FNSTPB401 Complete Business Activity :
FNSTPB401
Complete business activity and instalment activity statements
Learner Workbook
Conducting the assessment……………………………………. Error! Bookmark not defined.
After the assessment…………………………………………….. Error! Bookmark not defined.
Credit transfer and recognition of prior learning……… Error! Bookmark not defined.
Assessment Activities……………………………………………………………………………………….. 3
Activity 1A…………………………………………………………………………………………………… 8
Activity 1A – Checklist – for assessor……………………………………………………………….. 11
Activity 1B…………………………………………………………………………………………………. 12
Activity 1B – Checklist – for assessor……………………………………………………………….. 14
Activity 1C…………………………………………………………………………………………………. 15
Activity 1C – Checklist – for assessor……………………………………………………………….. 18
Activity 1 D………………………………………………………………………………………………… 19
Activity 1D – Checklist – for assessor……………………………………………………………….. 20
Activity 2A…………………………………………………………………………………………………. 22
Activity 2 A – Checklist – for assessor……………………………………………………………… 25
Activity 3 A………………………………………………………………………………………………… 26
Activity 3A – Checklist – for assessor……………………………………………………………….. 30
Activity 4A…………………………………………………………………………………………………. 31
Activity 4A – Checklist – for assessor………………………………………………………………. 36
Activity 5A…………………………………………………………………………………………………. 38
Activity 5 A – Checklist – for assessor……………………………………………………………… 41
Activity 5B…………………………………………………………………………………………………. 42
Activity 5 B – Checklist – for assessor……………………………………………………………… 44
Activity 6A…………………………………………………………………………………………………. 45
Activity 6A – Checklist – for assessor………………………………………………………………. 50
Competency record to be completed by the assessor……………………………………………. 51
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Assessment instructions
Overview
Prior to commencing the assessments, your trainer/assessor will explain each assessment task and the terms and conditions relating to the submission of your assessment task. Please consult with your trainer/assessor if you are unsure of any questions. It is important that you understand and adhere to the terms and conditions, and address fully each assessment task.
Written work
Assessment tasks are used to measure your understanding and underpinning skills and knowledge of the overall unit of competency. When undertaking any written assessment tasks, please ensure that you address the following criteria:
- Address each question including any sub-points
- Demonstrate that you have researched the topic thoroughly
- Cover the topic in a logical, structured manner
- Your assessment tasks are well presented, well referenced and word processed
Active participation
It is a condition of enrolment that you actively participate in your studies. Active participation is completing all the assessment tasks on time.
Plagiarism
Plagiarism is taking and using someone else’s thoughts, writings or inventions and representing them as your own. Plagiarism is a serious act and may result in a learner’s exclusion from a course. When you have any doubts about including the work of other authors in your assessment, please consult your trainer/assessor. The following list outlines some of the activities for which a learner can be accused of plagiarism:
- Presenting any work by another individual as one’s own unintentionally
- Handing in assessments markedly similar to or copied from another learner
- Presenting the work of another individual or group as their own work
- Handing in assessments without the adequate acknowledgement of sources used, including assessments taken totally or in part from the internet.
If it is identified that you have plagiarised within your assessment, then a meeting will be organised to discuss this with you, and further action may be taken accordingly.
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Collusion
Collusion is the presentation by a learner of an assignment as their own that is, in fact, the result in whole or in part of unauthorised collaboration with another person or persons.
Collusion involves the cooperation of two or more learners in plagiarism or other forms of academic misconduct and, as such, both parties are subject to disciplinary action.
Competency outcome
There are two outcomes of assessments: S = Satisfactory and NS = Not Satisfactory (requires more training and experience).
Once the learner has completed all the assessments for this unit of competency, the learner will be awarded “Competent” (C) or “Not Competent” (NC) for the relevant unit of competency.
Confidentiality
The college will treat anything, including information about your job, workplace, employer, with strict confidence, in accordance with the law. However, you are responsible for ensuring that you do not provide us with anything regarding any third party including your employer, colleagues and others, that they do not consent to the disclosure of. While we may ask you to provide information or details about aspects of your employer and workplace, you are responsible for obtaining necessary consents and ensuring that privacy rights and confidentiality obligations are not breached by you in supplying us with such information.
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If you feel that you have been unfairly treated during your assessment, and you are not happy with your assessment and/or the outcome as a result of that treatment, you have the right to lodge an appeal. You must first discuss the issue with your trainer/assessor. If you would like to proceed further with the request after discussions with your trainer/assessor, you need to lodge your appeal via the complaint and appeal form which is available on the college website.
Recognised prior learning
Learners will be able to have their previous experience or expertise recognised on request.
Special needs
Learners with special needs should notify their trainer/assessor to request any required adjustments as soon as possible. This will enable the trainer/assessor to address the identified needs immediately.
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Assessment can be:
- Direct observation
- Product-based methods e.g. reports, role plays, work samples
- Portfolios – annotated and validated
- Questioning.
The assessment activities in this workbook assess aspects of all the elements, performance criteria, skills and knowledge and performance requirements of the unit of competency.
To demonstrate competence in this unit, you must undertake all activities in this workbook and have them deemed satisfactory by the assessor. Once you have demonstrated the required level of performance, you will be deemed competent in this unit.
As part of the assessment process, all learners must abide by any relevant assessment policies as provided during induction.
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Assessment – FNSTPB401 – Complete business activity and instalment activity statements
Please complete the following activities and hand in to your trainer/assessor for marking. This forms part of your assessment for FNSTPB401 – Complete business activity and instalment activity statements
Name:
Learner ID:
Email:
Declaration
I declare that no part of this assessment has been copied from another person’s work with the exception of where I have listed or referenced documents or work and that no part of this assessment has been written for me by another person. I also understand the assessment instructions and requirements and consent to be assessed.
Signed:
Date:
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ZAssessment Activities
Activity 1A
Performance Criteria
| P.C. 1.1 | Research and document legislative, regulatory, industry and organizational requirements relating to activity statements and seek expert advice to clarify issues where applicable |
| P.C. 1.3 | Identify, document and apply policies in relation to compliance with code of professional conduct as stipulated in legislation relevant to activity |
For this assessment you are required to answer all the questions. You are permitted to research the answers by reading your textbook, theory notes and accessing the internet. If more room is needed label each task with the question number and use headings or dot points to make your work clear for your trainer and assessor.
- Please follow the Referencing Guide contained on your Course handbook.
Ø Please attach a student assessment cover sheet to each unit submission.
- You must complete the cover sheet in full detail.
Ø Research the following TERMS and PHRASES these are linked with your assessment. Attach your definition or explanation to each word.
- Provide reference in explanation
Question 1
- Australian Business Number (ABN)
B) Business Activity Statement (BAS)
- Financial year
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- Annual GST return
F) Fringe benefits tax (FBT)
- GST-free sales
H) Instalment Activity Statement (IAS)
- PAYG
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- PAYG withholding
L) Tax invoice
- Tax Agent Services Act 2009 (TASA 2009)
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This should be used by the trainer/assessor to document the learner’s skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
| Checklist | ||
| 1A Q1 – Did the learner correctly identify and explain methods and sources of information to update knowledge of professional and legislative requirements relating to activity statements? | Yes No (Please circle) | |
| 1A Q1 – Did the learner correctly identify scope of services that can be provided by a Registered BAS Agent under the Tax Agent Services Act? | Yes No (Please circle) | |
| 1A Q1 – Did the learner correctly do the research and document legislative, regulatory, industry and organizational requirements? | Yes No (Please circle) | |
| 1A Q1 – Did the learner correctly understand Tax Agent Services Act 2009 (TASA 2009)? | Yes No (Please circle) | |
| Comments | ||
| The learner’s performance was: | Satisfactory | Not Yet Satisfactory |
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Performance Criteria
| P.C. 1.2 | Review, interpret and apply legislation relating to taxes reported on activity statements |
Read the following case study to answer the following question. You are required to browse the different sites, learner guide and conduct research for more information. After you analyse and interpret the information you collected, write down your answers of 150 words to each question.
Question 1
What are some of the taxation obligations and requirements that are applicable to a micro- business such as an online clothing store?
Question 2
What systems and procedures can Naomi implement into her business to ensure she complies with her taxation obligations?
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If Naomi is finding it difficult to understand her taxation obligations, what do you think she should do?
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This should be used by the trainer/assessor to document the learner’s skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
| Checklist | ||
| 1B Q1 – Did the learner correctly identify and explain methods and sources of information to update knowledge of legislation relating to taxes reported on activity statements? | Yes No (Please circle) | |
| 1B Q2 – Did the learner correctly understand the the taxation obligations and requirements that are applicable to a micro- business such as an online clothing store? | Yes No (Please circle) | |
| 1B Q3 – Did the learner correctly If BAS agent is finding it difficult to understand her taxation obligations, what do you think she should do? | Yes No (Please circle) | |
| 1B Q4 – Did the learner have complete understanding relevant with Tax Agent Services Act 2009 (TASA 2009) | Yes No (Please circle) | |
| Comments | ||
| The learner’s performance was: | Satisfactory | Not Yet Satisfactory |
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Performance Criteria
| P.C. 1.4 | Identify scope of services that can be provided by a Registered BAS Agent under the Tax Agent Services Act, and the limitations of services compared to those of a Tax Agent |
| P.C 1.5 | Identify and access information, advice and services outside own scope of operation; establishing and using networks where necessary |
Case Study
Write answers to each of the two (2) situations described below addressing the required criteria
(i.e. 1 & 2). You may use a tabulated format if helpful having “Threats”, “Safeguards” and
“Objective Assessment” as column headings.
