53544 – Prepare budgetsSubmission detailsCandidate’s name Phone | NO PLAGIARISM
Prepare budgetsSubmission detailsCandidate’s name Phone no.Assessor’s name Phone no.Assessment siteAssessment date/s Time/sThe assessment task is due on the date specified by your assessor. Any variations to this arrangement must be approved in writing by your assessor.Submit this document with any required evidence attached. See specifications below for details.Performance objectiveFor this task you are required to respond to a range of questions that examine your understanding of key legislative and financial management requirements for a case study organisation. This assessment also requires you to review available financial information and establish a budget for the organisation.Assessment descriptionThis assessment requires you to determine the requirements to undertake budgeting, financial forecasting and reporting requirements for an organisation. You will also need to review the case study provided and prepare a budget (in electronic spreadsheet format) and budget notes for distribution and implementation in the organisation.ProcedurePart 11. Read and analyse the case study information (including business plan summary and previous financial data) and complete the following.BSBFIM601 Manage finances 1st edition version: 1Duke College (DC) CRICOS ID: 02564C RTO ID: 90681a. Develop a sales budget, profit budget, cash flow budget and debtor ageing summary using electronic spreadsheets (as separate worksheets) making sure each budget is divided into quarterly periods and that you use previous financial data to determine allocations for resources.i. Ensure each budget you prepare complies with the organisational and policies and procedures as provided.b. Develop budget notes that include:i. identification of reasons for previous profits and lossesii. your comment on the effectiveness of existing financial management approachesiii. all assumptions and bases that have been made or used to form budgetsiv. any relevant notes regarding implementation and monitoring of budget expenditure.Part 21. Communicate information regarding the budget and answer a series of eight questions (see end of this task) in written or oral form as agreed with your assessor.SpecificationsYou must submit:l a completed annual budget in a single spread sheet with a separate sheet for each budget componentl budget notes and question answers in a written format. Your assessor will be looking for:l evidence you have reviewed the case study information provided by submitting an appropriate budget with budget notesl evidence that you understand, and can explain, the required legislative requirements of financial management (and outline statutory requirements of ATO, GST, company tax, PAYG)l evidence that you can outline compliance requirements for the Corporations Act 2001l evidence that you can identify and recommend use of suitable software for financial managementBSBFIM601 Manage finances 1st edition version: 1Duke College (DC) CRICOS ID: 02564C RTO ID: 90681l evidence that you have clearly communicated information regarding the budget and correctly responded to a series of questions (e.g. describe the principles of accounting and financial systems)l evidence that you can describe implications of financial probityl evidence that you can outline the critical dates/initiatives that will require or generate resourcesl evidence that you have provided for additional items (as necessary and appropriate) in the budgetl evidence that you have recommended new or modified internal controls that could improve risk management and maintenance of audit trailsl evidence that you have developed an annual budget, as appropriatel evidence that you have developed appropriate budget notesl evidence that you have responded appropriately to the questions presented by ‘Jim Schnieder’, the CEO in the case study in this assessment task.Adjustment for distance-based learnersThis test can be adjusted for distance learners. Options include:Option 1: Submit test as a report Procedure:l no variation of the task is requiredl follow-up interview