DECISION LEGAL OBLIGATIONS

TASK -1

Relevant Legislation for a Taxation:

My Organization deals with all activities related to Taxation for both Individual and Companies. We work on return preparation, e-filing and auditing the same. As ours is related to taxation we are obliged with the following legislations:

1. Companies Act, 2009: Application of all the regulations required for registration of the company, along with the registration with the state tax authorities for filling the state tax returns.
2. Companies Auditing and Accounting Act, 2003: As we are providing the service relating to auditing we have to abide by all the rules and regulations stated in the act, such that there professional skepticism in the company.
3. Tax Administrative Act, 1953: Dealing with administration of the tax returns to avoid tax errors
4. Income Tax Act of 1986: For Income tax return preparation of Income individual, corporations and partnerships.
5. Income Tax Rates Act 1986: Being a tax return preparation organization we have to abide by the tax rate slabs declared by the financial ministry of the State and Federal.
6. Income Tax Rates Amendment Act (No.1) 1991: We need to even follow this act so that we abide and have access to new slab rates and also the required forms to be filed and forms exempted by this amendment act.
7. Income Tax Assessment Act, 1936 & 1997: This act is required for assessing the tax for our client so that we know the actual tax calculated for filling extensions and estimations.
8. Tax Agent Services Act, 2009: Being a paid preparer to the client we have to abide by this act relating to the regulations of agent services.
9. Tax Law Improvement Act 1997: Required for the knowledge of the improvements in the tax laws.
10. Tax Law Improvement Act (No.1), 1998: This act is required for having proper knowledge of tax laws and improvement made in them.

Procedures required under legal obligations:

It is essential that every company should follow certain compliance procedures and policies under the law of the state. These procedures are essential for to sustain in the corporate world.

1. Effective communication of rules and regulations of the company
2. Defining the responsibility of the staff in each department
3. The code of conduct is every essential to be followed by all the employee of the organization and if they do not abide by the rules then they are obliged to legal proceedings
4. Completion of required training for the employment in the company
5. Knowledge of various communication methods available to the employees such that they can approach the management for any issues
6. Open door policy
7. Risk free management.
8. Promoting culture of compliance within the organization

As we have known the different policies and procedures of our company, we go further in knowing the people who are responsible for maintaining them. Human Resources department is one the top departments to take care that all the compliance and ethics procedures are abide by all the employee, they have to take care of proving knowledge of the company rules and policies to the employees. It is the duty of the chief compliance officer to check that all the compliance and non-compliance codes of the company are met by its employee. Ethics and Compliance director is responsible for operational of the ethics and procedures team. All these members have to abide by the legislative regulations as per the company act and all the respective acts of the company.

Task – 2

Doctrine of Separation of Powers:

Doctrine of separation of powers define the independent nature of the three organizations which are essential for avoiding oppressive government and also it is essential that these three powers of the must be held separate such that they are not biased and act as checks and balance on each other which helps in proper functioning of the state.

The three separate powers individually governed by three different organizations are:

ü  Legislature: For making Laws

ü  Executive: For enforcing Laws

ü  Judiciary: For interpreting Laws

It is very essential that these powers are managed separately or else they would wind-up in misinterpretation and misrepresentation of law in the state. For proper enforcement of law it is essential to have these governing bodies independent and effective. They create legal obligation on the wrong doer and prevents illegal activities. They help in designing the powers of the authority and also the regulations under which the authority is obliged to follow.

Trade Practices Act 1974:

The main objective of the act is to enhance the welfare of the traders of the Australia through the promotion of competition and fair trade practice for the protection of the consumer. This act came into force to protect the interest of the traders and consumers such that they do not get cheated by illegal activities or middle persons. Fair trade practice is the essential element of this act such that neither the trader nor the consumer is affected by it in a wrongful way. It deals with all the aspects in the market place such as the relationship between suppliers, wholesalers, retailers, competitors, and customers. It rules all the fields relating to the merger, acquisition of the companies, product safety & labeling, price monitoring, unfair market practices of the companies. It also regulates industries such as telecommunication, gas, electricity, airports etc.

Being the manager of the company below are the main compliance risks I would assess on:

1. Cultural differences
2. Conduct of the employees on the floor
3. Maintenance of decorum on the floor
4. Respecting the ethical work values of the company
5. Security and privacy of client information
6. Work flow etiquettes

For better performance of the company I would maintain a checklist and try to reduce risk management that may incur because of the above mentioned points. It is very essential to reduce cultural disparities and also maintain the different etiquettes for the conduct of the employee in his assigned work. I would go with counseling and punishment to avoid the risk from these compliance risks.

For the better performance a company should take proper steps in setting a better compliance system like:

1. Acknowledging the employees about the norms of the company,
2. The work etiquettes structured by the company
3. Respecting the different cultures of the employee
4. Respecting the talent level of sub-ordinate employee
5. Maintain proper work flow during the peak-hours
6. Practice patience and respect for fellow employee
7. Flow of communication from every level of management
8. Resolving the issues of the employees with proper care and skill
9. Checking through the requirements of the employees for a proper work condition
10. Maintaining proper and encouraging work environment
11. Boosting the work potentials of the employees to perform better
12. Maintain a check over the management of the company in the situations of emergencies, risk etc.

REFERENCE:

• Commonwealth of Australia Consolidated acts; viewed on 3^rd may 2012,http://www.austlii.edu.au/au/legis/cth/consol_act/
• Trade Practice Act 1974; viewed on 3^rd may 2012,http://jurist.org/paperchase/Trade%20Practices.pdf
• Make Decisions in a Legal Context 22123A, Australian Institute of Credit Management, Published under license by Open Colleges Pty Ltd, 2010

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