The following situations involve Abraham Lincoln, an audit partner with the accounting firm of
Joyce & Mark. He is involved with the audit of Dockland Ferries Ltd (Dockland). Dockland is one
of the oldest companies listed on the Australian Securities Exchange.
- Abraham Lincoln’s wife, Sarah Michaels, is planning to take a loan from Dockland which
is material to Sarah Michaels and Dockland.
- The assistant accountant of Dockland resigned 6 months ago and has not been replaced.
As
a result, Dockland’s transactions have not been recorded and the accounting records are not up to date. To comply with the terms of the loan agreement, Dockland needs to prepare interim financial statements but cannot do so until the records are up to date. The managing director of Dockland wants Abraham to help them out because he performed the audit last year. Abraham agrees to help out Dockland for 1 month before the start of the annual audit on which he will be involved again.
When registered with the Tax Practitioners Board (TPB) you must comply with the Tax Agent Services Act 2009 (TASA). Go to the TPB Website at http://www.tpb.gov.au/. Browse to Publications & Legislation> Legislation> Tax Agent Services Act 2009 (TASA). Select the latest Tax Agent Services Act 2009 from the list and answer the following questions:
Question 1
Professional associations may be accredited by TPB as a recognised tax agent, BAS agent or tax (financial) adviser association if they meet certain requirements in the Tax Agent Services Regulations 2009 (TASR). To maintain its recognition, an association must ensure it continues to satisfy these requirements on an ongoing basis.
List two recognised professional BAS Agent associations.
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Question 2
You are a registered BAS agent working for a large accounting firm NSW Tax Specialists
- Identify and list three continuing professional education (CPE) activities that you could undertake in the year ahead to ensure you stay up to date with any changes in legislation.
Conferences and discussion groups with a structure (including by phone or video conference)
Universities, registered training organisations (RTOs), other recognised higher education institutions, or other approved course providers offer tertiary courses.
Research, writing, and presentation of technical publications or structured training by a registered tax (financial) adviser, tax or BAS agent.
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You are a registered BAS agent working for a large accounting firm ABC Tax Specialists You are preparing to renew your registration with the Tax Practitioners Board and you are required to submit a log of your continuing professional education. You have undertaken the following professional development activities over 2021:
- A partner at your firm who specialises in FBT gave a one-hour presentation on 13 April to staff regarding the changes to FBT legislation, followed by a one-hour interactive discussion and consideration of a complex hypothetical case study. This session was advertised internally on your PD calendar and you received a certificate of attendance.
- A two-hour online webinar delivered by the Australian Bookkeepers Association Ltd on Tax Assistance for North Queensland floods, including fringe benefits tax (FBT) exemptions apply to employers who assist their employees in emergencies, such as natural disasters. You have a receipt for the payment and a certificate of completion. You completed the course over two days – 15-16 July.
- The NSW Annual Tax Forum, a two-day event hosted by The Tax Institute on September 20-21 which provides 14 structured CPD hours. You have a receipt for the payment, a registration ticket and a certificate of attendance. You attended the keynotes on Superannuation and Estate Planning, Property Investments and Uncommon Transactions in SMSFs, CGT Concessions, and Potential Changes to Tax Laws with a Change of Government.
Briefly explain the Update your CPE Log to document these activities.
This should be used by the trainer/assessor to document the learner’s skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
| Checklist | ||
| 1C Q1 – Did the learner correctly Identify scope of services that can be provided by a Registered BAS Agent under the Tax Agent Services Act. | Yes No (Please circle) | |
| 1C Q2 – Did the learner correctly understand the the taxation obligations and requirements that are applicable to a micro- business such as an online clothing store? | Yes No (Please circle) | |
| 1C Q3 – Did the learner correctly identify the solution, If BAS agent is finding it difficult to understand her taxation obligations, what do you think she should do? | Yes No (Please circle) | |
| 1C Q4 – Did the learner have complete understanding relevant with Tax Agent Services Act 2009 (TASA 2009) | Yes No (Please circle) | |
| Comments | ||
| The learner’s performance was: | Satisfactory | Not Yet Satisfactory |
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| P.C 1.6 | Identify and document lodgment schedule requirements |
| P.C1.7 | Assess entity’s cash flow and payment options and arrangements, and advise management to ensure sufficient funds are available to meet statutory requirements |
| CASH BUDGET April | January | February | March | |
| Opening Cash Balance $47,850 | $16,000 | $18,600 | $37,250 | |
| Cash receipts $42,000 | $57,200 | $59,200 | $63,000 | |
| Cash Payments $67,550 | -$54,600 | -$40,550 | -$52,400 | – |
| CLOSING CASH BALANCE $22,300 | $18,600 | $37,250 | $47,850 |
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Question 1
Analyse Apollo Sales P/L cash budget for the period 1 January to 30 April and the December Business Activity Statement. Discuss these documents and the payment schedule of Business Activity Statements if Apollo Sales will have any cash flow issues during this period. Your answer should be between 80 and 120 words.
Question 2
As the accountant, construct an email addressed to the Manager of the company initiating discussions and providing recommendations to ensure sufficient funds are available to meet statutory requirements e.g. BAS due dates, records retention, valid invoices, ABN checking, cash management. Your answer should be between 100 and 130 words.
Activity 1D – Checklist – for assessor
This should be used by the trainer/assessor to document the learner’s skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
| Checklist | ||
| 1D Q1 – Did the learner correctly discuss these documents and the payment schedule of Business Activity Statements if Apollo Sales will have any cash flow issues during this period? | Yes No (Please circle) | |
| 1D Q2 – Did the learner correctly construct an email addressed to the Manager of the company initiating discussions and providing recommendations to ensure sufficient funds are available to meet statutory requirements? | Yes No (Please circle) | |
| Comments | ||
| The learner’s performance was: | Satisfactory | Not Yet Satisfactory |
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| P.C 2.1 | Review, interpret and apply relevant industry codes of conduct and identify the applicable governing bodies |
| P.C 2.2 | Document and apply relevant policies and procedures to ensure compliance with code of conduct requirements |
| P.C 2.3 | Identify and document competency development required under relevant legislation for preparing activity statements |
Question 1
The Code of Professional Conduct (Code) is a legislated code that sets out the professional and ethical standards required of Registered Tax Agents and BAS Agents. It outlines the duties that agents owe to their clients, the Tax Practitioners Board (TPB) and other agents. The Code includes a number of Core Principles organised into five categories. Browse to Publications & Legislation> Legislation> Tax Agent Services Act 2009 (TASA). Select the latest Tax Agent Services Act 2009 from the list and answer the following questions: https://www.tpb.gov.au/code-professional-conduct
a) List the first four categories
- Lucia is the one of the BAS agent to XYZ Accounting Pty Ltd because she receives a fee for the referral from this firm. You are Brian is a long-time client of Lucia’s, a registered BAS agent. Brian asks Lucia to assist him to identify an appropriately qualified tax agent to provide advice in relation to his self-managed superannuation fund. Lucia is aware of a number of suitable registered tax agents but refers Brian.
Required to review and interpret this scenario and apply the relevant codes of conduct and explain it briefly with proper explanation.
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You are a registered BAS Agent and a client has engaged you to prepare their quarterly BAS. As a registered BAS Agent, identify the relevant code of conduct obligation you must consider Scenario
(Action, Policy or Issue)
- There have been many changes to legislation and other obligations that impact on the preparation of a BAS and you have attended training courses and undertaken professional reading to keep up to date.
b) You (the BAS Agent) collect information and fully inform yourself of the client’s affairs as necessary for you to prepare this BAS
- You (the BAS Agent) have advised the client that you alsoact for the main business competitor of the client. The client has raised their concerns with you about this.
d) You (the BAS Agent) have missed the required lodgementdate for your own personal income tax return and been found to have deliberately misstated your taxable income.
- You (the BAS Agent) have been asked by a professional friend to provide the financial details about this client’s business.
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f) The client has provided you with a cash amount (in actual dollar notes) for the total amount payable to the ATO as determined in the BAS.
