DEBTOR AGEING SUMMARY Furthermore, sales budget for Houzit is
Identify the current statutory requirements for tax compliance and list and calculate the tax liabilities for Houzit Pty Ltd under taxation legislation.
- Income tax instalment has to be fulfilled and the net amount profit has to be 30%. It is important to pay at least 20%, 24%, 26% and 30% in every respective quarter of the year.
- The organization Houzit pays a huge amount of tax to the ATO. This is after deducting the Goods and Services Tax.
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- It has to be reported on a quarterly basis for the organization.
- The counting process of payroll tax, which is equal to $98705 for the current financial year, has to be identified.
- The superannuation has become 9% of the organization’s wage and the salaries for every quarter of a financial year.
- Identify the current compliance requirements and liabilities for this organisation under the Corporations Act 2001.
The director has to make sure that he is performing in accordance with the need of the organisation and it is essential for the director to comply with the policies that are related to the management of the employees (Dutta and Patatoukas, 2016). Since ,
The performance of different departments has to be met and in this context the service providing authority, Houzit, has to make proper amendment in the regulation of legislation for managing the standards and maintain a productive atmosphere.
- Review commercially available financial management software to select the most suitable software for Houzit Pty Ltd.
Explain how you can apply the following principles of accounting in developing the budgets required for this task:Ensure you diagnose software options by comparing two commercially available software titles against the capabilities of the existing technology for the organisation and against the prioritised requirements, and outline the reasons that lead you to this recommendation.
In accordance with the accounting, process-matching principle is recording the cost during the process of cost allocation to certain ventures. It is necessary for the purpose of budget allocation and a proper maintenance of the accounting standards of a project.
The process can be applied in the initial phase when the budget allocation starts to have a transparency. Further monitoring becomes easier in this process and the management, which is allocating the budget, does not face any complication during the financial auditing process.
Accounting group refers to the account class for instance a set of accounts can be classified as expenses or incomes or in other words such as assets or liabilities. There are many other factors, which have to be considered as well like assets, equity, revenue and expenses.
This concept implies that to keep the accounting statements comparable the organization needs to report the expenses and incomes for the same time period for every given year for instance from 1st April to 31st March.
Therefore, It is essential for the management to maintain the standards, for a purpose of showing the details that are necessary for proper management. Since , Providing information to the stakeholders gives a positive vibe, which influence them to engage them to gather more revenues.
- Explain and discuss the implications of probity when preparing and revising budgets.
The financial probity is an important aspect that helps in giving a proper transparency, to give the best advice to the stakeholders.
- List the critical dates and initiatives that will require or generate resources for Houzit Pty Ltd in the next financial cycle.
- The company is going to buy a car, which is going to replace the other car, which is 5 years old.
- The interest payment is going to reduce the interest payments after the reductions on loan amount on 31st
- Managing the debtors with an intention of making them aware of paying on time. Therefore,
- The company has taken initiatives to make people aware of the advertisement purposes and for this, they have allocated around $70000.
- The company focuses on improving the sales and wage of the company by 1725000
- List the items you would recommend for inclusion in the budgets for Houzit Pty Ltd.
- The process of monthly service checking becomes easier in this process.
- This is going to make them aware of the activities that are going in the office.
- Emailing process- the easiest process of letting people know about the activities is emailing them.
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The company has to implement some policies that are related with training and development of the employees (Robson et al., 2017). Since, Houzit has a running workforce of 100 permanent employee and only 50 employees who are non-permanent.
There are many possible factors, which have to be incorporated with the development of the organization.
The cost of goods sold was also more than that of the budgeted cost.
This is actually achieve a better net profit when compared with the budgeted profit.
The organization should consider implementing standard costing in addition to the above-mentioned methods.
Robson, K., Young, J. and Power, M., 2017. Themed section on financial accounting as social and organizational practice: exploring the work of financial reporting. Accounting, Organizations and Society, 56, pp.35-37.