Business Activity Statements and GST

This assignment focuses on understanding Business Activity Statements (BAS) and Goods and Services Tax (GST) in Australia. Using Capsicum Preserves Pty Ltd as a case study, the analysis covers claiming GST credits, preparing GST reports, assessing available funds, payment/refund entries, and adapting to new legislation. The assignment also delves into the importance of exact bookkeeping and unpaid GST implications. It aims to provide guidance on accurately completing BAS forms and understanding related tax obligations.

Carry on Business and
instalment activity statement
tasks

Script
In this script, there are certain questions that are going to be answered by me. Major
focus of this report will be on goods and service tax system where the time limit allowed by
Australian Taxation office to claim GST credits on a business activity statements. In context to
this, I am going to depict the process in order to claim GST credits in a subsequent period. In
order to answer all the questions, I have considered Capsicum Preserves Pty Ltd. In addition to
it, the requirements for printing GST report for the previous period is required to be done. With
the use of business activity statement of this stated organization, I am required to analyse the
availability of funds of this company. I will also show the payment or refund entry of capsicum
Preserves Ltd. In order to evaluate and adapt requisite changes for new legislation, I will conduct
a research for the same. This will assist me to prepare activity statements with the consideration
of relevant requirements.
In context to above, it is required for me to involve all the legislation in relation to the
preparation of activity statements. However, I will include tax agents service acts, civil penalty
provisions of tax agents, fringe benefits tax assessment act and so on. In order to get good
knowledge of these issues I am going to conduct a research. So that, I can help out the business
owner of Capsicum Preserves Ltd to solve BAS queries. However, the adoption of new
legislation will assist the owner to form exact bookkeeping. Whereas, exact bookkeeping is a
accounting service which is specially used to prepare and maintain the accounts. This can b
adopted by sole traders, partnership firms and limited companies. The mentioned organization
adapts this concept through which they can check accounts on quarter basis. I am going to advice
the owner in order to conduct bookkeeping with the use of codes of professional conducts.
I am also required to deliver the importance and process of unpaid GST for the quarters.
In addition to it, adjustments will be done on the basis of GST collected and paid reconciliation
for the selected organization. In addition to this, I am also going to depict the actual position of
the of Capsicum Preserves Ltd. If the company does not have appropriate funds in bank then the
cheques may get dishonoured. By considering all these factors, the organization will be able to
prepare its activity statements in an effective manner. Whereas, business activity statement is a
document which is submitted by a businessman to the Australian Taxation Office. This
document includes the amount of tax, TIN number details and more information. Proper
knowledge of fringe benefits, taxes will assist in filling this form in an appropriate manner. In
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addition to it, I will also enlighten the key requirements for the requisite legislation to prepare
activity statements. By considering all these information, I will be in a position to provide proper
guidance to the owner of stated organization.
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