Qeustion 3
Place a tax code and account name next to each transaction
| Transection | Tax code | Account | |
| Sold an old photocopier | |||
| Purchased a new photocopier for office | |||
| Recorded purchase of trading goods | |||
| Recorded a supplier invoice for stationery with no ABN | |||
| Recorded a supplier invoice for R&M with ABN and GST status | |||
| Recorded interest received from the bank | |||
| Recorded the bank charges from the bank statement | |||
| Recorded the payment of council rates | |||
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This should be used by the trainer/assessor to document the learner’s skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
| Checklist | ||
| 2A Q1 – Did the learner correctly explain The Code of Professional Conduct (Code) with a proper explanation as per the required act? | Yes No (Please circle) | |
| 2A Q2 – Did the learner review and interpret the provided scenario and apply the relevant codes of conduct and explain it briefly with proper explanation? | Yes No (Please circle) | |
| 2A Q3 – Did the learner correctly Identify the Code of Professional Conduct (Code) and explain the categories of transaction relevant to the Code of Professional Conduct (Code). | Yes No (Please circle) | |
| Comments | ||
| The learner’s performance was: | Satisfactory | Not Yet Satisfactory |
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Performance Criteria
| P.C. 3.1 | Identify, interpret and apply and record GST principles |
| P.C.3.2 | Identify and code purchases and payments according to GST classifications |
| P.C 3.3 | Identify and code sales and receipts according to GST classifications |
| P.C 3.4 | Process accounting data according to tax and GST reporting requirements |
Question 1
You are paying GST monthly and you are required to provide the following details each month:
Total sales, export sales, other GST free sales, capital purchases, non•capital purchases, GST on sales, GST on purchases,
Provide the correct codes for these transactions: Activity BAS code
- Total sales
Ø Export sales
- Other GST free sales
Ø Capital purchases
- Non-capital purchases
Ø GST on sales
- GST on purchases,
Ø GST free exports
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What is included in total sales?
Question 3
List ten things that are not reported in total sales.
Question 4
The assessment tasks for the unit assume that you will work in the Financial Services industry. Casestudies/ exercises used in this assessment reflect a workplace scenario.
Ø The student must have access to a Computer, Printer and Microsoft Office Suite Applications (2003 or 2007) for doing the assessment for this unit.
- Attempt all the questions. If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.
Ø The responses to assessment questions should be in your own words and examples from workplace should be used wherever possible.
Peter has asked you to calculate the luxury car tax on the two of their new vehicles. The first is initially priced at $ 75,000 and the second at $ 57,000. State the total amount of LCT and where it is to be entered in the BAS Summaryreport.
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Bobby has made $350,000 of gross wholesale sales of wine for the quarter. Calculate the GST and the Wine equalisation tax owing and indicate the boxes where these amounts would go on the BAS Summary report.
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Marina is eligible to claim tax credits on fuel used in the general operations of their business. From the following information taken from the ledger accounts, calculate the fuel tax credit amount they could claim. They must also rectify an over-claim of credits of $57 from the last BAS. Name the box where the amount would appear on the BAS Summary report.
- Petrol used in the quarter 520 litres
- Diesel used in the quarter 600 litres
Question 7
As a registered BAS agent, what records do they have to keep showing that
they have the authority to lodge a client’s activity statement? Explain in 30 words
This should be used by the trainer/assessor to document the learner’s skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
| Checklist | ||
| 3A Q1 – Did the learner correctly provide the correct codes for mentioned transactions: Activity BAS code? | Yes No (Please circle) | |
| 3A Q2 – Did the learner correctly explain the what is included in total sales? | Yes No (Please circle) | |
| 3A Q3 – Did the learner correctly explain the list of thing that are not reported in total sales as per activity statement. | Yes No (Please circle) | |
| 3A Q4 – Did the learner correctly identify the financial transactions required to prepare activity statements, including the application of goods and services tax (GST)? | Yes No (Please circle) | |
| 3A Q5 – Did the learner correctly calculate the GST and the Wine equalisation tax owing and indicate the boxes where these amounts would go on the BAS Summary report? | Yes No (Please circle) | |
| 3A Q6 – Did the learner correctly calculate and explain that Marina is eligible to claim tax credits on fuel used in the general operations of their business? | Yes No (Please circle) | |
| 3A Q7 Did the learner correctly explain that As a registered BAS agent, what records do they have to keep showing that they have the authority to lodge a client’s activity statement? | Yes No (Please circle) | |
| Comments | ||
| The learner’s performance was: | Satisfactory | Not Yet Satisfactory |
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Performance Criteria
| P.C. 4.1 | Calculate and reconcile total salaries, wages and other payments for a reporting period to enter onto a BAS |
| P.C. 4.2 | Verify or calculate pay as you go instalment (PAYGI) amount where applicable, or calculate for other payments where applicable |
Case study: Fringe benefits to a total of $1500 are made to employees for FBT from 1 April to 31 March.
Answer the following question as per statutory requirement of payroll.
a) Is FBT payable by the employer?
- If not, what is the minimum amount at which FBT is payable?
c) An employer purchases a new car costing $ 40,000 on 1 April 2021 for the use of the employee. Calculate the fringe benefit tax payable be the employer on the above transaction.
- How is FBT calculated by the ATO? Explain step by step process in brief (https://www.ato.gov.au)
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e) Can the amount of FBT be varied by the employer?
Question 2
Barney’s PTY Ltd has 12 employees. Two managers, one supervisor and nine staff. The two managers are on a weekly gross wage of $1700 each and the tax withheld is $385 The supervisor is on a weekly wage of $1200 and the tax withheld is $246
The remaining nine staff are on a weekly wage of $950 and the tax withheld is $160 Barney’s also had a supplier who did not quote an ABN on the invoice which totalled $2525
Calculate the PAYG amounts withheld for this small business with less than $25,000 in payment deductions. (Paid quarterly)
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Helping Hands is a charitable organisation that employs a number of full-time staff to administer its programs. Helping Hands is required to report & pay its PAYG withholding using an IAS (type I). They have provided the following information relating to October:
- Gross Wages $34,850
- PAYG Withheld from wages$ 8,525
- Superannuation contributions $3,135
Required : complete the PAYG Withholding section of the October BAS:
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Calculate Jordan’s revised instalment rate and complete the Option 2 box on his September IAS, including the variation reason code. Record the calculations that you used in the text box below then record on the Activity Statement panel:
Question 5
| Costa owns a horse training business called Giddy Up. He provides you with the following information from the September quarter. The business is not classified as a large withholder. | |
| Gross wages excluding superannuation at 9.5% | $11,500 |
| Wage payments to a labour hire organisation | 1,500 |
| Director fees | 2,300 |
| Motor vehicle allowance | 800 |
| PAYG tax withheld from gross wages | 4,00 |
Complete W1, W2, W4, W3, W5 and 4 (Summary section) on the September quarter BAS.
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Question 6
Identify and explain at least 3 common organisational policy and procedures that affect payroll. One of these policies and procedure must include the structure of authority in organisations.
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Activity 4A – Checklist – for assessor
This should be used by the trainer/assessor to document the learner’s skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
| Checklist | |
| 4A Q1 – Did the learner correctly answer the following questions: Is FBT payable by the employer? If not, what is the minimum amount at which FBT is payable? Calculate the fringe benefit tax payable be the employer on the above transaction.How is FBT calculated by the ATO? Explain step by step process in briefCan the amount of FBT be varied by the employer? | Yes No (Please circle) |
| 4A Q2 – Did the learner correctly calculate the PAYG amounts withheld for this small business with less than $25,000 in payment deductions. (Paid quarterly)? | Yes No (Please circle) |
| 4B Q1 – Did the learner correctly complete the PAYG Withholding section of the October BAS? | Yes No (Please circle) |
| 4B Q2 – Did the learner correctly calculate Jordan’s revised instalment rate and complete the Option 2 box on his September IAS, including the variation reason code and record the calculations that you used in the text box below then record on the Activity Statement panel? | Yes No (Please circle) |
| 4B Q3 – Did the learner correctly complete the complete W1, W2, W4, W3, W5 and 4 (Summary section) on the September quarter BAS? | Yes No (Please circle) |
| 4B Q.4 Did learner correctly identify and explain at least 3 common organisational policy and procedures that affect payroll. One of these policies and procedure must include the structure of authority in organisations? | Yes No (Please circle) |
| Comments | |
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| The learner’s performance was: | Satisfactory | Not Yet Satisfactory |
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Activity 5A
| P.C. 5.1 | Prepare and reconcile activity statement reports, identify and correct statement errors, and adjust bookkeeping entries as required |
| P.C 5.2 | Review transactions involving capital acquisitions and imports in the accounting system |
| P.C 5.3 | Make adjustments for previous quarters, months or year-end where necessary according to legislative guidelines |
This activity involves the learner demonstrating attainment of the relevant knowledge of relevant legislation, regulations in relation to completion of the BAS.
- The assessment tasks for the unit assume that you will work in the Financial Services industry. Case studies/ exercises used in this assessment reflect a workplace scenario.
Ø Attempt all the questions.
- The responses to assessment questions should be in your own words and examples from workplace should be used wherever possible ( 150 – 200 words)
Question 1
Explain the difference between correcting errors made in prior BAS reports and making adjustments from previous BAS reports
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Question 2
You are given some unrelated examples of mistakes/omissions that were made on prior BAS reports. Briefly explain whether they are errors or adjustments and how each should be accounted for when lodging the next BAS report.
a) You have just discovered that two years ago you left out $55,000 of taxable supplies for the BAS.
- A taxable supply of $2,200 from the last quarterly BAS has now been cancelled
c) A sale of $6,600 reported in prior BAS has become taxable.
