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Key Topics
Requirement
Briefly describe each of your key tasks or activities that relate to your major(s). For each key task or activity, identify and briefly explain a comprehensive range of theories, concepts, models, frameworks, and/or technical competencies from your major(s) and discuss how they could apply.
Solution
Preparation of GST Return
The image below details the GST framework:
Example: A company ‘A’, outside of New Zealand supplies television remote to various countries. If the company supplies the product to New Zealand then the company will be liable to GST under proposed section 8(3)(c). If the company exceeds the registration limit, then it has to register and return GST on the supplies (McKenzie, 2002).
Preparation of PAYE Returns
Mentioned below are the concepts related to preparation of PAYE returns (Office, 2011).
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- Pay-As-You-Earn include employees and employers.
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- HMRC need to be notified the day the employers pay their employees so that the employees’ NI and PAYE are deducted in real time.
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- All employers must register with Inland Revenue Department and must have an IRD number.
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- Employers are mandated to deduct PAYE from the salary paid to the employees.
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- Employees are required to fill Employer Monthly schedule
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- New Employees are required to fill Tax Code Declaration (IR 330)
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- Employee must provide special tax code certificate to the employees.
These elements are used when two people come together as employee or an employer.
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Collation and preparation of income and rental statements
The concept on income statements states that the company must include income information such as subscriptions, advertising, donations, and entry fees from annual show, general fundraising, and the interests. Moreover, the company should include expenses such as administration costs, bank fees,, cost of annual show, instructor fee, insurance, postage, and other similar expenses. This is applicable for all organizations working under the government of New Zealand.
The concept of rental statements preparation states that the person or company entry the information should have IRD number (L.L.P., 2015). Moreover, property details should be mentioned while preparing the rental statements. Along with that, expenses such as interest on mortgage on rental property, insurance, home office rents, invoice rates, repairs and maintenance amount, and improvements of chattels should be included in the information of the statements. Moreover, the identification is mandatory in the form of driver’s license, or passport or New Zealand 18+ card or firearms license.
Completion of paper works for trading clients to support financial statements
The preparation of paper works for trading clients to support financial statements includes various entities and the paper works those needs to be prepared. Large clients, general purpose financial reporting needs to be prepared, and for smaller clients, special purpose financial reporting needs to be developed.
Preparation of income tax returns
The concept of preparation of income tax returns states that business need to complete and send an income tax return to the IRD. The documents are IR3, IR4, IR6, IR7 or IR9. The due date of such filings depends on the balance date of the business. The companies are needed to send the financial statements to the agency.
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McKenzie, A. (2002). GST, a practical guide. Auckland: CCH New Zealand.
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Office, S. (2011). The expansion of online filing of tax returns. London: Stationery Office.
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Robertson, J. (1990). Auditing. Homewood, IL: BPI/Irwin.
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Siegel, J., & Shim, J. (2010). Accounting handbook. Hauppauge, N.Y.: Barron's Educational Series.
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