Question
For this assessment, students are to review the information included in Appendices to undertake the following: Students must identify the requirements for tax for JJ
For this assessment, students are to review the information included in Appendices to undertake the following:
Students must identify the requirements for tax for JJ Holmes Inc - both state and federal, including determining and stating:
- What taxes are required based on the information provided
- What taxation periods are necessary / recommended
Students should create and submit a report stating the above as well as detailing a specific lodgement schedule for JJ Holmes Inc.
Once the schedule is created students are to analyse the data in Appendix 1 to determine what components are relevant to tax requirements.Once this is done, students should calculate the amount of tax owing based on their assessment of the company and the data provided.Students must ensure:
- Data is processed in accordance with recognised taxation formats
- Calculate exactly what returns and lodgements are required to be prepaid in accordance with the ATO and add this information to your lodgement schedule
- Taxes should include:
-GST
-Payroll Tax
-Land Tax
-Fringe Benefit Tax
-Any other relevant amounts owing
End of year tax return should also be completed.Students should determine assessable and non-assessable items as well as determine any deductions relevant for the business.
Appendix 1: JJ Holmes Statements
This information is relevant to completing the following quarterly lodgements:
BAS
GST
The following information is relevant:
The ATO has advised that the PAYG instalment for JJ Holmes is 4.8%.
The BAS should be completed using Cash reporting
COMPANY NAME:
JJ Holmes Inc
PAYROLL REGISTER
PAYROLL REGISTER FOR MONTH ENDING JANUARY 2013
EMPLOYEE
GROSS EARNINGS
DEDUCTIONS
GROSS WAGES
Overtime
TOTAL
TAX
PERSONAL
CSA
UNION
TOTAL
NET PAY
SGC
SUPERANNUATION
Superannuation
Commission
9%
Jamal Alam
3,500.00
3,500.00
700.00
380.00
1,080.00
2,420.00
315.00
Adam Burke
3,500.00
3,500.00
800.00
120.00
920.00
2,580.00
315.00
John Clayton
4,750.00
4,750.00
1,404.00
1,404.00
3,346.00
427.50
Angela Reed
3,200.00
108.00
3,308.00
900.00
48.00
948.00
2,360.00
288.00
Ramesh Chouhan
3,500.00
3,500.00
867.00
867.00
2,633.00
315.00
Patricia Brown
2,963.77
2,963.77
559.00
48.00
607.00
2,356.77
266.74
Trinh Tran
3,000.00
3,000.00
750.00
48.00
798.00
2,202.00
270.00
Wages for January 2013
24,521.77
5,980.00
120.00
380.00
144.00
6,624.00
17,897.77
2,197.24
.
PAYROLL REGISTER FOR MONTH ENDING FEBRUARY 2013
EMPLOYEE
GROSS EARNINGS
DEDUCTIONS
GROSS WAGES
Commission
Overtime
TOTAL
TAX
PERSONAL
CSA
UNION
TOTAL
NET PAY
SGC
SUPERANNUATION
Superannuation
9%
Jamal Alam
3,500.00
3,500.00
700.00
380.00
1,080.00
2,420.00
315.00
Adam Burke
3,500.00
3,500.00
800.00
120.00
920.00
2,580.00
315.00
John Clayton
4,750.00
4,750.00
1,404.00
1,404.00
3,346.00
427.50
Angela Reed
3,200.00
54.00
3,254.00
875.00
48.00
923.00
2,331.00
288.00
Ramesh Chouhan
3,500.00
800.00
4,300.00
1,213.00
1,213.00
3,087.00
315.00
Patricia Brown
2,963.77
2,963.77
559.00
48.00
607.00
2,356.77
266.74
Trinh Tran
3,000.00
119.00
3,119.00
786.00
48.00
834.00
2,285.00
270.00
Wages for February 2013
25,386.77
6,337.00
120.00
380.00
144.00
6,981.00
18,405.77
2,197.24
PAYROLL REGISTER FOR MONTH ENDING MARCH 2013
Jamal Alam
3,500.00
3,500.00
700.00
380.00
1,080.00
2,420.00
315.00
Adam Burke
3,500.00
3,500.00
800.00
120.00
920.00
2,580.00
315.00
John Clayton
4,750.00
4,750.00
1,404.00
1,404.00
3,346.00
427.50
Angela Reed
3,200.00
3,200.00
900.00
48.00
948.00
2,252.00
288.00
Ramesh Chouhan
3,500.00
3,500.00
867.00
867.00
2,633.00
315.00
Patricia Brown
2,963.77