- A previous purchase of $ 15,000 included in a prior BAS has been cancelled.
e) Taxable supplies of $ 16,500 in the last BAS report were given a late discount of $ 412.
- You failed to claim input tax credits on an invoice of $3,300 in the last BAS.
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Question 3
Using the blank calculation sheet, extract for BAS. Review transactions involving capital acquisitions and imports in the accounting system. Enter the following items for Fred Place also calculate the GST payable or owing to the business for the quarter ended 31/03/21 using option 1:
Ø General business sales including GST $330,000
- Additional export sales $25,000
Ø Additional sales of basic food items $1,000
- Additional sales of furniture (inc GST) $4,000
Ø Capital purchases of furniture (inc GST) $40,000
- Non-capital purchases (inc GST) $210,000 including $8,000 for private use
Ø At the bottom of the Activity Statement items 1A and 1B and calculate whether the GST is payable or a refund is due
Activity 5 A – Checklist – for assessor
This should be used by the trainer/assessor to document the learner’s skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
| Checklist | ||
| 5A Q1 – Did the learner correctly explain the explain the difference between correcting errors made in prior BAS reports and making adjustments from previous BAS reports? | Yes No (Please circle) | |
| 5A Q2 – Did the learner correctly explain whether the given situation is an error or adjustment and how each should be accounted for when lodging the next BAS report? | Yes No (Please circle) | |
| 5 A Q3 – Did the learner correctly enter the following items for Fred Place and also calculate the GST payable or owing to the business for the quarter ended 31/03/21 using option 1? | Yes No (Please circle) | |
| Comments | ||
| The learner’s performance was: | Satisfactory | Not Yet Satisfactory |
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Activity 5B
| P.C. 5.4 | Complete BAS and IAS return according to legislative requirements |
| P.C. 5.5 | Reconcile figures completed on BAS and/or IAS form with financial statements, GST and other control accounts |
Question 1
As per legislative requirement the Taxable Supplies and GST-Free supplies are two different types of supplies for GST purposes.
Describe each of these supplies and give two (2) examples of each type:
Question 2
Cristo operates a convenience store. It accounts for and reports GST on an accrual basis. Cristo received the following income in the June quarter, all amounts include GST where applicable
| Cake sales | $1,500 |
| Fresh milk sales | 600 |
| Fruit sales | 2,800 |
| Newspaper sales | 500 |
| Sandwich sales | 17,200 |
| Soft drink sales | 1,400 |
REQUIRED: For completing the BAS Calculate items G1, G2 and G3 for Cristo June quarter . Record below:
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Question 3
If we Use the appropriate integrated financial software system (MYOB) to reconcile the activity statement explain the each step which each entity follow to the reconcile and complete BAS
:
Ø Prepare and reconcile the activity statement reports, identifying and correcting statement errors, and amending bookkeeping entries as required
- Review any extraordinary transactions in the accounting system, including transactions involving capital acquisitions and imports. Document the review of these extraordinary transactions.
Ø Where necessary according to legislative guidelines, make adjustments for previous quarters, months or year-end. Record these adjustments, including the reasoning.
- Complete the BAS and IAS return according to current statutory, legislative, regulatory and organizational schedule
Ø Reconcile the figures completed on the BAS and IAS form with the journal entries, financial statements, GST and other control accounts. Document this reconciliation.
For each of the legal entities:
Check the activity statement, and present it to the authorizing person, required by statutory, legislative and regulatory requirements, for verification, approval and sign-off. Provide evidence of the sign-off received.
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Activity 5 B – Checklist – for assessor
This should be used by the trainer/assessor to document the learner’s skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
| Checklist | ||
| 5B Q1 – Did the learner correctly explain the each supplies and with proper examples. | Yes No (Please circle) | |
| 5B Q2 – Did the learner correctly completing the BAS Calculate items G1, G2 and G3 for Cristo June quarter . | Yes No (Please circle) | |
| 5B Q3 – Did the learner correctly describe the Check the activity statement, and present it to the authorizing person, required by statutory, legislative and regulatory requirements, for verification, for the renunciation purpose of BAS and also approval and sign-off | Yes No (Please circle) | |
| Comments | ||
| The learner’s performance was: | Satisfactory | Not Yet Satisfactory |
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Activity 6A
| P.C. 6.1 | Check activity statement and confirm sign-off by authorising person according to statutory, legislative and regulatory requirements |
| P.C. 6.2 | Lodge activity statement according to statutory, legislative and regulatory requirements |
Question 1
Complete the following table by placing to indicate reporting requirements. BAS and IAS reporting requirements
| Gross annual turnover of sales | Quarterly reporting | Monthly reporting | Cash payer | Accruals payer |
| Less than $2 million | ||||
| More than $2 million | ||||
| Less than $20 million | ||||
| More than $20 million | ||||
| Annual PAYG withholdings | ||||
| Less than $25,000 | ||||
| More than $25,000 | ||||
| FBT liability greater than $3,000 |
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Question 2
If Jones Upholstery accidentally lodge their Activity Statement 4 weeks late and it is the first offence,
(a) What would the penalty be (expressed in penalty units)?
- Would your answer be different if they had repeatedly lodged late in the past?
Question 3
Complete the following tables for the lodgement schedule requirements for BAS/IAS lodgements.
Insert the ‘Remittance due’ timing for each type. Choose from:
- First Monday or Thursday
· Monthly
- Quarterly
· Twice-yearly
- Annually
· Daily
- Weekly
(Tip: not all of the above will be used, so choose carefully which ones correctly apply).
- GST amounts:
| Taxpayer Type | Report required | Remittance due |
| Small | BAS/Annual GST Return | |
| Medium | BAS quarterly | |
| Large | BAS monthly |
(b) PAYG Withholding amounts:
| Taxpayer Type | Report required | Remittance due |
| Small withholder | BAS/IAS quarterly | |
| Medium withholder | BAS/IAS monthly | |
| Large withholder | IAS monthly |
- PAYG Instalments:
| Taxpayer Type | Report required | Remittance due |
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| Individuals with notional tax less than $8,000 or, registered for GST and report GST annually | BAS/IAS annually | |
| Individuals deriving primary production income or special professional income | BAS twice-yearly | |
| All other entities not using annual instalment | BAS quarterly |
(d) FBT instalments:
| Annual PAYG Instalments | Report required | Remittance due |
| FBT instalments | BAS/IAS quarterly |
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Question 4
Chris is a tiler who buys some tiles from Tile Mart Pty Ltd on 23rd September. Tile Mart provides commercial credit terms of 30 days from the date of invoice and Chris pays the invoice on 15th October.
Required: in which quarter will Tile Mart and Chris record the impact of this transaction if they each used: (a) cash accounting, and (b) accrual accounting?
Question 5
Outline and briefly explain the payment options for paying any amount owe the ATO, for example ( 150 words)
- Direct credit payments
- Direct debit payments
- Bpay
- Mail payments
- Post office payments
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Question 6
List 5 possible prosecutable acts when lodging a tax return under the Taxation Administration Act 2005.( Explain 150 words)
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Activity 6A – Checklist – for assessor
This should be used by the trainer/assessor to document the learner’s skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
| Checklist | ||
| 6 A Q1 – Did the learner correctly Complete the following table by placing it to indicate reporting requirements? BAS and IAS reporting requirements | Yes No (Please circle) | |
| 6 A Q2 – Did the learner correctly explain that If Jones Upholstery accidentally lodge their Activity Statement 4 weeks late and it is the first offence, What would the penalty be (expressed in penalty units)?Would your answer be different if they had repeatedly lodged late in the past? | Yes No (Please circle) | |
| 6 A Q3 – Did the learner correctly Complete the following tables for the lodgement schedule requirements for BAS/IAS lodgements as per the reporting requirement and remittance dues? | Yes No (Please circle) | |
| 6 A Q.4 Did the learner correctly identify the impact of this transaction if they each used: (a) cash accounting, and (b) accrual accounting? | Yes No (Please circle) | |
| 6A Q5 – Did the learner correctly outline and briefly explain the payment options for paying any amount owe to the ATO, with proper examples? | Yes No (Please circle) | |
| 6A Q6 – Did the learner correctly explain the List 5 possible prosecutable acts when lodging a tax return under the Taxation Administration Act 2005? | Yes No (Please circle) | |
| Comments | ||
| The learner’s performance was: | Satisfactory | Not Yet Satisfactory |
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Competency record to be completed by the assessor
This section should be completed by the trainer/assessor to document the overall outcomes of the learner’s assessments in Learners Workbook. The table below indicates whether the learner is deemed competent or not competent
| Learner’s name | |||
| Assessor’s name | |||
| Unit of Competence (Code and Title) | |||
| Date | |||
| Has the learner completed all required assessments in this workbook to a satisfactory standard? | Yes No (Please circle) | ||
| Comments from trainer/assessor: | |||
| Learner is deemed | Not competent | Competent | |
| Assessor’s signature | |||
FNSTPB401
Complete business activity and instalment activity statements
Learner Workbook
Conducting the assessment……………………………………. Error! Bookmark not defined.
