This unit describes the skills and knowledge required to identify and apply compliance requirements to effectively process and complete business activity statements (BAS), instalment activity statements (IAS), and other required reports.  It 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.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. This unit is designed to meet the education requirements of the Tax Practitioner Board (TPB). Refer to the FNS Financial Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on regulatory requirements.

Unit details

Study level:
Vocational and further education (TAFE)
Unit code:
FNSTPB401

Assessment

Assessment tasks will be designed to reinforce and extend knowledge and skill competence within set and controlled parameters in accordance with each unit's learning outcomes and 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: - research, critically evaluate, and apply changes to current or new legislative or professional conduct requirements when preparing business activity statements (BAS); - identify financial transactions required to prepare activity statements and apply the principles and classifications of the goods and services tax (GST); - prepare both BAS and instalment activity statements (IAS) for a range of legal entities, and; - present business activity statements for verification and approval. Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.Students will also be expected to demonstrate the following knowledge: - research methods and sources of information used to update knowledge of professional and legislative requirements relating to activity statements; - key requirements of current legislation, regulations and industry codes of practice relating to preparing activity statements; - accounting terminology used when preparing and submitting BAS and IAS for a range of business types, and; - GST terminology, classifications, regulations, and obligations.

Where to next?

As part of a course

This unit is studied as part of the following courses. Refer to the course page for information on how to apply for the course.

VU takes care to ensure the accuracy of this unit information, but reserves the right to change or withdraw courses offered at any time. Please check that unit information is current with the Student Contact Centre.