81.00
3,044.77
583.00
48.00
631.00
2,413.77
266.74
Trinh Tran
3,000.00
3,000.00
750.00
48.00
798.00
2,202.00
270.00
Wages for March 2013
24,494.77
6,004.00
120.00
380.00
144.00
6,648.00
17,846.77
2,197.24
COMPANY NAME:
JJ Holmes Inc
CASH PAYMENTS JOURNAL
DATE
PARTICULARS
CHEQUE #
DISCOUNT REVENUE
CREDITORS CONTROL
CASH PURCHASES
GST PAID
SUNDRY
BANK
DISCOUNT REVENUE
GST PAID
CREDITORS CONTROL
6-Jan
Advertising
1
500.00
5,000.00
5,500.00
14-Jan
Vic Roads
2
20.45
429.55
450.00
26-Jan
Office & Shop Rent
3
409.09
4,090.91
4,500.00
29-Jan
ABC Pty Ltd
4
25,000.00
2,272.73
25,000.00
30-Jan
Wages Payable
5
17,897.77
17,897.77
30-Jan
CSA Payable
6
380.00
380.00
30-Jan
Retail Workers Union Payable
7
144.00
144.00
-
-
-
25,000.00
-
3,202.27
27,942.23
53,871.77
4-Feb
Drawings
8
4,000.00
4,000.00
14-Feb
Fuel Expense
9
165.91
1,659.09
1,825.00
14-Feb
Werribee Motors - part payment of Motor Vehicle
10
3,000.00
3,000.00
25-Feb
Office & Shop Rent
11
409.09
4,090.91
4,500.00
31- Feb
Wages payable
12
18,405.77
18,405.77
31- Feb
CSA Payable
13
380.00
380.00
31- Feb
Retail Workers Union Payable
14
144.00
144.00
-
-
-
-
-
575.00
31,679.77
32,254.77
COMPANY NAME:
JJ Holmes Inc
CASH PAYMENTS JOURNAL
DATE
PARTICULARS
CHEQUE #
DISCOUNT REVENUE
CREDITORS CONTROL
CASH PURCHASES
GST PAID
SUNDRY
BANK
DISCOUNT REVENUE
GST PAID
CREDITORS CONTROL
26-Mar
Office & Shop Rent
15
409.09
4,090.91
4,500.00
27-Mar
Werribee Motors- part payment of Motor Vehicle
16
3,000.00
3,000.00
27-Mar
ABC Pty Ltd
17
181.82
18.18
200.00
47,800
4,345.45
47,800.00
30-Mar
Consulting Fees
18
1,000.00
10,000.00
11,000.00
30-Mar
Interest Expense
19
4,750.00
4,750.00
30-Mar
Wages Payable
20
17,846.77
17,846.77
30-Mar
CSA Payable
21
380.00
380.00
30-Mar
Retail Workers Union Payable
22
144.00
144.00
30-Mar
Personal Superannuation Payable
23
360.00
360.00
30-Mar
SGC Superannuation Payable
24
6,591.72
6,591.72
181.82
18.18
200.00
47,800
-
5,754.55
47,163.40
96,372.49
COMPANY
JJ Holmes Inc
CASH RECEIPTS JOURNAL
DATE
PARTICULARS
RECEIPT #
DISCOUNT EXPENSE
DEBTORS
CASH SALES
GST COLLECTED
SUNDRY
BANK
DISCOUNT EXPENSE
GST COLLECTED
DEBTORS CONTROL
7-Jan
Cash Sales
CRR1
17,727.27
1772.73
19,500.00
12-Jan
Footscray Retailers
1
136.36
13.64
150.00
30,650.00
2,786.36
30,650.00
14-Jan
Cash Sales
CRR2
25,000.00
2,500.00
27,500.00
21-Jan
Cash Sales
CRR3
16,454.55
1,645.45
18,100.00
28-Jan
Cash Sales
CRR4
19,363.64
1,936.36
21,300.00
136.36
13.64
150.00
30,650.00
75,818.18
10,368.18
-
117,050.00
7-Feb
Cash Sales
CRR5
17,818.18
1,781.82
19,600.00
14-Feb
Cash Sales
CRR6
39,545.45
3,954.55
43,500.00
19-Feb
Altona Super Stores
2
40,000.00
3,636.36
40,000.00
21-Feb
Cash Sales
CRR7
18,000.00
1,800.00
19,800.00
28-Feb
Cash Sales
CRR8
17,090.91
1,709.09
18,800.00
-
-
-
40,000.00
92,454.55
12,881.82
-
141,700.00
7-Mar
Cash Sales
CRR9
22,500.00
2,250.00
24,750.00
14-Mar
Cash Sales
CRR10
24,545.45
2,454.55
27,000.00
21-Mar
Cash Sales
CRR11
29,181.82
2,918.18
32,100.00
28-Mar
Cash Sales
CRR12
33,000.00
3,300.00
36,300.00
-
-
-
-
109,227.27
10,922.73
-
120,150.00
Fringe Benefit Totals for JJ Holmes:
Employee
Fringe Benefit Type
Amount
Jamal Alam
Company Mobile Phone
662
Petrol Allowances
320
Adam Burke
Relocation Expenses
1623
Car Parking
553
John Clayton
Laptop Computer
1862
Angela Reed
Company Car
19662
Ramesh Chouhan
Private Expenses
332
Patricia Brown
Private Expenses
262
Subscription to Trade Journal
130
Company Car
12620
Trinh Tran
Interstate Business Trip
2362
Car Parking
553
TOTAL
S40,941
Appendix 1: JJ Holmes Statements
This information is relevant to completing the following quarterly lodgements:
BAS
GST
The following information is relevant:
The ATO has advised that the PAYG instalment for JJ Holmes is 4.8%.