After the assessment…………………………………………….. Error! Bookmark not defined.
Credit transfer and recognition of prior learning……… Error! Bookmark not defined.
Assessment Activities……………………………………………………………………………………….. 3
Activity 1A…………………………………………………………………………………………………… 8
Activity 1A – Checklist – for assessor……………………………………………………………….. 11
Activity 1B…………………………………………………………………………………………………. 12
Activity 1B – Checklist – for assessor……………………………………………………………….. 14
Activity 1C…………………………………………………………………………………………………. 15
Activity 1C – Checklist – for assessor……………………………………………………………….. 18
Activity 1 D………………………………………………………………………………………………… 19
Activity 1D – Checklist – for assessor……………………………………………………………….. 20
Activity 2A…………………………………………………………………………………………………. 22
Activity 2 A – Checklist – for assessor……………………………………………………………… 25
Activity 3 A………………………………………………………………………………………………… 26
Activity 3A – Checklist – for assessor……………………………………………………………….. 30
Activity 4A…………………………………………………………………………………………………. 31
Activity 4A – Checklist – for assessor………………………………………………………………. 36
Activity 5A…………………………………………………………………………………………………. 38
Activity 5 A – Checklist – for assessor……………………………………………………………… 41
Activity 5B…………………………………………………………………………………………………. 42
Activity 5 B – Checklist – for assessor……………………………………………………………… 44
Activity 6A…………………………………………………………………………………………………. 45
Activity 6A – Checklist – for assessor………………………………………………………………. 50
Competency record to be completed by the assessor……………………………………………. 51
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Assessment instructions
Overview
Prior to commencing the assessments, your trainer/assessor will explain each assessment task and the terms and conditions relating to the submission of your assessment task. Please consult with your trainer/assessor if you are unsure of any questions. It is important that you understand and adhere to the terms and conditions, and address fully each assessment task.
Written work
Assessment tasks are used to measure your understanding and underpinning skills and knowledge of the overall unit of competency. When undertaking any written assessment tasks, please ensure that you address the following criteria:
- Address each question including any sub-points
- Demonstrate that you have researched the topic thoroughly
- Cover the topic in a logical, structured manner
- Your assessment tasks are well presented, well referenced and word processed
Active participation
It is a condition of enrolment that you actively participate in your studies. Active participation is completing all the assessment tasks on time.
Plagiarism
Plagiarism is taking and using someone else’s thoughts, writings or inventions and representing them as your own. Plagiarism is a serious act and may result in a learner’s exclusion from a course. When you have any doubts about including the work of other authors in your assessment, please consult your trainer/assessor. The following list outlines some of the activities for which a learner can be accused of plagiarism:
- Presenting any work by another individual as one’s own unintentionally
- Handing in assessments markedly similar to or copied from another learner
- Presenting the work of another individual or group as their own work
- Handing in assessments without the adequate acknowledgement of sources used, including assessments taken totally or in part from the internet.
If it is identified that you have plagiarised within your assessment, then a meeting will be organised to discuss this with you, and further action may be taken accordingly.
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Collusion
Collusion is the presentation by a learner of an assignment as their own that is, in fact, the result in whole or in part of unauthorised collaboration with another person or persons.
Collusion involves the cooperation of two or more learners in plagiarism or other forms of academic misconduct and, as such, both parties are subject to disciplinary action.
Competency outcome
There are two outcomes of assessments: S = Satisfactory and NS = Not Satisfactory (requires more training and experience).
Once the learner has completed all the assessments for this unit of competency, the learner will be awarded “Competent” (C) or “Not Competent” (NC) for the relevant unit of competency.
Confidentiality
The college will treat anything, including information about your job, workplace, employer, with strict confidence, in accordance with the law. However, you are responsible for ensuring that you do not provide us with anything regarding any third party including your employer, colleagues and others, that they do not consent to the disclosure of. While we may ask you to provide information or details about aspects of your employer and workplace, you are responsible for obtaining necessary consents and ensuring that privacy rights and confidentiality obligations are not breached by you in supplying us with such information.
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If you feel that you have been unfairly treated during your assessment, and you are not happy with your assessment and/or the outcome as a result of that treatment, you have the right to lodge an appeal. You must first discuss the issue with your trainer/assessor. If you would like to proceed further with the request after discussions with your trainer/assessor, you need to lodge your appeal via the complaint and appeal form which is available on the college website.
Recognised prior learning
Learners will be able to have their previous experience or expertise recognised on request.
Special needs
Learners with special needs should notify their trainer/assessor to request any required adjustments as soon as possible. This will enable the trainer/assessor to address the identified needs immediately.
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Assessment can be:
- Direct observation
- Product-based methods e.g. reports, role plays, work samples
- Portfolios – annotated and validated
- Questioning.
The assessment activities in this workbook assess aspects of all the elements, performance criteria, skills and knowledge and performance requirements of the unit of competency.
To demonstrate competence in this unit, you must undertake all activities in this workbook and have them deemed satisfactory by the assessor. Once you have demonstrated the required level of performance, you will be deemed competent in this unit.
As part of the assessment process, all learners must abide by any relevant assessment policies as provided during induction.
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Assessment – FNSTPB401 – Complete business activity and instalment activity statements
Please complete the following activities and hand in to your trainer/assessor for marking. This forms part of your assessment for FNSTPB401 – Complete business activity and instalment activity statements
Name:
Learner ID:
Email:
Declaration
I declare that no part of this assessment has been copied from another person’s work with the exception of where I have listed or referenced documents or work and that no part of this assessment has been written for me by another person. I also understand the assessment instructions and requirements and consent to be assessed.
Signed:
Date:
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Activity 1A
Performance Criteria
| P.C. 1.1 | Research and document legislative, regulatory, industry and organizational requirements relating to activity statements and seek expert advice to clarify issues where applicable |
| P.C. 1.3 | Identify, document and apply policies in relation to compliance with code of professional conduct as stipulated in legislation relevant to activity |
For this assessment you are required to answer all the questions. You are permitted to research the answers by reading your textbook, theory notes and accessing the internet. If more room is needed label each task with the question number and use headings or dot points to make your work clear for your trainer and assessor.
- Please follow the Referencing Guide contained on your Course handbook.
Ø Please attach a student assessment cover sheet to each unit submission.
- You must complete the cover sheet in full detail.
Ø Research the following TERMS and PHRASES these are linked with your assessment. Attach your definition or explanation to each word.
- Provide reference in explanation
Question 1
- Australian Business Number (ABN)
B) Business Activity Statement (BAS)
- Financial year
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- Annual GST return
F) Fringe benefits tax (FBT)
- GST-free sales
H) Instalment Activity Statement (IAS)
- PAYG
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- PAYG withholding
L) Tax invoice
- Tax Agent Services Act 2009 (TASA 2009)
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This should be used by the trainer/assessor to document the learner’s skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
| Checklist | ||
| 1A Q1 – Did the learner correctly identify and explain methods and sources of information to update knowledge of professional and legislative requirements relating to activity statements? | Yes No (Please circle) | |
| 1A Q1 – Did the learner correctly identify scope of services that can be provided by a Registered BAS Agent under the Tax Agent Services Act? | Yes No (Please circle) | |
| 1A Q1 – Did the learner correctly do the research and document legislative, regulatory, industry and organizational requirements? | Yes No (Please circle) | |
| 1A Q1 – Did the learner correctly understand Tax Agent Services Act 2009 (TASA 2009)? | Yes No (Please circle) | |
| Comments | ||
| The learner’s performance was: | Satisfactory | Not Yet Satisfactory |
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Performance Criteria
| P.C. 1.2 | Review, interpret and apply legislation relating to taxes reported on activity statements |
Read the following case study to answer the following question. You are required to browse the different sites, learner guide and conduct research for more information. After you analyse and interpret the information you collected, write down your answers of 150 words to each question.
Question 1
What are some of the taxation obligations and requirements that are applicable to a micro- business such as an online clothing store?
Question 2
What systems and procedures can Naomi implement into her business to ensure she complies with her taxation obligations?
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If Naomi is finding it difficult to understand her taxation obligations, what do you think she should do?
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This should be used by the trainer/assessor to document the learner’s skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
| Checklist | ||
| 1B Q1 – Did the learner correctly identify and explain methods and sources of information to update knowledge of legislation relating to taxes reported on activity statements? | Yes No (Please circle) | |
| 1B Q2 – Did the learner correctly understand the the taxation obligations and requirements that are applicable to a micro- business such as an online clothing store? | Yes No (Please circle) | |
| 1B Q3 – Did the learner correctly If BAS agent is finding it difficult to understand her taxation obligations, what do you think she should do? | Yes No (Please circle) | |
| 1B Q4 – Did the learner have complete understanding relevant with Tax Agent Services Act 2009 (TASA 2009) | Yes No (Please circle) | |
| Comments | ||
| The learner’s performance was: | Satisfactory | Not Yet Satisfactory |
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Performance Criteria
| P.C. 1.4 | Identify scope of services that can be provided by a Registered BAS Agent under the Tax Agent Services Act, and the limitations of services compared to those of a Tax Agent |
| P.C 1.5 | Identify and access information, advice and services outside own scope of operation; establishing and using networks where necessary |
Case Study
Write answers to each of the two (2) situations described below addressing the required criteria
(i.e. 1 & 2). You may use a tabulated format if helpful having “Threats”, “Safeguards” and
“Objective Assessment” as column headings.
