Sales and Profit budget EXPECT Budget 2016/17 Profit amp; Loss Actuals 2016/17 Qtr1 Qtri atr3 Qtr4 Revenue Sales -Cost of Goods sold Gross profit

Create your ownProfit and Loss budget for the first 12 months of your business operations. Budget for all Income and expenses, including: (Refer excel spreadsheet below)

a.Assume that sales income will flow into your business at 20% in Q1, 24% in Q2, 26% in Q3, and 30% in Q4

b.Assume you will be purchasing a luxury car in the second quarter for $180,000 please account for Luxury car tax.

c.Your statutory requirements are:

·      superannuation is 9% of wages and salaries for each quarter

·      payroll tax is 4.75% of wages and salaries for each quarter

·      worker’s compensation is 2% of wages and salaries for each quarter

·      Company tax is 30% of net profit before tax for each quarter.

Sales and Profit budgetEXPECT Budget2016/17Profit & Loss Actuals2016/17Qtr1Qtriatr3Qtr4RevenueSales-Cost of Goods soldGross profitCalculate (Gross profit %)Calculate (Gross profit $)Expenses-Accounting Fees-Legal Fees- Interest Expense-Bank Charges- Depreciation- Insurance-Store Supplies- Advertising/Marketing-Cleaning-Repairs & Maintenance-Rent-Telephone-Electricity Expense-Luxury Car Tax-Fringe Benefits Tax-SuperannuateonWages & Salaries- Payroll Tax- Workers’ CompensationTotal ExpensesNet Profit ( Before Tax)Income TaxNet Profit