Task 2 part B should to be done using MYOB.Not Excel
FNS40217 | FNSTPB401 Complete Business Activity and Instalment Activity Statement Tasks Assessment Tasks | V 2.0 | Apr 2018 Page 1 of 21 Assessment Task 1: Assessment Task Research and Present: BAS Legislation and Requirements Schedule TBA Outcomes Assessed Performance Criteria: 1.1, 1.2, 1.3, 1.4, 1.5, 1.6 Addresses some elements of required skills and knowledge as shown in the Assessment Matrix Description: Businesses use activity statements (BAS) to report and pay a number of tax obligations, including GST, pay as you go (PAYG) instalments, PAYG withholding, and fringe benefits tax. Individuals who need to pay quarterly PAYG instalments also use Activity statements (ATO, 2013). Activity statements are personalised to each business or individual to support reporting against identified obligations. In this assessment task you will be required to research and present legislative and regulatory requirements and organisational and industry requirements relating to Activity Statements for Bean’s Coffee. Assuming the role of an Accounts Officer working for Bean’s Coffee, complete the following tasks in accordance with company’s relevant policies and procedures as provided in the “Finance Policy and Procedure Manual”. For the purpose of this task, your trainer/assessor will play the role of the Accounts Manager. Ensure that you communicate and obtain necessary information, clarification, and approval as required. Tasks: This task has two parts. Before you start working on the tasks, arrange a meeting with your manager (trainer/assessor role play) according to a pre-arranged schedule (you trainer/assessor will discuss and organise in the class. Assume that you have been asked to research relevant taxation legislation and regulations and prepare a reference document to be added to the company’s Finance Policy and Procedures Manual” as an appendix. Discuss and confirm with your manger (trainer/assessor role pla) the following organisational requirements; 1. The task requirements 2. Required completion date/timeframe 3. Format and contents of the reference documents 4. Presentation requirements FNS40217 | FNSTPB401 Complete Business Activity and Instalment Activity Statement Tasks Assessment Tasks | V 2.0 | Apr 2018 Page 2 of 21 Ensure that as part of your reference document, you add information and technical requirements (including software) for accessing ATO’s online services through Business Portal. Part A: In this part you will be required to research and describe; 1. Briefly describe taxation legislations that covers provisions of GST and related services; in particular; o Tax Agent Services Act 2009 (TASA 2009) o Fringe Benefits Tax Assessment Act 1986 o Superannuation Guarantee (Administration) Act 1992 o Superannuation Guarantee Charge Act 1992 o A New Tax System (Goods and Services Tax) Act 1999 o Income Tax Assessment Act 1997 o Income Tax Assessment Act 1936 o Taxation Administration Act 1953 o Privacy Act 1988 2. Regulatory requirements for preparation and lodgement of BAS for (for comparison purpose); a) Sole traders b) Companies c) Not-for-Profit organisations d) Discretionary trusts 3. Sources on relevant information and links to the relevant ATO information sheets (e.g. NAT 7393 - PAYG instalments) 4. Suggested professional network contacts for sharing and obtaining information outside the company 5. Regulatory requirements for completion and signing of BAS 6. A glossary of key taxation and GST terminology (e.g. BAS – Business Activity Statement; essentially covering lexicons appearing on GST form and worksheet) 7. The obligations of a BAS agent under the Tax Agent Services Act 2009 (TASA 2009), including the Code of Professional Conduct and the Civil Penalty provisions 8. Requirements for registration as a BAS Agent under the Tax Practitioners Board (TPB) This document should be word-processed and written in a formal style appropriate for inclusion in the company’s manual. Legislations and regulations must be accurately listed and appropriate links should be provided to ATO and other sites. Part B: 1) Obtain a sample BAS calculation worksheet from ATO website (www.ato.gov.au) and; Describe each code used by ATO under Sales, Purchase, and GST Adjustment (Example: G3 – Tax Free Sales). List codes in a tabular format with a separate column for each of the above areas 2) Describe and provide examples of; Taxable Sales GST free Sales Input Taxed Sales Out of Scope Sales http://www.ato.gov.au/ FNS40217 | FNSTPB401 Complete Business Activity and Instalment Activity Statement Tasks Assessment Tasks | V 2.0 | Apr 2018 Page 3 of 21 Ensure that you provide examples of at least five (5) items under each of the above categories 3) Create a quick reference sheet on BAS and