20170905155938assessment_task_3__1_

Assessment Task 3

Project

Scenario: AllStar Ltd

AllStar is a privately owned retail and fuel service company that until recently operated four independent service stations/stores in Melbourne’s north. The company has recently expanded to 13 service stations across Victoria.

The owner, Chairman and CEO, Rex Martin, has run the company for the past five years. He has operated service stations for most of the last 25 years and relies on his hands-on approach to operations.

AllStar stores trade 6 am–11 pm daily. They typically include a vehicle access forecourt with at least six pump stations, a retail shop, a food bar, store manager’s office and stockroom. They sell fuel, oil, gas, supermarket goods, hot pies (heated from frozen on the premises) and cold drinks.

For the financial year 2015–2016, AllStar is projected to have an annual turnover of $9,000,000 and generate a profit of $3,000,000. Payroll expense is projected to be $3,000,000. The organisation uses a computerised accounting system: MYOB AccountRight.

Refer to Appendix 1 section for detailed information about company’s policy and procedures.

Required:

Using the same scenario you are required to process a new employee, schedule payments, complete a BAS summary and complete and reconcile pay as you go (PAYG) payment summaries.

You must submit:

a schedule for processing forms for new employee

a schedule for forwarding funds to nominated creditors and dispatching payments to government authorities

BAS summary worksheet

organisational and individual employee PAYG payment summary worksheets.

Task A: Process new employee

It is 30 June 2016. You are the manager of the Bendigo store. You are starting a new casual employee on Monday.

You are required to develop a schedule for processing forms. Your schedule should:

include specific dates for providing, collecting and forwarding forms

adhere to ATO requirements

adhere to organisational requirements such as policies and procedures.

Task B: Schedule payments

It is 30 June 2016, the end of Q4. You are the Finance and Operations Manager at AllStar. Your duties include planning and executing payments to nominated creditors and government authorities.

Consider:

BAS statements are prepared and associated PAYG, HELP, and fringe benefits tax (FBT) payments are made quarterly

AllStar is liable for payroll tax

AllStar is liable for workers compensation 15 days after the end of the quarter

extra superannuation contributions (SUN, HESTA, AMP) are forwarded at the same time as those associated with the superannuation guarantee

all other nominated or required payments such as child support are due on the 15th of each month

car salary sacrifice amounts are managed by VIC Finance.

You are required to develop a July schedule for dispatching payments in. Your schedule should:

include specific dates for dispatching payments to specific organisations

include name of organisation or authority to receive payment

adhere to ATO requirements

adhere to all other obligations for timely payment.

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ely payment.

Task C: Complete a BAS summary

It is 30 June 2016. You are the Finance and Operations Manager at AllStar. Your duties include completing a BAS statement at the end of each quarter of the financial year.

Consider the following information from the Q4 BAS:

You are required to complete the BAS summary worksheet provided to determine the amount to forward to the ATO (following the schedule you developed in task B).

Task D: Complete payment summaries

It is 30 June 2016. You are the Finance and Operations Manager at AllStar. Your duties include creating individual PAYG summaries for AllStar employees and reconciling these amounts with the amounts stated on the AllStar PAYG summaries for each store. You must also ensure the summaries are forwarded to the ATO and the individuals concerned within legislated deadlines:

You are required to use the payroll information provided in this assessment task to complete PAYG payment summaries worksheets for the Bendigo store:

complete the PAYG payment summary worksheets

ensure individual amounts on individual PAYG payment summaries tally with totals on the AllStar Bendigo summary

include scheduled dates on the worksheet provided for forwarding forms to the ATO and to individuals.

Payroll information

Draft pay summary report for Bendigo store July 2015 to June 2016

Data for individuals compiled from and reconciled with general ledger accounts and employee earnings cards. Totals need to be checked for accuracy.

*All salary sacrifice is FBT reportable

Summary employee data

*Note: Modern award defines minimum pay and conditions. Actual pay and conditions at AllStar meet or exceed Modern Awards and are defined by relevant negotiated enterprise bargaining agreements.

**Note: Overtime is paid at 150% for the first 3 hours and 200% thereafter

Worksheets

BAS summary

AllStar (Bendigo) PAYG payment summary worksheet

AllStar individual payment summary worksheets

Sue Wang

Richard Swift

Paul Singh

Al Carron

Appendix 1

AllStar organisational structure

The flagship AllStar store in Brunswick, Victoria has an attached office space that accommodates head office (the directors, senior management staff and clerical employees).

Payroll control policy

Payroll processing procedures

To comply with…

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