The following situations involve Abraham Lincoln, an audit partner with the accounting firm of
Joyce & Mark. He is involved with the audit of Dockland Ferries Ltd (Dockland). Dockland is one
of the oldest companies listed on the Australian Securities Exchange.
- Abraham Lincoln’s wife, Sarah Michaels, is planning to take a loan from Dockland which
is material to Sarah Michaels and Dockland.
- The assistant accountant of Dockland resigned 6 months ago and has not been replaced.
As
a result, Dockland’s transactions have not been recorded and the accounting records are not up to date. To comply with the terms of the loan agreement, Dockland needs to prepare interim financial statements but cannot do so until the records are up to date. The managing director of Dockland wants Abraham to help them out because he performed the audit last year. Abraham agrees to help out Dockland for 1 month before the start of the annual audit on which he will be involved again.
When registered with the Tax Practitioners Board (TPB) you must comply with the Tax Agent Services Act 2009 (TASA). Go to the TPB Website at http://www.tpb.gov.au/. Browse to Publications & Legislation> Legislation> Tax Agent Services Act 2009 (TASA). Select the latest Tax Agent Services Act 2009 from the list and answer the following questions:
Question 1
Professional associations may be accredited by TPB as a recognised tax agent, BAS agent or tax (financial) adviser association if they meet certain requirements in the Tax Agent Services Regulations 2009 (TASR). To maintain its recognition, an association must ensure it continues to satisfy these requirements on an ongoing basis.
List two recognised professional BAS Agent associations.
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Question 2
You are a registered BAS agent working for a large accounting firm NSW Tax Specialists
- Identify and list three continuing professional education (CPE) activities that you could undertake in the year ahead to ensure you stay up to date with any changes in legislation.
Conferences and discussion groups with a structure (including by phone or video conference)
Universities, registered training organisations (RTOs), other recognised higher education institutions, or other approved course providers offer tertiary courses.
Research, writing, and presentation of technical publications or structured training by a registered tax (financial) adviser, tax or BAS agent.
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You are a registered BAS agent working for a large accounting firm ABC Tax Specialists You are preparing to renew your registration with the Tax Practitioners Board and you are required to submit a log of your continuing professional education. You have undertaken the following professional development activities over 2021:
- A partner at your firm who specialises in FBT gave a one-hour presentation on 13 April to staff regarding the changes to FBT legislation, followed by a one-hour interactive discussion and consideration of a complex hypothetical case study. This session was advertised internally on your PD calendar and you received a certificate of attendance.
- A two-hour online webinar delivered by the Australian Bookkeepers Association Ltd on Tax Assistance for North Queensland floods, including fringe benefits tax (FBT) exemptions apply to employers who assist their employees in emergencies, such as natural disasters. You have a receipt for the payment and a certificate of completion. You completed the course over two days – 15-16 July.
- The NSW Annual Tax Forum, a two-day event hosted by The Tax Institute on September 20-21 which provides 14 structured CPD hours. You have a receipt for the payment, a registration ticket and a certificate of attendance. You attended the keynotes on Superannuation and Estate Planning, Property Investments and Uncommon Transactions in SMSFs, CGT Concessions, and Potential Changes to Tax Laws with a Change of Government.
Briefly explain the Update your CPE Log to document these activities.
Activity 1C – Checklist – for assessor
This should be used by the trainer/assessor to document the learner’s skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
| Checklist | ||
| 1C Q1 – Did the learner correctly Identify scope of services that can be provided by a Registered BAS Agent under the Tax Agent Services Act. | Yes No (Please circle) | |
| 1C Q2 – Did the learner correctly understand the the taxation obligations and requirements that are applicable to a micro- business such as an online clothing store? | Yes No (Please circle) | |
| 1C Q3 – Did the learner correctly identify the solution, If BAS agent is finding it difficult to understand her taxation obligations, what do you think she should do? | Yes No (Please circle) | |
| 1C Q4 – Did the learner have complete understanding relevant with Tax Agent Services Act 2009 (TASA 2009) | Yes No (Please circle) | |
| Comments | ||
| The learner’s performance was: | Satisfactory | Not Yet Satisfactory |
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Activity 1 D
| P.C 1.6 | Identify and document lodgment schedule requirements |
| P.C1.7 | Assess entity’s cash flow and payment options and arrangements, and advise management to ensure sufficient funds are available to meet statutory requirements |
| CASH BUDGET April | January | February | March | |
| Opening Cash Balance $47,850 | $16,000 | $18,600 | $37,250 | |
| Cash receipts $42,000 | $57,200 | $59,200 | $63,000 | |
| Cash Payments $67,550 | -$54,600 | -$40,550 | -$52,400 | – |
| CLOSING CASH BALANCE $22,300 | $18,600 | $37,250 | $47,850 |
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Question 1
Analyse Apollo Sales P/L cash budget for the period 1 January to 30 April and the December Business Activity Statement. Discuss these documents and the payment schedule of Business Activity Statements if Apollo Sales will have any cash flow issues during this period. Your answer should be between 80 and 120 words.
Question 2
As the accountant, construct an email addressed to the Manager of the company initiating discussions and providing recommendations to ensure sufficient funds are available to meet statutory requirements e.g. BAS due dates, records retention, valid invoices, ABN checking, cash management. Your answer should be between 100 and 130 words.
Activity 1D – Checklist – for assessor
This should be used by the trainer/assessor to document the learner’s skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
| Checklist | ||
| 1D Q1 – Did the learner correctly discuss these documents and the payment schedule of Business Activity Statements if Apollo Sales will have any cash flow issues during this period? | Yes No (Please circle) | |
| 1D Q2 – Did the learner correctly construct an email addressed to the Manager of the company initiating discussions and providing recommendations to ensure sufficient funds are available to meet statutory requirements? | Yes No (Please circle) | |
| Comments | ||
| The learner’s performance was: | Satisfactory | Not Yet Satisfactory |
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Activity 2A
| P.C 2.1 | Review, interpret and apply relevant industry codes of conduct and identify the applicable governing bodies |
| P.C 2.2 | Document and apply relevant policies and procedures to ensure compliance with code of conduct requirements |
| P.C 2.3 | Identify and document competency development required under relevant legislation for preparing activity statements |
Question 1
The Code of Professional Conduct (Code) is a legislated code that sets out the professional and ethical standards required of Registered Tax Agents and BAS Agents. It outlines the duties that agents owe to their clients, the Tax Practitioners Board (TPB) and other agents. The Code includes a number of Core Principles organised into five categories. Browse to Publications & Legislation> Legislation> Tax Agent Services Act 2009 (TASA). Select the latest Tax Agent Services Act 2009 from the list and answer the following questions: https://www.tpb.gov.au/code-professional-conduct
a) List the first four categories
- Lucia is the one of the BAS agent to XYZ Accounting Pty Ltd because she receives a fee for the referral from this firm. You are Brian is a long-time client of Lucia’s, a registered BAS agent. Brian asks Lucia to assist him to identify an appropriately qualified tax agent to provide advice in relation to his self-managed superannuation fund. Lucia is aware of a number of suitable registered tax agents but refers Brian.
Required to review and interpret this scenario and apply the relevant codes of conduct and explain it briefly with proper explanation.
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Question 2
You are a registered BAS Agent and a client has engaged you to prepare their quarterly BAS. As a registered BAS Agent, identify the relevant code of conduct obligation you must consider Scenario
(Action, Policy or Issue)
- There have been many changes to legislation and other obligations that impact on the preparation of a BAS and you have attended training courses and undertaken professional reading to keep up to date.
b) You (the BAS Agent) collect information and fully inform yourself of the client’s affairs as necessary for you to prepare this BAS
- You (the BAS Agent) have advised the client that you alsoact for the main business competitor of the client. The client has raised their concerns with you about this.
d) You (the BAS Agent) have missed the required lodgementdate for your own personal income tax return and been found to have deliberately misstated your taxable income.
- You (the BAS Agent) have been asked by a professional friend to provide the financial details about this client’s business.
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f) ![]()
The client has provided you with a cash amount (in actual dollar notes) for the total amount payable to the ATO as determined in the BAS.