may be required (at the discretion of the assessor) ? documentation can be submitted electronically or paper-based.Option 2: Conduct test as an interviewThis option involves holding an interview with the candidate on Skype or by telephone.Procedure:l the assessor will schedule a date for the interviewl the assessor will make contact with the learner and commence the interviewl supplementary information or a follow-up interview may be required (at the discretion of the assessor).Case study: Houzit Pty LtdBSBFIM601 Manage finances 1st edition version: 1Duke College (DC) CRICOS ID: 02564C RTO ID: 90681You have recently been appointed as the business manager of Houzit Pty Ltd having been a store manager for the past three years. Houzit Pty Ltd is a 15 store retail chain located in Brisbane. Houzit is the leading homewares retailer, catering to the growing need for furnishing new and renovated dwellings in the greater Brisbane area.The assortment on offer of bathroom fittings, bedroom fittings, mirrors and decorative items together with the recently added lighting fixtures has positioned Houzit as a leader in homewares retailing in Australia. Houzit has grown over the past five years from a single store to the current chain. Houzit prides itself on superior after sales service which has been a key reason for the continued growth in sales and corresponding profit increases. Today Houzit employs over 150 staff.Houzit Pty Ltd is a proprietary limited company (ACN 34 765 234 02) registered with the Australian Securities and Investment Commission. The registered address is with Houzit’s solicitors (Langs Lawyers, 535 Queen Street, Brisbane, QLD 4000) and the principle place of business is 505 Boundary Street Spring Hill Brisbane QLD 4000.Computer software requirementThe current accounting information system has not adequately provided sufficient analysis of revenue and expenditure and has made it difficult to make informed estimates of future profits. Estimates have relied on the ‘gut feel’ of the experienced traders on the board and of the senior managers. The board sees the need to apply more analysis to past results that they believe could be done with the introduction of state-of-the-art computer software.Houzit Pty Ltd wants to upgrade their existing accounting system which will manage the company accounts more efficiently in the long run. They request that the new system you recommend to them to be compliant with all legislative and statutory requirements for small to medium businesses.None of Houzit’s products are GST free however the accounting information system records the GST collected as well as the input tax credits earned on the purchases of stock and assets. These amounts are reported and paid in accordance with the business activity statement (BAS) schedule determined by the Australian Tax Office.They have 100 fulltime and 50 part-time staff, but only 10 of the staff will have or need access to the financial system. Some staff are paid on a salary sacrifice arrangement that attracts fringe benefits tax. The staff with access to the financial system want software that is a single purchase with no ongoing license fees, and a plan to keep using if for the next 3–5 years, while the organisation continues to grow. They are anticipating that within five years they will have over 250 full-time staff, and at least 20 staff will require access to the financial system by then.The payroll system deducts withholding tax from the employees and remits this along with the firm’s pay as you go (PAYG) instalment each quarter as reported on the firm’s business activity statement. Income tax return for the company and its annual statement is completed by the firm’s accountant. Taxes and fees due are paid by the due dates. Financial records are kept at Houzit’s principle place of business.BSBFIM601 Manage finances 1st edition version: 1Duke College (DC) CRICOS ID: 02564C RTO ID: 90681Houzit have just upgraded their computers and have five new desktop PCs which will be used by the finance staff. They are current (for 2011) specification machines with i5 CPUs and 4Gb RAM each, and