The BAS should be completed using Cash reporting
COMPANY NAME:
JJ Holmes Inc
PAYROLL REGISTER
PAYROLL REGISTER FOR MONTH ENDING JANUARY 2013
EMPLOYEE
GROSS EARNINGS
DEDUCTIONS
GROSS WAGES
Overtime
TOTAL
TAX
PERSONAL
CSA
UNION
TOTAL
NET PAY
SGC
SUPERANNUATION
Superannuation
Commission
9%
Jamal Alam
3,500.00
3,500.00
700.00
380.00
1,080.00
2,420.00
315.00
Adam Burke
3,500.00
3,500.00
800.00
120.00
920.00
2,580.00
315.00
John Clayton
4,750.00
4,750.00
1,404.00
1,404.00
3,346.00
427.50
Angela Reed
3,200.00
108.00
3,308.00
900.00
48.00
948.00
2,360.00
288.00
Ramesh Chouhan
3,500.00
3,500.00
867.00
867.00
2,633.00
315.00
Patricia Brown
2,963.77
2,963.77
559.00
48.00
607.00
2,356.77
266.74
Trinh Tran
3,000.00
3,000.00
750.00
48.00
798.00
2,202.00
270.00
Wages for January 2013
24,521.77
5,980.00
120.00
380.00
144.00
6,624.00
17,897.77
2,197.24
.
PAYROLL REGISTER FOR MONTH ENDING FEBRUARY 2013
EMPLOYEE
GROSS EARNINGS
DEDUCTIONS
GROSS WAGES
Commission
Overtime
TOTAL
TAX
PERSONAL
CSA
UNION
TOTAL
NET PAY
SGC
SUPERANNUATION
Superannuation
9%
Jamal Alam
3,500.00
3,500.00
700.00
380.00
1,080.00
2,420.00
315.00
Adam Burke
3,500.00
3,500.00
800.00
120.00
920.00
2,580.00
315.00
John Clayton
4,750.00
4,750.00
1,404.00
1,404.00
3,346.00
427.50
Angela Reed
3,200.00
54.00
3,254.00
875.00
48.00
923.00
2,331.00
288.00
Ramesh Chouhan
3,500.00
800.00
4,300.00
1,213.00
1,213.00
3,087.00
315.00
Patricia Brown
2,963.77
2,963.77
559.00
48.00
607.00
2,356.77
266.74
Trinh Tran
3,000.00
119.00
3,119.00
786.00
48.00
834.00
2,285.00
270.00
Wages for February 2013
25,386.77
6,337.00
120.00
380.00
144.00
6,981.00
18,405.77
2,197.24
PAYROLL REGISTER FOR MONTH ENDING MARCH 2013
Jamal Alam
3,500.00
3,500.00
700.00
380.00
1,080.00
2,420.00
315.00
Adam Burke
3,500.00
3,500.00
800.00
120.00
920.00
2,580.00
315.00
John Clayton
4,750.00
4,750.00
1,404.00
1,404.00
3,346.00
427.50
Angela Reed
3,200.00
3,200.00
900.00
48.00
948.00
2,252.00
288.00
Ramesh Chouhan
3,500.00
3,500.00
867.00
867.00
2,633.00
315.00
Patricia Brown
2,963.77
81.00
3,044.77
583.00
48.00
631.00
2,413.77
266.74
Trinh Tran
3,000.00
3,000.00
750.00
48.00
798.00
2,202.00
270.00
Wages for March 2013
24,494.77
6,004.00
120.00
380.00
144.00
6,648.00
17,846.77
2,197.24
COMPANY NAME:
JJ Holmes Inc
CASH PAYMENTS JOURNAL
DATE
PARTICULARS
CHEQUE #
DISCOUNT REVENUE
CREDITORS CONTROL
CASH PURCHASES
GST PAID
SUNDRY
BANK
DISCOUNT REVENUE
GST PAID
CREDITORS CONTROL
6-Jan
Advertising
1
500.00
5,000.00
5,500.00
14-Jan
Vic Roads
2
20.45
429.55
450.00
26-Jan
Office & Shop Rent
3
409.09
4,090.91
4,500.00
29-Jan
ABC Pty Ltd
4
25,000.00
2,272.73
25,000.00
30-Jan
Wages Payable
5
17,897.77
17,897.77
30-Jan
CSA Payable
6
380.00
380.00
30-Jan
Retail Workers Union Payable
7
144.00
144.00
-
-
-
25,000.00
-
3,202.27
27,942.23
53,871.77
4-Feb
Drawings
8
4,000.00
4,000.00
14-Feb
