FNSACC601 Prepare And Administer Tax Documentation For Legal Entities - Tax Assessment 13

Task 2 – Organisational policies and procedures

Antonio has been operating as a sole trader and has been making all business decisions both operational and financial. Over the years, Antonio’s business has grown extensively in size and needs. He now has to rent a warehouse to keep a large inventory and must put in a system to monitor the inventory items. He is also planning to acquire another business to extend his business opportunities. Consequently, Antonio has decided to change his business structure to a company so that the business could get injection of new capital through the shareholders.

Required
Considering the needs of the business, explain how the new company should adopt good tax governance practices. Your answers should address:

1. Decision making processes
2. Getting proper advice
3. Record keeping and documentation

Note: Your answers should be at least two paragraphs in length for each part and you may search the ATO’s website for effective tax governance.

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