FNSBKG404 Carry out Business Activity and Instalment Activity Statement Tasks Assessment

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
activities and
3.1. Identify and reconcile total salaries, wages and other
payments for accounting period
3.2. Identify and reconcile amounts withheld from salaries
FNSBKG404 Carry out business activity and instalment activity statement tasks Assessment – Version: 2.0 (Created: 18/09/17; Printed: 4/06/24)
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amounts
withheld
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
statements (IAS) for a range of legal entities that comply with:
o Australian taxation law, Australian Taxation Office (ATO) rulings, Tax
FNSBKG404 Carry out business activity and instalment activity statement tasks Assessment – Version: 2.0 (Created: 18/09/17; Printed: 4/06/24)
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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
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
FNSBKG404 Carry out business activity and instalment activity statement tasks Assessment – Version: 2.0 (Created: 18/09/17; Printed: 4/06/24)
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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 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
FNSBKG404 Carry out business activity and instalment activity statement tasks Assessment – Version: 2.0 (Created: 18/09/17; Printed: 4/06/24)
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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).
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.
FNSBKG404 Carry out business activity and instalment activity statement tasks Assessment – Version: 2.0 (Created: 18/09/17; Printed: 4/06/24)
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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
o Date
o Page numbering
e. Title page
f. Index page
g. Body of work
h. Referencing
FNSBKG404 Carry out business activity and instalment activity statement tasks Assessment – Version: 2.0 (Created: 18/09/17; Printed: 4/06/24)
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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: 4/06/24)
This document is uncontrolled version when printed.