Subject Code & Title: FNSACC413 Make Decisions In A Legal Context
Summary and Purpose of Assessment :
This is assessment task three (3) of three that you need to complete satisfactorily, in order to be deemed competent for this unit. Completing this assessment task will allow you to demonstrate the skills and knowledge required to develop procedures that meet compliance requirements as they relate to accounting and bookkeeping.The purpose of this assessment is to introduce key research concepts and methods of making decisions in a legal situation relating to accounting and bookkeeping.This assessment is to be completed individually.
FNSACC413 Make Decisions In A Legal Context Assessment – RMIT University Australia.
Assessment Instructions :
What
This task is builds on assessment two and refers to the same business; Go Golfing case study (see below). Students will need to refer to the case study.Parts of this case study is completed as a group activity. You will need to discuss the case study and the question with each other, listen to opinions, and ask questions to clarify information and think about potential solutions/options and show However, you must submit their own individual work.
Case Study – part 2:
xxx business, Go Golfing has grown exponentially, which is great. However, it has caused some complexities for his business as he now employed an administration officer to organise bookings and changed his business structure to a private company.
Compliance issue 1: Meeting superannuation requirements
After two weeks of commencing their role as an administration officer, they have come to you enquiring about their superannuation. This has not been done by the business and you are requested to fix up this problem. Anthony is very concerned about this omission and wants to consult with you regarding this matter.
xxx has drafted what he thinks are the correct procedures and wants the policy checked for accuracy. These are the current procedures in place to meet this compliance requirement.
Go Golfing current procedures to pay superannuation contributions:
1.Provide a choice of super funds to eligible employees.
2.Pay at least the minimum 9.50% contribution amount of the earnings base
3.Pay super contributions for eligible employees
4.Keep records of super contribution payments
Compliance issue 2: Meeting records management requires for companies
The compliance issue in relation to superannuation has concerned xxx. He is no worried that since changing to a company structure he is no longer meeting compliance in relation to records management.
This is the current procedure in place to meet this compliance requirement.
1.Keep records for five years
Step one: Identify compliance requirements
To complete this case study, you will need to consult with others in your team before developing the final procedures.This must involve exchanging ideas with each other, listening to others’ suggestions and asking questions.
Your team members will act as internal stakeholders and Anthony will act as the external stakeholder you’ll need to consult with.
xxx (your teacher) will observe your interactions to confirm your input and understanding and ability to seek advice and guidance to evaluate your decision-making skills and to determine how the procedures were developed in consultation with your team members to address compliance requirements.
You must submit the compliance requirements for issue 1 and issue 2 as an appendix to the procedures developed in step three and four.
FNSACC413 Make Decisions In A Legal Context Assessment – RMIT University Australia.
Step two: Meet with the Go Golfing
xxx wants to ask some questions about superannuation so that he follows the correct compliance requirements for Go Golfing. He asks you to help him source the correct information on different aspects of superannuation law which will affect his operational decisions.
This task will take place in class time. It will be a practical observation and involve discussion with your teacher xxx who will ask you to clarify certain information. xxx will interview you to determine your ability to interpret a relevant authoritative source relating to the role of an accountant.
As an accountant it is expected that you will be able to interpret compliance requirements of relevant sections of the Australian Tax Office. (See questions below for reference).
1.Where can I find general compliance information on superannuation for employers?
2.How does a business determine their employer-nominated fund (default fund)?
3.Where can I access a choice of super fund form?
4.Can you show me how to calculate the correct superannuation payment amount for a nominated income using the ATO calculator?
5.What are the correct payment cut-off dates for superannuation payments to meet compliance?
6.What happens if the employee does not nominate a fund?
Step three: Develop a compliance procedure for Go Golfing in relation to superannuation
After reviewing Go Golfing and meeting with xxx you detect several omissions from the procedures above and are required to seek guidance to evaluate and inform xxx decision-making process. Referring to the following ATO link, develop these procedures for xxx to address the full compliance requirements for Go Golfing. You need to develop a minimum of ten (10) steps that must be followed.
Your procedures must be presented in a separate document in a suitable format using appropriate software features.You should use clear language, including accurate legal terminology and ensure the procedures are understandable for all audiences that will use them At the end of your procedures document you must indicate when the procedure should be reviewed/updated to ensure the compliance requirements align with statutory deadlines.
Step four: Develop a records management procedure for Go Golfing
This aspect of the case study builds upon Q 4e and Q 4f from assessment 2.
Six months go by and xxx has decided to change his business structure to a privately listed company structure.xxx remembers the superannuation procedure you developed for Go Golfing and has asked you to complete a
procedure in relation to records management.
Your procedures must be presented in a separate document in a suitable format using appropriate software features.You should use clear language, including accurate legal terminology and ensure the procedures are understandable for all audiences that will use them
At the end of your procedures document you must indicate when the procedure should be reviewed/updated to ensure the compliance requirements align with statutory deadlines.
Step five: Reflection
After completing the above procedures for xxx you have started thinking about your own compliance requirements in relation to role of an accountant. Write a 250-word summary reflecting on what compliance requirements you need to meet (ie. confidentially, ethics) and what authoritative source you could refer to in order to determine that your interpretation is in fact correct.
Where
This assessment is a supervised assessment to be completed under super vision during class time.
How
You will be assessed according to the criteria outlined in the Criteria for Assessment below. All criteria identified must be addressed to satisfactorily complete this Assessment Task.
Instructions on submitting your Product Assessment
You must submit individual responses to this assessment.
Conditions for assessment
1.You are allowed to seek clarification or guidance from the assessor about this assessment task
2. You must submit their work online via Canvas You will be assessed as satisfactory or not satisfactory.
3. Please make arrangements with your assessor at least one week prior to the assessment due date if you feel you require special allowance or allowable adjustment to this task
4. You should ensure that they submit this assessment at the end of the class on the day of the supervision.
5. You are encouraged to retain a copy of their assessment tasks (hard copy and soft copy).
6. Each page of the assessment should include header with the name, student number, the title of the assessment, unit code and title and page numbers.
7.You can appeal the assessment decision according to the RMIT Assessment Processes.
Instructions on submitting your project/portfolio/report
You must submit individual responses to each of the following questions/activities. You must also meet the minimum requirements of all tasks outlined in the marking guide of this unit.
Equipment/resources students must supply:
1. Computer and Internet access
2. Computer software
3. Relevant texts/notes/web information
4. You are required to bring a FULLY charged computer with internet access.
FNSACC413 Make Decisions In A Legal Context Assessment – RMIT University Australia.
Equipment/resources to be provided by RMIT or the work place:
1.Internet access and computer access should students not have a laptop
2. You will be able to access the internet and relevant RMIT databases through the Library.
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