Fuel Expense
9
165.91
1,659.09
1,825.00
14-Feb
Werribee Motors - part payment of Motor Vehicle
10
3,000.00
3,000.00
25-Feb
Office & Shop Rent
11
409.09
4,090.91
4,500.00
31- Feb
Wages payable
12
18,405.77
18,405.77
31- Feb
CSA Payable
13
380.00
380.00
31- Feb
Retail Workers Union Payable
14
144.00
144.00
-
-
-
-
-
575.00
31,679.77
32,254.77
COMPANY NAME:
JJ Holmes Inc
CASH PAYMENTS JOURNAL
DATE
PARTICULARS
CHEQUE #
DISCOUNT REVENUE
CREDITORS CONTROL
CASH PURCHASES
GST PAID
SUNDRY
BANK
DISCOUNT REVENUE
GST PAID
CREDITORS CONTROL
26-Mar
Office & Shop Rent
15
409.09
4,090.91
4,500.00
27-Mar
Werribee Motors- part payment of Motor Vehicle
16
3,000.00
3,000.00
27-Mar
ABC Pty Ltd
17
181.82
18.18
200.00
47,800
4,345.45
47,800.00
30-Mar
Consulting Fees
18
1,000.00
10,000.00
11,000.00
30-Mar
Interest Expense
19
4,750.00
4,750.00
30-Mar
Wages Payable
20
17,846.77
17,846.77
30-Mar
CSA Payable
21
380.00
380.00
30-Mar
Retail Workers Union Payable
22
144.00
144.00
30-Mar
Personal Superannuation Payable
23
360.00
360.00
30-Mar
SGC Superannuation Payable
24
6,591.72
6,591.72
181.82
18.18
200.00
47,800
-
5,754.55
47,163.40
96,372.49
COMPANY
JJ Holmes Inc
CASH RECEIPTS JOURNAL
DATE
PARTICULARS
RECEIPT #
DISCOUNT EXPENSE
DEBTORS
CASH SALES
GST COLLECTED
SUNDRY
BANK
DISCOUNT EXPENSE
GST COLLECTED
DEBTORS CONTROL
7-Jan
Cash Sales
CRR1
17,727.27
1772.73
19,500.00
12-Jan
Footscray Retailers
1
136.36
13.64
150.00
30,650.00
2,786.36
30,650.00
14-Jan
Cash Sales
CRR2
25,000.00
2,500.00
27,500.00
21-Jan
Cash Sales
CRR3
16,454.55
1,645.45
18,100.00
28-Jan
Cash Sales
CRR4
19,363.64
1,936.36
21,300.00
136.36
13.64
150.00
30,650.00
75,818.18
10,368.18
-
117,050.00
7-Feb
Cash Sales
CRR5
17,818.18
1,781.82
19,600.00
14-Feb
Cash Sales
CRR6
39,545.45
3,954.55
43,500.00
19-Feb
Altona Super Stores
2
40,000.00
3,636.36
40,000.00
21-Feb
Cash Sales
CRR7
18,000.00
1,800.00
19,800.00
28-Feb
Cash Sales
CRR8
17,090.91
1,709.09
18,800.00
-
-
-
40,000.00
92,454.55
12,881.82
-
141,700.00
7-Mar
Cash Sales
CRR9
22,500.00
2,250.00
24,750.00
14-Mar
Cash Sales
CRR10
24,545.45
2,454.55
27,000.00
21-Mar
Cash Sales
CRR11
29,181.82
2,918.18
32,100.00
28-Mar
Cash Sales
CRR12
33,000.00
3,300.00
36,300.00
-
-
-
-
109,227.27
10,922.73
-
120,150.00
Fringe Benefit Totals for JJ Holmes:
Employee
Fringe Benefit Type
Amount
Jamal Alam
Company Mobile Phone
662
Petrol Allowances
320
Adam Burke
Relocation Expenses
1623
Car Parking
553
John Clayton
Laptop Computer
1862
Angela Reed
Company Car
19662
Ramesh Chouhan
Private Expenses
332
Patricia Brown
Private Expenses
262
Subscription to Trade Journal
130
Company Car
12620
Trinh Tran
Interstate Business Trip
2362
Car Parking
553
TOTAL
S40,941
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Managerial Accounting
Authors: Ray Garrison, Theresa Libby, Alan Webb
10th Canadian edition
978-1259024900
