Sales budget sales 201718 qtr 1 qtr 2 qtr 3 qtr 4

Sales budget
SALES 2017/18 Qtr 1 Qtr 2 Qtr 3 Qtr 4
BUDGET Total Budget 20% 24% 26% 30%
Total Sales 16,971,237 3,394,247 4.073,097 4,412,522 5,091,371
Bathroom fittings 30% 5,091,371 1,018,274 1,221,929 1,323,756 1,527,411
Bedroom fittings 25% 4,242,371 848,562 1,018,274 1,103,130 1,272,843
Mirrors 15% 2,545,685 509,137 310,965 661,878 763,706
Decorative items 10% 1,697,124 339,425 407,310 441,252 509,137
Lighting fixtures 20% 3,394,247 678,849 814,619 882,504 1,018,274
GST Cash flow budget
CASH FLOW ANALYSIS – GST 2017/18 Qtr 1 Qtr 2 Qtr 3 Qtr 4
GST Collected 1,697,124 339,425 407,310 441,252 509,137
Less GST Paid 1,281,358 282,913 306,854 326,325 465,267
GST Payable 415,765 56,512 100,456 114,927 14,870
Aged debtors
AGED DEBTORS BUDGET TOTAL Qtr 1 Qtr 2 Qtr 3 Qtr 4
Sales 16,971,237 3,394,247 4,073,097 4,412,522 5,091,371
% Debtors Sales 20 20% 20% 20% 20%
Total Debtors 100% 678,849 814,619 882,504 1,018,274
Current 84% 570,234 684,280 741,304 855,350
30 Days 10% 67,885 81,462 88,250 101,827
60 Days 5% 33,942 40,731 44,125 50,914
90 Days 1% 6,788 8,146 8,825 10,183
IH Sydney Training Services Pty Ltd
RTO Code: 91109 CRICOS Code: 02623G

Scenario
The CEO of Houzit Pty Ltd, Jim Schnieder explained that he prefers to discuss the budgets
with all senior managers prior to their distribution in order to ensure a corporate view of the
strategic plans. He then meets with each group separately to answer questions and concerns
about their particular area. Eventually the budgets will be printed in hard copy and bound as
well distributed as an electronic spreadsheet.
Upon completion of the budgets you meet with Jim to provide an overview of the
information contained within the budgets, the budget notes and recommendations
regarding the internal controls to prepare him for the meetings with the senior managers. To
clarify his understanding of the information, Jim asks you a series of questions.
Prompt questions
Based on the information provided in the case study answer the following questions in the
space provided below:
1. Identify the current statutory requirements for tax compliance and list and calculate the
tax liabilities for Houzit Pty Ltd under taxation legislation.
(Length 100 words)