all have Windows 7 Professional and Norton’s 360 installed with the professional version of Microsoft Office Small Business as well. Other staff will use their machines at various times, so it is important that the software requires a login to access data and that data stored by the software cannot be accessed in any other way.Corporate detailsJim Schneider, the CEO, has asked you to prepare some financial budgets for the 2011/12 financial year as a preliminary overview of the financial year ahead. He asked you to first prepare a 12 months budget and then break it up over the four quarters. The areas he is particularly interested in seeing is:1. Sales budget for 2011/12 by department by quarter.2. Profit budget (including detailed expenses) for 2011/12 by quarter.3. The cash flow result per quarter of the GST after adjusting the GST collected by the allowable GST tax credits.4. The anticipated aged debtors summary at the end of each quarter.The CEO wants to be given all the budgets except for the aged debtors budget which the accountant and accounts receivable clerk can monitor. The CEO produced a summary of the current business plan that covered the budget year to highlight some of the key goals, objectives and strategies he would like incorporated into the budget.Business plan summaryBSBFIM601 Manage finances 1st edition version: 1Duke College (DC) CRICOS ID: 02564C RTO ID: 90681BSBFIM601 Manage finances 1st edition version: 1Duke College (DC) CRICOS ID: 02564C RTO ID: 90681After going through the business plan summary, the CEO gave you the previous year’sfinancial reports and asked you to speak with the accountant Celina Patel to get some of the figures and detailed expectations for the coming year.You arrange a meeting with Celina Patel, Houzit’s accountant, and she gives you thefollowing insight into the historical expense relationships and the current statutory compliance liabilities.Sales and profit budget informationCelina explained that the only budget she monitors on a day-to-day basis is the cash flow budget and the store manager is primarily responsible for the sales budget.These are the notes you take at the meeting:l The overall sales for 2011/12 target set by the business plan should beapportioned across the quarters in the same % as was achieved in 2010/11. This was:Qtr 1 Qtr 2 Qtr 3 Qtr 4 2010/113,142,822 3,771,386 4,085,668 4,714,232 15,714,108l Cost of goods sold is the inverse of the gross profit rate determined by the business plan and is determined by the quarterly sales budget.l Accounting fees have been negotiated for the year at a fixed amount of $10,000 to be paid in equal amounts each quarter.l The interest charges on the bank loan are anticipated at a reduced amount of $84,508 due to an agreed repayment of some of the loan principal. This is to be paid in equal amounts each quarter.l Bank charges are expected to be the same as 2011 and paid in equal amounts each quarter.l Celina has requested that a new expense (store supplies) be recognised in the new budget that was previously included in with the cleaning expense amounts. Store supplies in the 2009/10 results was $3,500 of the cleaning expense and $3,605 of the 2010/11 result. Cleaning expense will then be lower but identify the real labour costs involved in the cleaning expense.l Depreciation is expected to be the same as 2011 and allocated in equal amounts each quarter.l Advertising is to be apportioned to each quarter based on the business plan.l The following expenses are expected to increase by the determined inflation rate in the business plan summary:¡ Insurance – apportioned in equal amounts each quarter.¡ Store supplies – is calculated for to each quarter using the same % as determined by the sales for each quarter.BSBFIM601 Manage finances 1st edition version: 1Duke College (DC) CRICOS ID: 02564C RTO ID: 90681¡ Cleaning – is calculated for each quarter using the same % as determined by the sales for each quarter.¡ Repairs and maintenance – apportioned in equal amounts each quarter.¡ Rent – apportioned in equal amounts each quarter.