Your Task You are the accountant for Yummy Lollies. You have been asked to maintain records for taxation purposes. You will need to determine what tax responsibilities Yummy Lollies has and establish some processes to ensure that all business taxation returns are being prepared and lodged according to tax office requirements. You have also been asked to prepare the Fringe Benefits Tax Return and have it ready for lodgement. Case Study Information Yummy Lollies has been trading for 2 years. They are in the business of selling lollies and confectionary to the general public, and have a store in central Geelong. The currently trade under the name of Suzy Waters, a sole trader. The store has an annual turnover of $150,000. Suzy has 2 employees and pays annual wages of $$65,000 Suzy provides a car to 1 of her staff members, which is also available for private use. Suzy has come to you for advice and would like answers to the following questions: 1. Suzy would like to ensure she is registered correctly for all business taxes. What tax registrations and responsibilities does she have for Yummy Lollies? Please list each one and explain why she needs to be registered. Note: Your discussion DOES NOT need to include Income Tax 2. Suzy would like to implement administrative processes to address the following: • Keeping the correct tax records – storage and maintenance • Ensuring she doesn’t miss any tax lodgement and payment dates. You are required to come up with at least 2 processes for each of the above to ensure Suzy is complying with Australian tax law.
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