FNSBKG404 Carry out Business Activity and Installment Activity Assignment

ASSESSMENT
Qualification: FNS40615 Certificate IV in Accounting
Unit of Competency: FNSBKG404 Carry out business activity and instalment
activity statement tasks
Student Name:
Student ID:
Assessment Due Date:

ASSESSMENT MAPPING
FNSBKG404 Carry out business activity and instalment activity statement
tasks
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.
Elements Performance Criteria
1. Identify
individual
compliance
and other
requirements
1.1. Research and document legislative, regulatory,
industry and organisational requirements relating to activity
statements and seek expert advice to clarify issues where
applicable
1.2. Review, interpret and apply legislation related to
taxes reported on activity statements, using relevant
materials when required and other resources supporting
legislation
1.3. Identify and document policies in relation to
compliance with Code of Professional Conduct as stipulated
in relevant legislation
1.4. Identify and access information, advice or services
outside individual’s scope of operation and establish and
use networks where necessary
1.5. Identify and document lodgement schedule
requirements
1.6. Assess entity’s cash flow and payment options and
initiate discussion with management to ensure sufficient
funds are available
2. Recognise
and apply
GST
implications
and code
transactions
2.1. Identify, apply and record goods and services tax
(GST) principles
2.2. Identify and code purchases and/or payments as per
GST classifications
2.3. Identify and code sales and/or receipts as per GST
classifications
2.4. Process accounting data to comply with tax reporting
requirements
3. Report on
payroll
3.1. Identify and reconcile total salaries, wages and other
payments for accounting period
FNSBKG404 Carry out business activity and instalment activity statement tasks Assessment – Version: 2.0 (Created: 18/09/17; Printed: 18/04/22)
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activities and
amounts
withheld
3.2. Identify and reconcile amounts withheld from salaries
and wages for accounting period in conjunction with payroll
department if applicable
3.3. Identify and reconcile amounts withheld from other
payments for accounting period in conjunction with other
departments if applicable
3.4. Verify or calculate pay as you go (PAYG) instalment
amount where applicable, or calculate for other payments
where applicable
4. Complete
and
reconcile
activity
statement
4.1. Generate, review and validate activity statement
reports, identify any errors and correct bookkeeping entries
where required
4.2. Make adjustments for previous quarters, months or
year-end where necessary
4.3. Complete BAS and/or IAS return in accordance with
current statutory, legislative, regulatory and organisational
schedule
4.4. Reconcile figures completed on BAS and/or IAS form
with journal entries, financial statements, GST and other
control accounts
5. Identify
individual
compliance
and other
requirements
5.1. Check activity statement and ensure sign off by
appropriate person as identified by statutory, legislative and
regulatory requirements
5.2. Lodge activity statement in accordance with
statutory, legislative and regulatory requirements
5.3. Process and record payments and refunds as
required
Performance Evidence
Evidence of the ability to:
 research, critically evaluate and apply any changes to current or new legislative
or professional conduct requirements relevant to the preparation of activity
statements
 identify financial transactions required to prepare activity statements and apply
goods and services tax (GST) principles and classifications
 prepare both business activity statements (BAS) and instalment activity
FNSBKG404 Carry out business activity and instalment activity statement tasks Assessment – Version: 2.0 (Created: 18/09/17; Printed: 18/04/22)
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statements (IAS) for a range of legal entities that comply with:
o Australian taxation law, Australian Taxation Office (ATO) rulings, Tax
Practitioner Board (TPB) requirements and any lodgement schedules
o accounting principles and practices
o organisational policy and procedures
 present activity statements for verification and approval
Knowledge Evidence
To complete the unit requirements safely and effectively, the individual must:
 Outline the research methods and sources of information used to update
knowledge of professional and legislative requirements relating to activity
statements
 identify the key requirements of current legislation, regulations and industry
codes of practice related to the preparation of activity statements, including:
 Tax Agent Services Act (TASA), including Code of Professional Conduct and
civil penalty provisions
o Fringe Benefits Tax Assessment Act
o Superannuation Guarantee (Administration) Act
o Superannuation Guarantee Charge Act
o A New Tax System (Goods and Services Tax) Act
o Income Tax Assessment Act
o Taxation Administration Act
o other taxation laws, including wine equalisation tax, luxury car tax and fuel
tax
o Privacy Act
 describe the ATO requirements and relevant accounting terminology for the
preparation and submission of BAS and IAS related to a range of business
types
 describe GST terminology, classifications, regulations and obligations with
reference to relevant materials
 explain the TPB requirements for registration as a BAS agent
Foundation Skills
FNSBKG404 Carry out business activity and instalment activity statement tasks Assessment – Version: 2.0 (Created: 18/09/17; Printed: 18/04/22)
