Course Title: Carry out business activity and instalment activity statement tasks

Part A: Course Overview

Program: C4362 Certificate IV in Bookkeeping

Course Title: Carry out business activity and instalment activity statement tasks

Portfolio: BUS Portfolio Office

Nominal Hours: 40

Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

Course Code

Campus

Career

School

Learning Mode

Teaching Period(s)

ACCT5372C

City Campus

TAFE

650T Vocational Business Education

Face-to-Face or Internet

Term2 2016,
Term1 2017

Course Contact: Ben Sethia

Course Contact Phone: +61 3 9925 1374

Course Contact Email: bhupendra.sethia@rmit.edu.au



Course Description

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.

It applies to individuals who use a range of organisational and analytical techniques to work within organisations or to supply specific bookkeeping services as a small business owner or contractor.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. This unit is designed to meet the educational requirements of the Tax Practitioner Board (TPB).Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

Pre-requisite Courses and Assumed Knowledge and Capabilities

None



National Competency Codes and Titles

National Element Code & Title:

FNSBKG404 Carry out business activity and instalment activity statement tasks

Elements:

1. Identify individual compliance and other requirements

2. Recognise and apply GST implications and code transactions

3. Report on payroll activities and amounts withheld

4. Complete and reconcile activity statement

5. Lodge activity statement


Learning Outcomes


Overview of Assessment

In order to achieve competency in this unit, you must provide:

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:
    • Australian taxation law, Australian Taxation Office (ATO) rulings, Tax Practitioner Board (TPB) requirements and any lodgement schedules
    • accounting principles and practices
    • organisational policy and procedures
  • present activity statements for verification and approval.

Knowledge Evidence

To complete the unit requirements safely and effectively, you 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
    • Fringe Benefits Tax Assessment Act
    • Superannuation Guarantee (Administration) Act
    • Superannuation Guarantee Charge Act
    • A New Tax System (Goods and Services Tax) Act
    • Income Tax Assessment Act
    • Taxation Administration Act
    • other taxation laws, including wine equalisation tax, luxury car tax and fuel tax
    • 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.

 Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the bookkeeping field of work and include access to:

  • common office equipment, technology, software and consumables
  • an integrated financial software system
  • relevant legislation and industry material
  • ATO and TPB and materials available from the ATO and TPB, including through the internet.

You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.

Feedback

Feedback will be provided throughout the semester in class and/or online discussions.  You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.

You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course.