Review the Australian Taxation Office web site and identify company tax rates for the current tax year for the following types of entity:

a.      Small business entity

b.      Non-profit company

c.      Non-profit company that are small business entities

Explain the ATO requirements for businesses regarding GST registration.

Explain how the Corporations Act 2001 defines a Pty Ltd company and requirements regarding the number of directors and members.

Under the Corporations Act 2001, how long must a registered company keep its financial records.

Explain under what circumstances consolidated accounts must be prepared.

Outline key considerations for a professional accountant in evaluating interests and relationships that may create a conflict of interest and provide three examples of situations which could result in a conflict of interest for a professional accountant.