Previous years profit and loss statement

BSBFIN601 Manage Organisational Finances

questions using word processing software.

Assessment criteria

finances.

3. Identify the requirements for audited accounts and the purpose of an audit report.

6. Explain the four main taxation and superannuation obligations for a business. Briefly discuss each

obligation.

9. Identify the current company tax rate for both smaller and larger businesses.

10. Explain the process by which a business reports GST to the Australian Tax Office.

Assessment 1 - Part B: Project

Instruction

You are then required to meet with the management team (your assessor) to discuss the budgets you have

prepared for the upcoming financial year, as well as to confirm reporting requirements and financial

 Profit and Loss 2017/18

 Strategic Business Plan

 Budget Forecast Template

Assessment criteria

 Signed Observation Checklist

Carefully read the following:

Conduct research to establish why those areas have made a profit or loss. Your research should include a

review of the financial data provided to you and economic conditions and business trends that may have

Consultant, including revenue generated, cost of sales, as well as gross profit/loss margin and net

profit/loss margin.

 Analysis of the organisation’s goals and priorities for the upcoming financial year as documented in

the Strategic Business Plan and financial resources required to achieve these goals, as well as key

MYOB that is currently used.

2. Develop budget forecasts, ensuring that the analysis of the previous year’s data and future plans as

Ensure that your budget includes the estimated income and costs for the conference and e-book to be

implemented in 2019 in the document Costs and Income.

current tax liabilities.

To ensure that the company’s financial risks in relation to the misappropriation of funds and recording of

 GST reporting requirements (the company is required to report quarterly)

 PAYG withholding obligations

Your Financial compliance and tax liabilities report should be between one and two pages long.

4. The Principal Consultant has approved your budget for the upcoming financial year, 2018 – 2019. You are

 Discuss the amounts allocated to activity, including the conference and the e-book.

 Explain that there will be no more workshops conducted.

5. Conduct the meeting as set out in the requirements above, making sure that you provide the team (your

assessor) with all the required documentation.