Qeustion 3
Place a tax code and account name next to each transaction
| Transection | Tax code | Account | |
| Sold an old photocopier | |||
| Purchased a new photocopier for office | |||
| Recorded purchase of trading goods | |||
| Recorded a supplier invoice for stationery with no ABN | |||
| Recorded a supplier invoice for R&M with ABN and GST status | |||
| Recorded interest received from the bank | |||
| Recorded the bank charges from the bank statement | |||
| Recorded the payment of council rates | |||
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Activity 2 A – Checklist – for assessor
This should be used by the trainer/assessor to document the learner’s skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
| Checklist | ||
| 2A Q1 – Did the learner correctly explain The Code of Professional Conduct (Code) with a proper explanation as per the required act? | Yes No (Please circle) | |
| 2A Q2 – Did the learner review and interpret the provided scenario and apply the relevant codes of conduct and explain it briefly with proper explanation? | Yes No (Please circle) | |
| 2A Q3 – Did the learner correctly Identify the Code of Professional Conduct (Code) and explain the categories of transaction relevant to the Code of Professional Conduct (Code). | Yes No (Please circle) | |
| Comments | ||
| The learner’s performance was: | Satisfactory | Not Yet Satisfactory |
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Activity 3 A
Performance Criteria
| P.C. 3.1 | Identify, interpret and apply and record GST principles |
| P.C.3.2 | Identify and code purchases and payments according to GST classifications |
| P.C 3.3 | Identify and code sales and receipts according to GST classifications |
| P.C 3.4 | Process accounting data according to tax and GST reporting requirements |
Question 1
You are paying GST monthly and you are required to provide the following details each month:
Total sales, export sales, other GST free sales, capital purchases, non•capital purchases, GST on sales, GST on purchases,
Provide the correct codes for these transactions: Activity BAS code
- Total sales
Ø Export sales
- Other GST free sales
Ø Capital purchases
- Non-capital purchases
Ø GST on sales
- GST on purchases,
Ø GST free exports
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Question 2
What is included in total sales?
Question 3
List ten things that are not reported in total sales.
Question 4
The assessment tasks for the unit assume that you will work in the Financial Services industry. Casestudies/ exercises used in this assessment reflect a workplace scenario.
Ø The student must have access to a Computer, Printer and Microsoft Office Suite Applications (2003 or 2007) for doing the assessment for this unit.
- Attempt all the questions. If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.
Ø The responses to assessment questions should be in your own words and examples from workplace should be used wherever possible.
Peter has asked you to calculate the luxury car tax on the two of their new vehicles. The first is initially priced at $ 75,000 and the second at $ 57,000. State the total amount of LCT and where it is to be entered in the BAS Summaryreport.
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Question 5
Bobby has made $350,000 of gross wholesale sales of wine for the quarter. Calculate the GST and the Wine equalisation tax owing and indicate the boxes where these amounts would go on the BAS Summary report.
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Question 6
Marina is eligible to claim tax credits on fuel used in the general operations of their business. From the following information taken from the ledger accounts, calculate the fuel tax credit amount they could claim. They must also rectify an over-claim of credits of $57 from the last BAS. Name the box where the amount would appear on the BAS Summary report.
- Petrol used in the quarter 520 litres
- Diesel used in the quarter 600 litres
Question 7
As a registered BAS agent, what records do they have to keep showing that
they have the authority to lodge a client’s activity statement? Explain in 30 words
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Activity 3A – Checklist – for assessor
This should be used by the trainer/assessor to document the learner’s skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
| Checklist | ||
| 3A Q1 – Did the learner correctly provide the correct codes for mentioned transactions: Activity BAS code? | Yes No (Please circle) | |
| 3A Q2 – Did the learner correctly explain the what is included in total sales? | Yes No (Please circle) | |
| 3A Q3 – Did the learner correctly explain the list of thing that are not reported in total sales as per activity statement. | Yes No (Please circle) | |
| 3A Q4 – Did the learner correctly identify the financial transactions required to prepare activity statements, including the application of goods and services tax (GST)? | Yes No (Please circle) | |
| 3A Q5 – Did the learner correctly calculate the GST and the Wine equalisation tax owing and indicate the boxes where these amounts would go on the BAS Summary report? | Yes No (Please circle) | |
| 3A Q6 – Did the learner correctly calculate and explain that Marina is eligible to claim tax credits on fuel used in the general operations of their business? | Yes No (Please circle) | |
| 3A Q7 Did the learner correctly explain that As a registered BAS agent, what records do they have to keep showing that they have the authority to lodge a client’s activity statement? | Yes No (Please circle) | |
| Comments | ||
| The learner’s performance was: | Satisfactory | Not Yet Satisfactory |
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Activity 4A
Performance Criteria
| P.C. 4.1 | Calculate and reconcile total salaries, wages and other payments for a reporting period to enter onto a BAS |
| P.C. 4.2 | Verify or calculate pay as you go instalment (PAYGI) amount where applicable, or calculate for other payments where applicable |
Case study: Fringe benefits to a total of $1500 are made to employees for FBT from 1 April to 31 March.
Answer the following question as per statutory requirement of payroll.
a) Is FBT payable by the employer?
- If not, what is the minimum amount at which FBT is payable?
c) An employer purchases a new car costing $ 40,000 on 1 April 2021 for the use of the employee. Calculate the fringe benefit tax payable be the employer on the above transaction.
- How is FBT calculated by the ATO? Explain step by step process in brief (https://www.ato.gov.au)
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Can the amount of FBT be varied by the employer?
Question 2
Barney’s PTY Ltd has 12 employees. Two managers, one supervisor and nine staff. The two managers are on a weekly gross wage of $1700 each and the tax withheld is $385 The supervisor is on a weekly wage of $1200 and the tax withheld is $246
The remaining nine staff are on a weekly wage of $950 and the tax withheld is $160 Barney’s also had a supplier who did not quote an ABN on the invoice which totalled $2525
Calculate the PAYG amounts withheld for this small business with less than $25,000 in payment deductions. (Paid quarterly)
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Question 3
Helping Hands is a charitable organisation that employs a number of full-time staff to administer its programs. Helping Hands is required to report & pay its PAYG withholding using an IAS (type I). They have provided the following information relating to October:
- Gross Wages $34,850
- PAYG Withheld from wages$ 8,525
- Superannuation contributions $3,135
Required : complete the PAYG Withholding section of the October BAS:
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Question 4
Calculate Jordan’s revised instalment rate and complete the Option 2 box on his September IAS, including the variation reason code. Record the calculations that you used in the text box below then record on the Activity Statement panel:
Question 5
| Costa owns a horse training business called Giddy Up. He provides you with the following information from the September quarter. The business is not classified as a large withholder. | |
| Gross wages excluding superannuation at 9.5% | $11,500 |
| Wage payments to a labour hire organisation | 1,500 |
| Director fees | 2,300 |
| Motor vehicle allowance | 800 |
| PAYG tax withheld from gross wages | 4,00 |
Complete W1, W2, W4, W3, W5 and 4 (Summary section) on the September quarter BAS.
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Question 6
Identify and explain at least 3 common organisational policy and procedures that affect payroll. One of these policies and procedure must include the structure of authority in organisations.
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Activity 4A – Checklist – for assessor
This should be used by the trainer/assessor to document the learner’s skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
| Checklist | |
| 4A Q1 – Did the learner correctly answer the following questions: Is FBT payable by the employer? If not, what is the minimum amount at which FBT is payable? Calculate the fringe benefit tax payable be the employer on the above transaction.How is FBT calculated by the ATO? Explain step by step process in briefCan the amount of FBT be varied by the employer? | Yes No (Please circle) |
| 4A Q2 – Did the learner correctly calculate the PAYG amounts withheld for this small business with less than $25,000 in payment deductions. (Paid quarterly)? | Yes No (Please circle) |
| 4B Q1 – Did the learner correctly complete the PAYG Withholding section of the October BAS? | Yes No (Please circle) |
| 4B Q2 – Did the learner correctly calculate Jordan’s revised instalment rate and complete the Option 2 box on his September IAS, including the variation reason code and record the calculations that you used in the text box below then record on the Activity Statement panel? | Yes No (Please circle) |
| 4B Q3 – Did the learner correctly complete the complete W1, W2, W4, W3, W5 and 4 (Summary section) on the September quarter BAS? | Yes No (Please circle) |
| 4B Q.4 Did learner correctly identify and explain at least 3 common organisational policy and procedures that affect payroll. One of these policies and procedure must include the structure of authority in organisations? | Yes No (Please circle) |
| Comments | |
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| The learner’s performance was: | Satisfactory | Not Yet Satisfactory |
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Activity 5A
| P.C. 5.1 | Prepare and reconcile activity statement reports, identify and correct statement errors, and adjust bookkeeping entries as required |
| P.C 5.2 | Review transactions involving capital acquisitions and imports in the accounting system |
| P.C 5.3 | Make adjustments for previous quarters, months or year-end where necessary according to legislative guidelines |
This activity involves the learner demonstrating attainment of the relevant knowledge of relevant legislation, regulations in relation to completion of the BAS.
- The assessment tasks for the unit assume that you will work in the Financial Services industry. Case studies/ exercises used in this assessment reflect a workplace scenario.
Ø Attempt all the questions.
- The responses to assessment questions should be in your own words and examples from workplace should be used wherever possible ( 150 – 200 words)
Question 1
Explain the difference between correcting errors made in prior BAS reports and making adjustments from previous BAS reports
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Question 2
You are given some unrelated examples of mistakes/omissions that were made on prior BAS reports. Briefly explain whether they are errors or adjustments and how each should be accounted for when lodging the next BAS report.
a) You have just discovered that two years ago you left out $55,000 of taxable supplies for the BAS.
