1.1.a Top of Form What research methods might you use to update your knowledge of professional and legislative requirements relating to activity statements? ANSWERS: 1.1.b Top of Form From what...

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1.1.a Top of Form What research methods might you use to update your knowledge of professional and legislative requirements relating to activity statements? ANSWERS: 1.1.b Top of Form From what sources would you gather information about the legislative, regulatory, industry and organisational requirements relating to activity statements and information to clarify issues that might arise? List at least eight. Bottom of Form 1.2.a Top of Form There is particular legislation, regulations and industry codes of practice that relates to the preparation of activity statements. List at least 10 forms of legislation, regulation or codes that will apply. Bottom of Form 1.2.b Top of Form What advice might the ATO provide in regards to legislation related to taxes reported on activity statements? Bottom of Form 1.3.a Top of Form Briefly summarise the Professional Code of Conduct that should be adhered to by tax and BAS agents. Conduct independent research as needed. Bottom of Form 1.3.b Top of Form Under the Code of Professional Conduct, what action should you take if you become aware of discrepancies between what the client has told you and some of the documentation that you have examined? Bottom of Form Question 1.4 Top of Form Identify whether the following are or are not a BAS or Tax Agent service: · Applying to the Registrar for an ABN on behalf of a client. · Coding transactions, tax invoices and transferring data onto a computer program for clients through processes that do not require the interpretation or application of a BAS provision. · Coding transactions, tax invoices and transferring data onto a computer program for clients through processes that require the interpretation or application of a BAS provision. · Completing activity statements on behalf of an entity or instructing the entity which figures to include. · Confirming figures to be included on a client’s activity statement. · Entering data without involvement in or calculation of figures to be included on a client's activity statement. · General training in relation to the use of computerised accounting software not related to client's particular circumstances. · Installing computer accounting software without determining default GST and other codes tailored to the client. · Preparing bank reconciliations. Bottom of Form 1.5.a Top of Form You have been asked to assess the organisation’s compliance with statutory requirements. This is outside of your scope of operation. The requirements are that you examine current policies and practice, assess compliance and make recommendations for improvement. With whom might you consult and what information/ assistance might you need? Bottom of Form 1.5.b Top of Form Explain how professional associations and networks can be helpful. Bottom of Form 1.6 Briefly summarise GST regulations and obligations with reference to GST classifications and relevant materials. 1.7.a Top of Form Describe the main cash inflow and outflows that a business might experience. Bottom of Form 1.7.b Top of Form How could a business improve its cash flow to ensure sufficient funds are available to meet taxation obligations? Conduct independent research as needed. Bottom of Form 2.1.a Top of Form Explain the principles of Privacy legislation. Bottom of Form 2.1.b Top of Form The information you convey to customers about the product/ service you offer must be truthful, accurate, current and reliable. Describe the consequences of failing to do this by commission or omission. Bottom of Form 2.2.a Top of Form What is the purpose of a code of conduct and what do they normally contain? Bottom of Form 2.2.b Top of Form How will a code of practice assist you in guiding your actions? Bottom of Form 2.3 Describe how you could clarify your own work practices. List at least three strategies. 3.1.a Top of Form What is the basic, underlying principle of GST as it relates to supply? Conduct your own research. Bottom of Form 3.1.b Top of Form Organisations that have registered for GST include GST in the sale price of their goods. Are there any sales that might not include GST ? 3.2.a Top of Form Why is it necessary to maintain adequate records to support the taxation accounting system and to code purchases and/or payments as per GST classifications? Bottom of Form 3.2.b Top of Form Do you pay GST on taxable supplies and can you claim GST credits for purchases associated with taxable supplies? Bottom of Form 3.2.c Top of Form What is a mixed supply? Bottom of Form 3.2.d Top of Form What are input taxed supplies and do you charge GST on them? Bottom of Form 3.3.a Top of Form What are taxable sales? Provide two examples. Bottom of Form 3.3.b Top of Form Identify the codes that are allocated to each of these transactions and state whether or not it is a taxable supply. 1. Exports 2. All capital acquisitions made during the period 3. Total sales and income 4. GST-free supplies Bottom of Form 3.4 It is necessary to process accounting data to comply with tax reporting requirements. What accounting data should be recorded in an organisation and why should it be recorded? 4.1 What items are considered to be salaries, wages, or other payments for payroll reporting processes? 4.2.a Top of Form What is PAYG? Bottom of Form 4.2.b Top of Form The taxpayer does not have to vary the amount or claim a variation credit. Explain why the taxpayer might choose to do so or not do so. Bottom of Form 4.2.c Top of Form Who is responsible for paying the FBT? Bottom of Form 4.2.d Top of Form What FBT concessions are available? List four. Bottom of Form 5.1.a Top of Form Prepare a checklist of tasks to perform when generating, checking and validating a BAS. Bottom of Form 5.1.b Top of Form What action should be taken if you identify an error and what should you do if you cannot locate or fix an error? Bottom of Form 5.2.a Top of Form What are capital assets/ expenses? Bottom of Form 5.2.b Top of Form Can you claim a GST credit for capital acquisitions? Bottom of Form 5.2.c Top of Form What is a GST Reverse charge? Bottom of Form 5.3.a Top of Form Why might you need to make adjustments and what two types of adjustment are there? Bottom of Form 5.3.b Top of Form Are adjustments used to correct errors in a previous BAS? Bottom of Form 5.4.a Top of Form If a business has an annual turnover over $20 million, what options does it have on how to pay its GST obligations? By what method can it report and pay its GST? Bottom of Form 5.4.b Top of Form A business makes payments and reports its obligations under the tax system using activity statements. What are some of the things that can be reported in an activity statement? List six. Bottom of Form 5.5.a Top of Form Explain the benefits of maintaining control accounts. Conduct independent research as needed. Bottom of Form 5.5.b Top of Form What does it mean to say that figures should be reconciled? Bottom of Form 6.1 Why do drafts of returns and lodgements need to be reviewed and signed off by authorised personnel? 6.2 Activity statements must be lodged in accordance with statutory, legislative and regulatory requirements. How can an effective accounting system help? 7.1 You must be able to describe, to a manager or to a client, the ATO requirements and relevant accounting terminology that applies to the preparation and submission of BAS and IAS. Explain what each of the following is: Terminology Explanation RCTI FBT WET GST BAS IAS TASA withholding tax GST inclusive ABN the business’s document ID ATO TPB entity reconcile salaries and wages Code of Professional Conduct Bottom of Form