
1. What are the requirements of financial probity? You may include some of the specific requirements of the Australian government in their procurement processes by way of example in your explanation. (150 to 250 words as a guide)
2. Describe each of the following principles of accounting and financial systems (30 to 50 words as a guide)-
i. Accrual Concept
ii. Going Concern Concept
iii. Business Entity Concept
iv. Monetary Unit Assumption
v. Time Period Principle
vi. Revenue Recognition Principle
vii. Full Disclosure Principle
viii. Historical Cost Concept
ix. Matching Principle
x. Relevance and Reliability
xi. Materiality Concept
xii. Substance Over Form
xiii. Prudence Concept
xiv. Understandability Concept
xv. Comparability Principle
xvi. Consistency Concept
3. Explain the Australian, international and local legislation and conventions that are relevant to financial management in the organisation (150 words as a guide)
4. What are the Australian taxation requirements for GST?
5. What are the Australian taxation requirements for Company Tax? (50 to 100 words as a guide)
6. What are the Australian taxation requirements for PAYG? (50 to 100 words as a guide)
7. What are the current Australian company tax rates for-
a. Small business companies
b. Other Australian resident companies
c. Non- resident companies who divert profits overseas to avoid tax
d. Not for profit companies
e. Credit Unions
8. Prepare an estimate for the financial elements of a bid for a tender for the project outlined in the following scenario. Final bids allow for a 5% contingency on all outsourced elements and are to include GST where applicable, and are be rounded up to the nearest $100. (Show the detailed calculations used to get to the final bid)
Scenario
You are the Project Manager and your KPI is a 10% margin on total costs of projects. Your engineers have told you a new project is estimated to take two of your engineers a total of 6 weeks full-time to complete, plus another 20 hours implementation and testing time by a technician. The materials and equipment for the project will be purchased and you have three quotes from your suppliers.
Cost details
Your Engineers are full time employees on salaries of $100,000 each excluding superannuation. Labour On-costs are assumed to be currently: Superannuation 9.5%; workers compensation insurance 1.7%; long service leave loading 4.5%; annual leave loading 1.34%
You do not have technicians on staff, so you outsource them at $25 per hour excluding GST
The 1st quote for the materials and equipment is $50,000 excluding GST, the 2nd quote is for the materials at $10,000 including GST plus $$42,000 for the equipment excluding GST, the 3rd quote is for the materials at $9,500 and the equipment at $41,000 both excluding GST
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