Reference no: EM131464712
Need Help with this section of my assessment
It is 30 June 2015, the end of Q4. You are the Finance and Operations Manager at Pitstop. 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
- Pitstop is liable for payroll tax
- Pitstop 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.
About the Business:
Appendix 1 - Pitstop Pty Ltd
Pitstop 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, Jim Murphy, 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.
Pitstop 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 2014-2015, Pitstop is projected to have an annual turnover of $9,000,000 and generate a profit of $3,000,000. Payroll is expense is projected to be $3,000,000. The organisation uses a computerised accounting system: MYOB AccountRight.