FNSACC416 National Employment Standards & Payment of Superannuation Accounting Assignment Help

Assignment Task

1. Payroll system preparation

Review the company information provided to you so that you are familiar with the information you need to establish and maintain the payroll system. Review the Oz Office Supplies Payroll Policy and Procedures too as you will need to use this policy and procedure throughout this assessment.

Prior to the set-up of the payroll system, conduct research to identify: 

• The scope of payroll services that a BAS Agent can provide. Also find out how the services provided by a bookkeeper differs to that of a registered BAS Agent.
•  At least two local experts who could help if assistance was required with payroll services. Give the name of the individuals or companies, their contact details, and the services they provid
• Complete all of the required actions as per the payroll policy and procedure to process the payroll for the week ending 7 June 2017, noting that this will also include payment of superannuation (payroll liabilities)
• Set up payroll system    

Note you will be required to print and submit the following information to your assessor:

•  Email to Finance Manager seeking approval as per the payroll policy and procedure (you only need to do this once)
•  Printed pay slips for Alex Anderson, Ben Brown and Chris Corporation.

Complete all of the following tasks:
a. Click on the Load Tax Tables button to check that the latest tax tables have been included. Show your assessor how to use the system to check for updates. 
b. Set up payroll information as per the company information provided to you.
c. Assign linked payroll accounts.
d. Review payroll categories included in MYOB and enter the information provided to you. In some cases, MYOB automatically includes the information and you will need to check this.
e. Build the employee list by using the employee information provided to you. As you are entering the information about annual leave, explain to your assessor standard employment entitlement for annual leave according to the National Employment Standards.
f. One of the employees, Alex Anderson has a salary sacrifice arrangement in place whereby he pays an additional 2% of his salary into superannuation. Enter this amount into MYOB under superannuation. Explain to your assessor what salary sacrifice is (sometimes also known as salary packaging), giving at least three examples of salary sacrificed benefits and three important considerations for a salary sacrifice arrangement. You should also explain Fringe Benefits
 

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