FNSTPB411 - Complete business activity and instalment activity statements

Unit code:FNSTPB411Study level:TAFE

Nominal hours

Location

Footscray Nicholson

Prerequisites

(Or equivalent to be determined by unit coordinator)
Co-requisites
(Corequisite units must be studied concurrently with this unit)

Overview

This unit describes the skills and knowledge required to process and complete business activity statements (BAS), instalment activity statements (IAS), and other required reports according to compliance requirements.The unit applies to individuals who use a range of organisational and analytical techniques to work in organisations or to supply specific bookkeeping services as a small business owner or contractor.

Assessment

For Melbourne campuses

Assessment tasks will be designed to reinforce & extend knowledge and skill competence within set & controlled parameters in accordance with each units learning outcomes & performance criteria requirements, including the setting of work based practical application tasks designed to provide evidence of competence outcomes, within periodic and scheduled timelines.

Students will be expected to demonstrate the following required skills:

prepare both business activity statements (BAS) and instalment activity statements (IAS) for at least two different clients for one financial year period that comply with:

Australian taxation law, Australian Taxation Office (ATO) rulings, Tax Practitioners Board (TPB) requirements, and lodgement schedules
accounting principles and practices
organisational policies and procedures relating to BAS.
In the course of the above, the candidate must:

critically evaluate and comply with relevant state or national requirements when preparing the BAS
identify financial transactions required to prepare activity statements, including application of goods and services tax (GST)
present BAS and IAS return for verification and client approval.

Students will also be expected to demonstrate the following knowledge:

methods and sources of information to update knowledge of professional and legislative requirements relating to activity statements
TPB registration requirements
key requirements of current legislation and regulations relating to preparing activity statements, including:

Tax Agent Services Act (TASA), including Code of Professional Conduct and civil penalty provisions
Fringe Benefits Tax Assessment Act
A New Tax System (Goods and Services Tax) Act
Income Tax Assessment Act
Taxation Administration Act
other taxation laws, including taxable payments annual reporting, fringe benefits tax (for collection and recovery), wine equalisation tax, luxury car tax and fuel tax
Privacy Act
ATO lodgement requirements
accounting principles and practices

accounting and GST terminology used when preparing and submitting BAS and IAS for a range of business types
scope and limitations of services that can be provided by a Registered BAS Agent under the Tax Agent Services Act compared to those of a Tax Agent.

Required reading

The qualified trainer and assessor will provide teaching and learning materials as required in the form of workbooks produced by Victoria University and/or via the Victoria University e-learning system.