- A taxable supply of $2,200 from the last quarterly BAS has now been cancelled
c) A sale of $6,600 reported in prior BAS has become taxable.
- A previous purchase of $ 15,000 included in a prior BAS has been cancelled.
e) Taxable supplies of $ 16,500 in the last BAS report were given a late discount of $ 412.
- You failed to claim input tax credits on an invoice of $3,300 in the last BAS.
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Question 3
Using the blank calculation sheet, extract for BAS. Review transactions involving capital acquisitions and imports in the accounting system. Enter the following items for Fred Place also calculate the GST payable or owing to the business for the quarter ended 31/03/21 using option 1:
Ø General business sales including GST $330,000
- Additional export sales $25,000
Ø Additional sales of basic food items $1,000
- Additional sales of furniture (inc GST) $4,000
Ø Capital purchases of furniture (inc GST) $40,000
- Non-capital purchases (inc GST) $210,000 including $8,000 for private use
Ø At the bottom of the Activity Statement items 1A and 1B and calculate whether the GST is payable or a refund is due
Activity 5 A – Checklist – for assessor
This should be used by the trainer/assessor to document the learner’s skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
| Checklist | ||
| 5A Q1 – Did the learner correctly explain the explain the difference between correcting errors made in prior BAS reports and making adjustments from previous BAS reports? | Yes No (Please circle) | |
| 5A Q2 – Did the learner correctly explain whether the given situation is an error or adjustment and how each should be accounted for when lodging the next BAS report? | Yes No (Please circle) | |
| 5 A Q3 – Did the learner correctly enter the following items for Fred Place and also calculate the GST payable or owing to the business for the quarter ended 31/03/21 using option 1? | Yes No (Please circle) | |
| Comments | ||
| The learner’s performance was: | Satisfactory | Not Yet Satisfactory |
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Activity 5B
| P.C. 5.4 | Complete BAS and IAS return according to legislative requirements |
| P.C. 5.5 | Reconcile figures completed on BAS and/or IAS form with financial statements, GST and other control accounts |
Question 1
As per legislative requirement the Taxable Supplies and GST-Free supplies are two different types of supplies for GST purposes.
Describe each of these supplies and give two (2) examples of each type:
Question 2
Cristo operates a convenience store. It accounts for and reports GST on an accrual basis. Cristo received the following income in the June quarter, all amounts include GST where applicable
| Cake sales | $1,500 |
| Fresh milk sales | 600 |
| Fruit sales | 2,800 |
| Newspaper sales | 500 |
| Sandwich sales | 17,200 |
| Soft drink sales | 1,400 |
REQUIRED: For completing the BAS Calculate items G1, G2 and G3 for Cristo June quarter . Record below:
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Question 3
If we Use the appropriate integrated financial software system (MYOB) to reconcile the activity statement explain the each step which each entity follow to the reconcile and complete BAS
:
Ø Prepare and reconcile the activity statement reports, identifying and correcting statement errors, and amending bookkeeping entries as required
- Review any extraordinary transactions in the accounting system, including transactions involving capital acquisitions and imports. Document the review of these extraordinary transactions.
Ø Where necessary according to legislative guidelines, make adjustments for previous quarters, months or year-end. Record these adjustments, including the reasoning.
- Complete the BAS and IAS return according to current statutory, legislative, regulatory and organizational schedule
Ø Reconcile the figures completed on the BAS and IAS form with the journal entries, financial statements, GST and other control accounts. Document this reconciliation.
For each of the legal entities:
Check the activity statement, and present it to the authorizing person, required by statutory, legislative and regulatory requirements, for verification, approval and sign-off. Provide evidence of the sign-off received.
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Activity 5 B – Checklist – for assessor
This should be used by the trainer/assessor to document the learner’s skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
| Checklist | ||
| 5B Q1 – Did the learner correctly explain the each supplies and with proper examples. | Yes No (Please circle) | |
| 5B Q2 – Did the learner correctly completing the BAS Calculate items G1, G2 and G3 for Cristo June quarter . | Yes No (Please circle) | |
| 5B Q3 – Did the learner correctly describe the Check the activity statement, and present it to the authorizing person, required by statutory, legislative and regulatory requirements, for verification, for the renunciation purpose of BAS and also approval and sign-off | Yes No (Please circle) | |
| Comments | ||
| The learner’s performance was: | Satisfactory | Not Yet Satisfactory |
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Activity 6A
| P.C. 6.1 | Check activity statement and confirm sign-off by authorising person according to statutory, legislative and regulatory requirements |
| P.C. 6.2 | Lodge activity statement according to statutory, legislative and regulatory requirements |
Question 1
Complete the following table by placing to indicate reporting requirements. BAS and IAS reporting requirements
| Gross annual turnover of sales | Quarterly reporting | Monthly reporting | Cash payer | Accruals payer |
| Less than $2 million | ||||
| More than $2 million | ||||
| Less than $20 million | ||||
| More than $20 million | ||||
| Annual PAYG withholdings | ||||
| Less than $25,000 | ||||
| More than $25,000 | ||||
| FBT liability greater than $3,000 |
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Question 2
If Jones Upholstery accidentally lodge their Activity Statement 4 weeks late and it is the first offence,
(a) What would the penalty be (expressed in penalty units)?
- Would your answer be different if they had repeatedly lodged late in the past?
Question 3
Complete the following tables for the lodgement schedule requirements for BAS/IAS lodgements.
Insert the ‘Remittance due’ timing for each type. Choose from:
- First Monday or Thursday
· Monthly
- Quarterly
· Twice-yearly
- Annually
· Daily
- Weekly
(Tip: not all of the above will be used, so choose carefully which ones correctly apply).
- GST amounts:
| Taxpayer Type | Report required | Remittance due |
| Small | BAS/Annual GST Return | |
| Medium | BAS quarterly | |
| Large | BAS monthly |
(b) PAYG Withholding amounts:
| Taxpayer Type | Report required | Remittance due |
| Small withholder | BAS/IAS quarterly | |
| Medium withholder | BAS/IAS monthly | |
| Large withholder | IAS monthly |
- PAYG Instalments:
| Taxpayer Type | Report required | Remittance due |
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| Individuals with notional tax less than $8,000 or, registered for GST and report GST annually | BAS/IAS annually | |
| Individuals deriving primary production income or special professional income | BAS twice-yearly | |
| All other entities not using annual instalment | BAS quarterly |
(d) FBT instalments:
| Annual PAYG Instalments | Report required | Remittance due |
| FBT instalments | BAS/IAS quarterly |
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Question 4
Chris is a tiler who buys some tiles from Tile Mart Pty Ltd on 23rd September. Tile Mart provides commercial credit terms of 30 days from the date of invoice and Chris pays the invoice on 15th October.
Required: in which quarter will Tile Mart and Chris record the impact of this transaction if they each used: (a) cash accounting, and (b) accrual accounting?
Question 5
Outline and briefly explain the payment options for paying any amount owe the ATO, for example ( 150 words)
- Direct credit payments
- Direct debit payments
- Bpay
- Mail payments
- Post office payments
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Question 6
List 5 possible prosecutable acts when lodging a tax return under the Taxation Administration Act 2005.( Explain 150 words)
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Activity 6A – Checklist – for assessor
This should be used by the trainer/assessor to document the learner’s skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.
| Checklist | ||
| 6 A Q1 – Did the learner correctly Complete the following table by placing it to indicate reporting requirements? BAS and IAS reporting requirements | Yes No (Please circle) | |
| 6 A Q2 – Did the learner correctly explain that If Jones Upholstery accidentally lodge their Activity Statement 4 weeks late and it is the first offence, What would the penalty be (expressed in penalty units)?Would your answer be different if they had repeatedly lodged late in the past? | Yes No (Please circle) | |
| 6 A Q3 – Did the learner correctly Complete the following tables for the lodgement schedule requirements for BAS/IAS lodgements as per the reporting requirement and remittance dues? | Yes No (Please circle) | |
| 6 A Q.4 Did the learner correctly identify the impact of this transaction if they each used: (a) cash accounting, and (b) accrual accounting? | Yes No (Please circle) | |
| 6A Q5 – Did the learner correctly outline and briefly explain the payment options for paying any amount owe to the ATO, with proper examples? | Yes No (Please circle) | |
| 6A Q6 – Did the learner correctly explain the List 5 possible prosecutable acts when lodging a tax return under the Taxation Administration Act 2005? | Yes No (Please circle) | |
| Comments | ||
| The learner’s performance was: | Satisfactory | Not Yet Satisfactory |
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Competency record to be completed by the assessor
This section should be completed by the trainer/assessor to document the overall outcomes of the learner’s assessments in Learners Workbook. The table below indicates whether the learner is deemed competent or not competent
| Learner’s name | |||
| Assessor’s name | |||
| Unit of Competence (Code and Title) | |||
| Date | |||
| Has the learner completed all required assessments in this workbook to a satisfactory standard? | Yes No (Please circle) | ||
| Comments from trainer/assessor: | |||
| Learner is deemed | Not competent | Competent | |
| Assessor’s signature | |||
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