¡ Telephone – is calculated for to each quarter using the same % as determined by the sales for each quarter.¡ Electricity – is calculated for to each quarter using the same % as determined by the sales for each quarter.l Fringe benefits tax is expected to be the same as 2011 and paid in equal amounts each quarter.l Wages and salaries are calculated for each quarter using the same % as determined by the sales for each quarter.l The statutory requirements are:¡ superannuation is 9% of wages and salaries for each quarter¡ payroll tax is 4.75% of wages and salaries for each quarter¡ workers compensation is 2% of wages and salaries for each quarter¡ company tax is 30% of net profit before tax for each quarter.BSBFIM601 Manage finances 1st edition version: 1Duke College (DC) CRICOS ID: 02564C RTO ID: 90681Houzit Pty LtdFor 12 months endedProfit & Loss Actuals 2007/08 2008/09 2009/10 2010/11RevenueSales 12,474,336 13,472,315 14,550,100 15,714,108– Cost Of Goods Sold 6,860,901 7,409,773 8,002,555 8,799,900Gross Profit 5,613,465 6,062,542 6,547,545 6,914,208Expenses– Accounting Fees 5,500 6,500 8,500 9,000– Interest Expense 45,000 65,000 96,508 90,508– Bank Charges 1,200 1,300 1,580 1,600– Depreciation 170,000 170,000 170,000 170,000– Insurance 12,500 12,500 12,500 12,875– Store Supplies – – – -– Advertising 50,000 100,000 280,000 280,000– Cleaning 12,560 15,652 18,700 19,261– Repairs & Maintenance 40,250 52,600 60,000 61,800– Rent 2,465,000 2,465,000 2,465,000 2,538,950– Telephone 9,862 12,523 14,000 14,420– Electricity Expense 22,500 23,658 25,000 25,750– Luxury Car Tax – – 12,400 -– Fringe Benefits Tax 26,000 26,000 26,000 28,000– Superannuation 148,500 160,737 166,500 171,495– Wages & Salaries 1,649,998 1,785,965 1,850,000 1,905,500– Payroll Tax 78,375 84,833 87,875 90,511– Workers’ Compensation 33,000 35,719 37,000 38,110Total Expenses 4,770,245 5,017,987 5,331,563 5,457,780Net Profit (Before Tax) 843,220 1,044,554 1,215,982 1,456,428Income Tax 252,966 313,366 364,795 436,928Net Profit 590,254 731,188 851,188 1,019,499BSBFIM601 Manage finances 1st edition version: 1Duke College (DC) CRICOS ID: 02564C RTO ID: 90681Houzit Pty LtdStatement of Financial PositionAs at 30 June 2009/10 2010/11AssetsCurrent Assets– Cash On Hand 50,000 55,000– Cheque Account 144,842 160,314– Deposits Paid 950,000 950,000– Trade Debtors 850,000 975,000– Merchandise Inventory 1,530,000 1,430,000Total Current AssetsFixed Assets– Motor Vehicles At Cost 500,000 500,000– Motor Vehicles Accum Dep ( 100,000 ) ( 125,000 )– Furniture & Fixtures At Cost 1,950,000 2,250,000– Furniture & Fixtures Accum Dep ( 650,000 ) ( 770,000 )– Office Equip At Cost 400,000 400,000– Office Equip Accum Dep ( 90,000 ) ( 115,000 )Total Fixed Assets 2,010,000 2,140,000Total Assets 5,534,842 5,710,314LiabilitiesCurrent Liabilities– MasterCard 17,800 14,860– Trade Creditors 780,000 679,000– GST Collected 1,455,010 1,571,411– GST Paid ( 943,125 ) ( 987,626 )– Superannuation Payable 100,000 120,000– Luxury Car Tax Payable 20,920 -BSBFIM601 Manage finances 1st edition version: 1Duke College (DC) CRICOS ID: 02564C RTO ID: 90681Elizabeth Bence Pty Ltd t/a Duke College, Level 1, 20 Macquarie St, Parramatta NSW 2150; Call +61 2 9687 3200Page 10 of 18– income Tax Payable 364,795 436,928– PAYG Withholding Payable 65,000 44,872Total Current Liabilities 1,860,400 1,879,445Long-Term Liabilities – -– Bank Loans 1,608,459 1,508,459Total Liabilities 3,468,859 3,387,904Equity– Owner/Shareholder’s Equity 500,000 500,000– Retained Earnings 850,000 1,565,982– Dividends Paid ( 500,000 ) ( 1,200,000 )– Current Year Earnings 1,215,982 1,456,428Total Equity 2,065,982 2,322,410Internal auditorCarl Kerns is one of the directors of the board. Carl said that as a board member they are given the profit and cash flow budgets. He was appointed by the board to conduct an internal audit of operations to look for weaknesses in the internal control system. His report uncovered the following processes that he believed needed to be strengthened.l While the overall customer base is increasing from year to year, there may be internal control issues relating to how these new customers are secured.l Some