Task:

Knowledge Questions

Answer the following questions based on the information you have just researched:

Q1a. What section of the Crimes Act applies to False Accounting?
Q1b. What is the legal definition of False Accounting?
Q1c. What is the maximum penalty for this offence?
Q1d. State which of the following three (3) activities constitutes False Accounting:
Q1e. As an accountant or bookkeeper analyse the implications of not being aware of the Crimes Act and the Australia Accounting Standards.   
Q1f. Explain what a legal precedent is and why being aware of precedents is important as an accountant/ bookkeeper.
Q2. Access information regarding the case below using the following link:
Q2a. . In which court was this case heard?
Q2b. Is it a criminal or civil case? Indicate with reference to the case two (2) factors which demonstrate this.
Q2c. In which court would De Venuto‘s case be heard if he was to appeal?
Q2d. If, in future, De Venuto wanted to be a company director, which regulatory body would need to review his suitability? In your answer, describe the role and at least two (2) other key functions of this regulatory body, and give an example of a situation where you might need to contact them in your role.
Q2e. Discuss the differences (in terms of what they do) between the two courts you identified above (i.e. in Q2a and Q2c)

Geoff discovers he has made a mistake on his income tax return after he has lodged it. He remembered he received a revised payment summary last year. This means he will owe the Government more – a shortfall amount.

He wants to avoid a penalty. Geoff wants to know the implications of this, and he seeks your advice on the following questions:

Q3. Use the following link as well as the information provided in the scenario to answer the questions below.
Q3a. Explain why Geoff should make a voluntary disclosure.
Q3b. To meet compliance requirements what is the timeframe for amending a tax return? (50-75 words).
Q3c. What four (4) methods can you use to request an income tax amendment for an individual taxpayer? Refer to the link below for guidance:
Q3d. Who could you contact to clarify any information related to taxation and/or superannuation law? State two (2) authoritative sources with an example for each.

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