¶ … Financial Activity
Net profit ratio
ROE
ROA
Working capital quick ratio
A/R ratio inventory turnover debt ratio equity ratio
These ratios indicate that the company has experienced superior performance in terms of revenue and profitability vs. The industry. The company has more gearing, and turns its inventory over better. The liquidity ratios are not as good as those of the industry average.
Given those characteristics, the organisation must report according to Australian GAAP. That is for the financial statements, but the organisation will also have to file taxes as well, including GST forms and documents relating to the superannuation fund.
Five reports and returns to file are the corporate tax return, the fringe benefits tax, the GST, and a taxable payments report.
The company likely pays corporate tax (to the Australian Tax Office), GST, property taxes (to the local government), excise taxes (to the ATO) and fuel taxes, which are built into the price of the fuel.
5. There could be a deduction for the superannuation fund, it would claim its business expenses of course because income tax is paid on net income. Further, there may be a vehicle deduction .
6. The source documents will relate to all transactions. Each transaction should be documented, so there should be invoices for supplies, purchase orders and receipts for sales that the company has made. There will be payroll slips as well, as well as things like tax and interest paid. Every transaction needs to be documented.
7. These need to be collected...
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