discounts that were being given to customers were recorded as a net amount on the invoices and gave no indication of the discount from standard prices.l Some cash registers in the stores were not reconciling the cash in drawer with the register printout.l Not all timesheet overtime amounts were being authorised by the line manager.l Service invoices for some items of equipment were not signed or linked to a purchase order. There was no check that the work had actually been carried out. ? Not all assets in the stores had unique codes fixed to the asset.l There was minimal feedback lines of communication from the shop floor to head office, particularly when an error in the budgeting report process was recognised. ? Debtor reconciliations were not done monthly and sometimes not at all.l In busy times the cashiers that operated the registers were also asked to do their own reconciliations and banking. Sometimes the cash was held in the store for a day or two.BSBFIM601 Manage finances 1st edition version: 1Duke College (DC) CRICOS ID: 02564C RTO ID: 90681Elizabeth Bence Pty Ltd t/a Duke College, Level 1, 20 Macquarie St, Parramatta NSW 2150; Call +61 2 9687 3200Page 11 of 18l Job roles were not clearly defined so that responsibilities and liability can be identified.l There was little rostering of duties and cash receipts were not pre-numbered.Of particular concern to Carl was the directive given by the board to ensure that audit trails were created and maintained. These included:l Signing the timesheets for employees under the authority of a department manager.l Maintenance of a numbered cash receipts book.l Using sequenced cheques as a systematic way of evidencing all monies paid out.l Ensuring proper coding of evidenced transactions against appropriate general ledger account and cost centre.l Ensuring reconciliations between company books and third party bank statements are performed.GST cash flow budgetStatutory requirements for GST is 10% of the recorded amounts in sales. The only capital purchase planned for the year is the luxury car for the chairman. Those expense payments on which 10% GST was paid include the following:l Cost of goods sold:¡ accounting fees¡ insurance¡ store supplies¡ advertising¡ cleaning¡ repairs and maintenance¡ rent¡ telephone¡ electricity expense.The GST amount payable each quarter is the difference between the GST collected from sales and the GST paid – format as per policy and procedures.CASH FLOW ANALYSIS – GST 2011/12 Qtr 1 Qtr 2 Qtr 3 Qtr 4GST Collected x,xxx x,xxx x,xxx x,xxx x,xxxBSBFIM601 Manage finances 1st edition version: 1Duke College (DC) CRICOS ID: 02564C RTO ID: 90681Elizabeth Bence Pty Ltd t/a Duke College, Level 1, 20 Macquarie St, Parramatta NSW 2150; Call +61 2 9687 3200Page 12 of 18Less GST Paid x,xxx x,xxx x,xxx x,xxx x,xxxGST Payable Calculation Calculation Calculation Calculation CalculationDebtors ageing budgetThe historical records show that the debtors balance at the end of each quarter is usually about 20% of the quarter’s sales. At any time in the debtors balances 1% of the total debtors is overdue 90 days and over, 5% is 60 days overdue, 10% is 30 days overdue and the balance of the total debtors is current. The aged debtors’ budgets are only distributed to the accountant and the accounts receivable clerk.Houzit Budgeting Policy and ProceduresBudget development processThe standard process for developing budgets will follow the following steps:1. Establish the budget objective.2. Gather prior period data.3. Discuss prior period information and anticipated changes in the budget period with stakeholders.4. Research relevant external information.5. Incorporate identified trends to determine assumptions and parameters.6. Prepare budgets in standard formats.7. Submit budgets for approval.Budget objectivesHouzit prepares budgets to meet various company objectives. Budgets are prepared:l for a specific expansion of the business activities:¡ business case to be prepared covering a cost-benefit analysis, market research report and summary profit and investment expectationsl to outline a specific debt reduction initiative:¡ company-wide summary of profit expectations, planned debt and equity funding arrangements, CAPEX plans summarisedl annually to cover the next financial year:¡ for the 12 month period from the beginning to the end of the financial yearBSBFIM601 Manage finances 1st edition version: 1Duke College (DC) CRICOS ID: 02564C RTO ID: 90681Elizabeth Bence Pty Ltd t/a Duke College, Level 1, 20 Macquarie St, Parramatta NSW 2150; Call +61 2 9687 3200Page 13 of 18¡ budget to include four quarter milestones in line with seasonal trends identified from prior year data¡ initial preparation includes a preliminary overview of the financial year ahead¡ sales budget for next year to be prepared by department by quarter¡ profit budget (including detailed expenses) for the next year to be prepared by quarter¡ cash flow effect of the GST payable per quarter to be prepared (scheduledcompliance payment date is the 21st day after the end of the quarter)l To satisfy the statutory requirements relating to the current and short-term solvency of the company:¡ three monthly rolling forecast of cash flows to be prepared ? To qualify the strategic plans for the next 3–5 years planning cycle:¡ profit and CAPEX budget to be prepared.Budget variances and schedulesl Key performance indicators that should be closely monitored and reported on include variances to:¡ total sales¡ gross profit (GP) %¡ wages and salaries as a % of total sales¡ total expenses as a % of total sales¡ net profit in dollars¡ net profit as a percentage.l Budget variances will be reported using the standard format provided in this policy and procedures document.l Budget variances must be completed within five working days of quarter end.l Actual results for the month will be provided by the accounting information system.l An analysis of the variance between the actual and the budget must include $ and % variance.l Report with explanations and recommendations to be complete within seven working days of quarter end and be given to the CEO.? Analysis and investigation of variances will include the following priority:BSBFIM601 Manage finances 1st edition version: 1Duke College (DC) CRICOS ID: 02564C RTO ID: 90681Elizabeth Bence Pty Ltd t/a Duke College, Level 1, 20 Macquarie St, Parramatta NSW 2150; Call +61 2 9687 3200Page 14 of 181. Establish the primary causes for variances to key performance indicators of total sales, gross profit % and net profit $.2. Establish reasons for those individual items in the variance report that represent the greatest $ variance.3. Establish reasons for those individual items in the variance report that represent the greatest % variance.l Schedules relating to compliance due dates must be prepared and monitored by the accountant. Managers supplying information to the accountant regarding the compliance schedule must submit it at least five working days prior to the due date deadline.Standard formatsThe following formats will be used when preparing Houzit budgets and variance reports.Sales and profit budgetsPROFIT BUDGET 2011/12 Qtr 1 Qtr 2 Qtr 3 Qtr 4Revenue – % % % %Sales x,xxx x,xxx x,xxx x,xxx x,xxx– Cost of Goods Sold x,xxx x,xxx x,xxx x,xxx x,xxxGross Profit Calculation Calculation Calculation Calculation CalculationGross Profit % Calculation Calculation Calculation Calculation CalculationExpenses– Accounting Fees x,xxx x,xxx x,xxx x,xxx x,xxx– Interest Expense x,xxx x,xxx x,xxx x,xxx x,xxx– Bank Charges x,xxx x,xxx x,xxx x,xxx x,xxx– Depreciation x,xxx x,xxx x,xxx x,xxx x,xxx– Insurance x,xxx x,xxx x,xxx x,xxx x,xxx– Store Supplies x,xxx x,xxx x,xxx x,xxx x,xxx– Advertising x,xxx x,xxx x,xxx x,xxx x,xxx– Cleaning x,xxx x,xxx x,xxx x,xxx x,xxx– Repairs & Maintenance x,xxx x,xxx x,xxx x,xxx x,xxx– Rent x,xxx x,xxx x,xxx x,xxx x,xxx– Telephone x,xxx x,xxx x,xxx x,xxx x,xxxBSBFIM601 Manage finances 1st edition version: 1Duke College (DC) CRICOS ID: 02564C RTO ID: 90681Elizabeth Bence Pty Ltd t/a Duke College, Level 1, 20 Macquarie St, Parramatta NSW 2150; Call +61 2 9687 3200Page 15 of 18– Electricity Expense x,xxx x,xxx x,xxx x,xxx x,xxx– Luxury Car Tax x,xxx x,xxx x,xxx x,xxx x,xxx– Fringe Benefits