Globalist Regulation Professional Baseball -Myassignmenthelp.Com

Question: Discuss About The Globalist Regulation Professional Baseball? Answer: Introduction In order to process the form of new employees it is important to form a schedule and checklist for the new employee. The first step to verify that the employee is legally allowed to enter into a contract of employment before entering into an agreement or contract with the individual. It should be noted that an individual is allowed to work in Australia if the individual is a citizen of Australia (Klingner et al. 2015). In case the employee is a foreign national then it should be confirmed that the worker has visa or permission to work. Therefore, the first point in the checklist is to verify the employment ability of the individual. It is important that at the time of processing the new employee it should be determined whether the individual is an employee or contractor. It is an important point to determine because this effects the tax liability, super and other obligations (Kaufmann 2017). The treatment of employee as a contractor is legally wrong treatment. The second point for the schedule is to ascertain whether the individual is an employee or the contractor. The requirement of the job should be considered in determining the type of employment that is offered. As per the requirement, the jobs that will be offered can be classified as permanent employee, casual employee and trainee (Rahayu et al. 2017). It is important to determine the nature of employment so that the laws applicable can be verified. Therefore, the third point of the schedule is to determine the type of employment provided. In order to determine the workers compensation insurance it is important to visit the website of the insurance authority of the states to determine the insurance obligation of the employees. It should be noted that even if the employer is uninsured or under insured the workers would be eligible for the workers compensation (Van Dooren et al. 2015). In this case, the workers insurance will be paid then it will be recovered. Therefore, the fourth point of the schedule is to determine the obligation for the workers compensation insurance. The employer is required to keep the record of employment for five years. If the inadequate record is maintained then the tax office imposes penalties. The Federal Work Act 2009 requires that the employer should keep the record of hours and date the employee works and the amount that is paid to the employee (Wilton 2016). The important record that an employer is required to keep are starting and ending date of employment, the agreement that covers the employment the overtime hours worked by the employee, leave accruals and the details of the superannuation fund including the details of the contribution (ZVIRBULE 2016). Therefore, the fifth point is to determine that adequate documentation is done so that proper record could be maintained. The minimum conditions for the employment should be satisfied that includes minimum wages and minimum overtime rates (Sutherland and Riley 2016). The sixth point is to ascertain that the minimum requirements of employment is satisfied. A schedule for forwarding funds and dispatching payments An employer needs to provide for the necessary employee benefits to compensate the workers and employees in accordance with the provisions of the Corporations Act, 2001 and Income Tax Assessment Act, 1997. The employee benefits include in addition to the payments of normal salaries and wages payments which are specifically attributable to the employees to compensate for their hard work (Punom 2017). Apart from the short term benefits which include the payment of wages and salaries, the retirement benefits such pension, gratuity and other such payments have to be made to the employees by contributing to these funds. Apart from these payments an organization shall also made payments for leave encashment at the time of retirement. It is important for the employers to make necessary payments as and when dues (Stam and Verbeeten 2017). Generally the short term benefits are paid on a monthly, weekly or on daily basis. However, the long term benefits are generally at the end or severance of relationship between the employers and the employees (Chen et al. 2016). The employers are also responsible to deduct different types of taxes from the gross salaries, wages and other payments provided these met the required criterions for such deduction as provided in the Income Tax Assessment Act, 1997 (Goyette et al. 2014). The following are the main deductions from the gross payment of employees working in Australia and the system of collection. Pay as you go (PAYG): It is the system of deducting income tax from the employees gross payments in Australia. Thus, the pay checks of employees in the country are net of PAYG which are deducted and paid to the authorities of the government of the country by the employers before the due date (Sharman 2017). The Australian Taxation Offices has provided that the payment to employees, company directors, officers of the companies, and workers under labour agreement, voluntary agreement payments, and all other payments in which the ABN number has been quoted shall be paid net of withholding PAYG taxes. The deduction in respect of PAYG are deposited to the credit of the Central Government of the country (Sharman 2017). Payroll tax: In respect of the employees whose wages and salaries are in excess of the general exemption limit, the state governments in the country are required to be paid payroll taxes. The employers must deduct the payroll taxes and deposit it to the credit of the relevant state government (Lim and Perrin 2014). Superannuation: The companies are required to pay super contributions to the super fund for employees who are eligible to the superannuation funds (Baghestani and AbuAl-Foul 2017). Fringe benefit tax: Often the employees are provided with non-monetary benefits by the employers. Such benefits are accounted for in the income tax provisions. An employer is required pay FBT for such non-monetary benefits provided to the employees (Nichol 2017). BAS Summary Worksheet Business Activity Statement Summary Worksheet Amount you owe to the ATO GST on Sales or GST Instalment 1A $250,000.00 Wine equalization Tax 1C $0.00 Luxury Car Tax 1E $0.00 PAYG Tax Withheld 4 $26,780.00 PAYG Income Tax Installments 5A $187,500.00 FBT Instalment 6A $5,200.00 Deferred Company Fund Installment 7A $0.00 Amount Owed 8A $469,480.00 Amounts the tax office owes you GST on Purchase 1B $75,000.00 Wine equalization Tax refundable 1D $0.00 Luxury Car Tax refundable 1F $0.00 Credit from PAYG income tax installment Variation 6B $0.00 Credit FBT Installment Variation 8B $0.00 Total Owed to ATO $394,480.00 Organization and Individual employee PAYG summary worksheet Sue Wang Tax File Number 789654326 Tax Withheld $5,564.00 Gross Payments $24,570.00 Reportable FBT Amount $0.00 Superannuation $2,795.52 Allowance (specify) $0.00 Date Summary sent to ATO 14/07/2016 Date Summary sent to Employee 30/06/2016 Richard Swift Tax File Number 675498760 Tax Withheld $6,344.00 Gross Payments $21,996.00 Reportable FBT Amount $0.00 Superannuation $2,508.22 Allowance (specify) $0.00 Date Summary sent to ATO 14/07/2016 Date Summary sent to Employee 30/06/2016 Paul Singh Tax File Number 342769865 Tax Withheld $7,020.00 Gross Payments $19,760.00 Reportable FBT Amount $0.00 Superannuation $3,852.94 Allowance (specify) $2,600.00 Date Summary sent to ATO 14/07/2016 Date Summary sent to Employee 30/06/2016 Al Carron Tax File Number 976530987 Tax Withheld $7,852.00 Gross Payments $52,000.00 Reportable FBT Amount $5,200.00 Superannuation $4,680.00 Allowance ( Car) $2,600.00 Date Summary sent to ATO 14/07/2016 Date Summary sent to Employee 30/06/2016 PAYG Payment Summary Worksheet Number of Individual Payment summaries 4 Total Gross payment 118326 Total tax Withheld $26,780.00 Date Summary sent to ATO 14/07/2016 Date Summary sent to Employee 30/06/2016 Reference Baghestani, H. and AbuAl-Foul, B.M., 2017. 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