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Reading  Analyses and interprets relatively complex regulatory and
legislative texts and other sources of information to
identify and clarify requirements
Writing  Documents research information and accurately records
required tax data and financial transactions
Oral
Communication
 Elicits the views and opinions of others and obtains
information by questioning and active listening, and uses
clear and detailed language to clarify and confirm
understanding
Numeracy  Uses developed mathematical skills to interpret and
assess business accounting records, identify, reconcile
and correctly process relevant data and calculate
required taxation instalments in compliance with
reporting requirements
 Prepares accurate numerical data for activity statements
that is adjusted and corrected as required and reconciled
to bookkeeping system entries
 Defines timeframes in accordance with schedule
requirements
Navigate the world
of work
 Takes responsibility for adherence to legal and
regulatory requirements
 Uses research and consultation to ensure fully informed
and compliant work practice
Interact with others  Cooperates and collaborates with others as part of
familiar routine activities and contributes to activities
requiring joint responsibility and accountability
Get the work done  Plans, organises and completes work according to
defined requirements, taking responsibility for
sequencing tasks to meet organisational deadlines and
FNSBKG404 Carry out business activity and instalment activity statement tasks Assessment – Version: 2.0 (Created: 18/09/17; Printed: 18/04/22)
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legislative requirements
 Uses systematic, analytical processes in complex,
routine and non-routine situations, gathering information
and identifying and evaluating potential solutions
 Uses digital tools to conduct research, design work
processes and to complete work tasks
ASSESSMENT INFORMATION:
To be deemed competent for this unit of competency, you are required to
satisfactorily complete two (2) assessments:
 Assessment 1: Written questions
 Assessment 2: Skills Assessment
Assessment Instructions
Your assessment will be required to be typed in Arial font size 12 only. You will
provide your completed assessment for all of questions in one document and MUST
be uploaded into MOODLE (No other method of submission will be accepted).
FNSBKG404 Carry out business activity and instalment activity statement tasks Assessment – Version: 2.0 (Created: 18/09/17; Printed: 18/04/22)
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You are required to professionally format your document including spell-check and
indicating each Task answer [e.g. Task 1 (a.) then the answer, Task 1 (b.) then the
answer etc.] according to this Assignment requirement. You may lose marks if you
have not spell-checked your document (as this is a professional formatting
requirement, a business skill).
This assessment can be completed in one of several ways. Assessment candidates
may identify unit requirement within their own work environment or organisation, or
with reference to a scenario provided by the trainer/assessor.
Be sure to properly reference your sources of information using the Harvard
referencing system. For more information go to:-
 Student Handbook - latest version
 Ask your Trainer/Assessor to provide you with this information
In order to determine if you are addressing this assignment adequately in terms of
competency/comprehension (prior to due date) a draft copy of your assessment
should be discussed during class time in consultation with your
Trainer/Assessor. For this feedback/ support from your Trainer/Assessor, you will
need to bring to class your “draft copy” with any evidence of the research you have
conducted to produce the assessment.
If, as a student you feel you have special needs that require your Trainer/Assessor to
apply a reasonable adjustment – please discuss this with your Trainer/Assessor at
the beginning of the subject studies.
Your Assignment must:
a. Be of a professional standard (spelling, grammar, punctuation)
b. Size 12, Arial Font
c. 1.5 Spacing
d. All pages must have a Header/Footer with the following details:
o Name
o Student ID
o The course & unit of competency
FNSBKG404 Carry out business activity and instalment activity statement tasks Assessment – Version: 2.0 (Created: 18/09/17; Printed: 18/04/22)
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o Date
o Page numbering
e. Title page
f. Index page
g. Body of work
h. Referencing
How to upload your answered assessment into MOODLE
To upload your assignment into Moodle, follow these steps.
1. Log-in to Moodle and access the subject that you will be submitting the
assignment in.
2. Locate the assessment you will be uploading into by scrolling down to the week
that the assessment is due in and then click on the assessment submission link.
3. Click on the name of the assignment.
4. Click the Browse button.
5. Select the file and click Open.
6. Click the Upload this file button.
7. If you have more than one file, repeat the process (steps 4-6) to attach
additional files up to the assignment's limit.
8. Once happy with your submission click the Send for marking button. The
files are locked and the student can no longer delete, or upload more, files.
Note: The date and time of the submission is recorded when the files are sent for
marking, not when they are first uploaded.
FNSBKG404 Carry out business activity and instalment activity statement tasks Assessment – Version: 2.0 (Created: 18/09/17; Printed: 18/04/22)
This document is uncontrolled version when printed.