Tax x,xxx x,xxx x,xxx x,xxx x,xxx– Superannuation x,xxx x,xxx x,xxx x,xxx x,xxx– Wages & Salaries x,xxx x,xxx x,xxx x,xxx x,xxx– Payroll Tax x,xxx x,xxx x,xxx x,xxx x,xxx– Workers’ Compensation x,xxx x,xxx x,xxx x,xxx x,xxxTotal Expenses Calculation Calculation Calculation Calculation CalculationNet Profit (Before Tax) Calculation Calculation Calculation Calculation CalculationIncome Tax Calculation Calculation Calculation Calculation CalculationNet Profit Calculation Calculation Calculation Calculation CalculationGST Cash flow budgetCASH FLOW ANALYSIS – GST 2011/12 Qtr 1 Qtr 2 Qtr 3 Qtr 4GST Collected x,xxx x,xxx x,xxx x,xxx x,xxxLess GST Paid x,xxx x,xxx x,xxx x,xxx x,xxxGST Payable Calculation Calculation Calculation Calculation CalculationAged debtorsAGED DEBTORS BUDGET TOTAL Qtr 1 Qtr 2 Qtr 3 Qtr 4Sales x,xxx x,xxx x,xxx x,xxx x,xxx% Debtors Sales % % % %Total Debtors % Calculation Calculation Calculation CalculationCurrent % Calculation Calculation Calculation Calculation30 Days % Calculation Calculation Calculation Calculation60 Days % Calculation Calculation Calculation Calculation90 Days % Calculation Calculation Calculation CalculationBSBFIM601 Manage finances 1st edition version: 1Duke College (DC) CRICOS ID: 02564C RTO ID: 90681Elizabeth Bence Pty Ltd t/a Duke College, Level 1, 20 Macquarie St, Parramatta NSW 2150; Call +61 2 9687 3200Page 16 of 18Assessment Task 1ScenarioThe CEO of Houzit Pty Ltd, Jim Schnieder explained that he prefers to discuss the budgets with all senior managers prior to their distribution in order to ensure a corporate view of the strategic plans. He then meets with each group separately to answer questions and concerns about their particular area. Eventually the budgets will be printed in hard copy and bound as well distributed as an electronic spreadsheet.Upon completion of the budgets you meet with Jim to provide an overview of the information contained within the budgets, the budget notes and recommendations regarding the internal controls to prepare him for the meetings with the senior managers. To clarify his understanding of the information, Jim asks you a series of questions (listed below, which you will complete written or orally as agreed with your assessor).Prompt questionsBased on the information provided in the case study answer the following questions in the space provided below:1. Identify the current statutory requirements for tax compliance and list and calculate the tax liabilities for Houzit Pty Ltd under taxation legislation.2. Identify the current compliance requirements and liabilities for this organisation under the Corporations Act 2001.3. Review commercially available financial management software to select the most suitable software for Houzit Pty Ltd.Ensure you diagnose software options by comparing two commercially available software titles against the capabilities of the existing technology for theorganisation and against the prioritised requirements, and outline the reasons that lead you to this recommendation.4. Explain how you can apply the following principles of accounting in developing the budgets required for this task:a. matching principleb. account groupsc. time periods.BSBFIM601 Manage finances 1st edition version: 1Duke College (DC) CRICOS ID: 02564C RTO ID: 90681Elizabeth Bence Pty Ltd t/a Duke College, Level 1, 20 Macquarie St, Parramatta NSW 2150; Call +61 2 9687 3200Page 17 of 185. Explain and discuss the implications of probity when preparing and revising budgets.6. List the critical dates and initiatives that will require or generate resources for Houzit Pty Ltd in the next financial cycle.7. List the items you would recommend for inclusion in the budgets for Houzit Pty Ltd.8. List the new or modified internal controls that could improve risk management for Houzit Pty Ltd including the maintenance of audit trails.BSBFIM601 Manage finances 1st edition version: 1Duke College (DC) CRICOS ID: 02564C RTO ID: 90681Elizabeth Bence Pty Ltd t/a Duke College, Level 1, 20 Macquarie St, Parramatta NSW 2150; Call +61 2 9687 3200Page 18 of 18
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