There are ten (5) questions in this assessment. All questions must be performed to a satisfactory level. Use at least 150 – 200 words to write each answer. Use your own words to write answers.
Plagiarism, collusion, and cheating are strictly prohibited [see NIT Student Handbook Section 13.10]. Your assessor may check your work for plagiarism, collusion, and cheating using tools such as Grammarly Plagiarism.
Q1: Identify, list, and explain any five requirements for a business organisation to ensure financial probity.
Q2: List and explain three key principles of accounting.
Q3: List and explain three(3) key principles/standards of Financial Systems.
Q4: Explain the following International, Australian (Commonwealth), and local (WA) legislation and conventions that are relevant to financial management in the organisation. (150 – 200 word each legislation)
1. Anti Money Laundering and Counter Terrorism Financing Act 2006
2. Corporation Act 2001
3. Payroll Tax Assessment Act 2002 – Western Australia
Q5: Briefly explain the following requirements of the Australian Tax Office for the business organisations (150 – 200 word each):
a) Goods and Services Tax
b) Company Tax
c) Pay As You Go (Explain both PAYG withholding and PAYG instalments)
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