Question: Task 3 Helen and her husband are the only shareholders in Health Cosmetics Wholesalers Pty Ltd. The business sells low-allergy cosmetics to retailers on a

Task 3 Helen and her husband are the only shareholders in Health Cosmetics Wholesalers Pty Ltd. The business sells low-allergy cosmetics to retailers on a credit basis. Helen runs the business with the help of 2 employees. She freights goods around Australia and overseas. As reward for her hard work, Helen would like to draw a wage from the business. Tim is not involved in the day-to- day operations of the business. Details of the company are as follows: The business has an ABN. The business is registered for GST on a quarterly cash basis (option 1). PAYG withheld of $40,000 p.a. is payable. PAYG instalment are paid quarterly. Annual tax return is lodged by the owner. Superannuation is paid for all employee quarterly. You are required to answer the following questions: 3.1 What type of business is Helen operating? 3.2 What is the business structure of Helen and her husband's business? 3.3 What accounting sub-systems would be required by the business? 3.4 Outline the compliance requirements facing Helen, including GST compliance issues. 3.5 To help plan the workload of a company, you have been asked to prepare a schedule of due dates (and

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