PAYG that you could give to your clients. Make sure to include information on their obligations, your role, and provide links to further resources. Once completed, present your reference document to the class assuming the class audience as a multi- cultural mix of organisational stakeholders. Assessment Criteria The following assessment criteria will be used for marking this assessment task. Ensure that you have addressed all of the criteria in your work. Referred to and used appropriate organisational manual/document for the task Discussed and clarified the task with the manager (trainer/assessor role play) Completed the task as per the instructions provided Maintained organisational context and followed specific organisational requirements (role play) for completing the task The complied information demonstrates the extent to research undertaken and resources used Legislative and regulatory information is appropriately identified, referenced, and organised for the organisation’s manual The reference document includes technical information and requirement for accessing and using ATO’s online services Regulatory requirements for different types of entities is research and listed for comparison purposes Additional information sources and networks are identified and suggested A glossary of GST terminology is prepared for reference; and is consistent with BAS worksheet and report documents Relevant legislative and regulatory requirements pertaining to services of a BAS agent are adequately researched and articulated for reference Requirements for registration as a BAS Agent with TPB are researched and summarised for reference Described and provided examples of a range of sales types as required on BAS form Prepared a comprehensive and structured reference document with appropriate headings and consistent flow of contents Presented the reference document to the class audience Presented was appropriately styled and structured for a consistent user experience Maintained a positive body language and engaged the audience Allowed for questions and feedback and appropriately answered all the queries Demonstrated the ability to present to and engage a diverse audience Submission Guidelines To be completed in the classroom in presence of a trainer/assessor. Submit; Word-processed reference document Related and attached documents as required in the task Copies of legislative and regulatory information used (relevant parts) Copies of presentation slides FNS40217 | FNSTPB401 Complete Business Activity and Instalment Activity Statement Tasks Assessment Tasks | V 2.0 | Apr 2018 Page 4 of 21 All assessment tasks must be submitted with an Assignment Cover Sheet with submission date and signature. FNS40217 | FNSTPB401 Complete Business Activity and Instalment Activity Statement Tasks Assessment Tasks | V 2.0 | Apr 2018 Page 5 of 21 Assessment Task 2: Part A: BAS and Instalment Exercises Assessment Task BAS and Instalment Exercises Schedule TBA Outcomes Assessed Performance Criteria: 1.4, 1.6, 1,7. 2.2, 2.3, 3.1, 3.2, 3.4 Addresses some elements of required skills and knowledge as shown in the Assessment Matrix Description: These tasks have been designed as in-class assessment tasks to be scheduled in accordance with respective learning sessions. These tasks provide the opportunity to apply the understanding of GST/BAS terminologies and practice transactions before undertaking the final assessment task. Complete the following tasks. 1. An organisation that is an accruals quarterly payer has completed the BAS for the third quarter in the tax year; a) By what date must this be reported and lodged? b) If the organisation had chosen to report monthly, by what date would the March BAS need to be lodged? 2. Complete the following table by placing a to indicate reporting requirements. BAS and IAS reporting requirements Gross annual turnover of sales Quarterly reporting Monthly reporting Cash payer Accruals payer Less than $2 million More than $2 million FNS40217 | FNSTPB401 Complete Business Activity and Instalment Activity Statement Tasks Assessment Tasks | V 2.0 | Apr 2018 Page 6 of 21 Less than $20 million More than $20 million Annual PAYG withholdings Less than $25,000 More than $25,000 FBT liability greater than $3,000 3. In the second quarter of the tax year a quarterly paying firm makes taxable supplies (sales) of $122,000. They have tax invoices to the gross value of $55,000 all entitled to input tax credits. Calculate their entitlement to input tax credits and liability to output tax payable as well as the net GST owing to the ATO for the quarter. 4. What is the basic information required on a valid tax invoice for less than $1,000? FNS40217 | FNSTPB401 Complete Business Activity and Instalment Activity Statement Tasks Assessment Tasks | V