Access the content for this competency here.

Topics

Activities

Keeping the books

	Tax and legal obligations
	Record keeping
	Basic bookkeeping	Purposes of bookkeeping
	The cashbook and supporting journals	Basic bookkeeping
	Double entry bookkeeping
	The bank reconciliation	Bank reconciliation statements

Financial statements

	Balance sheets	Fixed business assets
	Capital
	Profit and Loss Statements
	Ratio Analysis
	Working Capital	Insufficient working capital Working capital Cash cycle
	Financial ratios
	Financial Stability Ratios

Managing your business cashflow

	How cashflow works
	Components of cashflow	Stock levels
	Cashflow budget
	What the cashflow budget shows
	Preparing a cashflow budget
	Estimating sales
	Estimating cash inflows
	Estimating cash outflows
	What goes where
	Entering data into a cashflow budget	Cashflow forecast

Taxation requirements

	Business or hobby?
	Business structures
	Australian Business Numbers (ABN)
	Tax File Numbers (TFNs)	Tax File Number (TFN) Withholding Declaration
	Goods and Services Tax (GST)
	Pay As You Go (PAYG) Withholding
	Fringe Benefits Tax (FBT)
	Wine Equalisation Tax (WET)
	Luxury Car Tax (LCT)
	Diesel grants
	Pay As You Go (PAYG) Instalments	Tax Tables PAYG Instalments
	Capital Gains Tax (CGT)
	Non-commercial losses
	Alienation of personal services income
	Superannuation guarantee
	Business expenses
	Working from home

Rules and regulations affecting business finances

	Occupational health and safety	WorkCover
	Environmental issues
	Workplace relations	Awards Staff records

Self tests

	Keeping the books
	Financial statements
	Managing your business cashflow
	Taxation requirements
	Rules and regulations affecting business finances