Course Title: Carry out business activity and instalment activity statement tasks
Part B: Course Detail
Teaching Period: Term2 2016
Course Code: ACCT5372C
Course Title: Carry out business activity and instalment activity statement tasks
School: 650T Vocational Business Education
Campus: City Campus
Program: C4366 - Certificate IV in Accounting
Course Contact: Ben Sethia
Course Contact Phone: +61 3 9925 5982
Course Contact Email: firstname.lastname@example.org
Name and Contact Details of All Other Relevant Staff
Phone 9925 5735
Nominal Hours: 50
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.
Pre-requisites and Co-requisites
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).
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title:
FNSBKG404 Carry out business activity and instalment activity statement tasks
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 requirements1.6 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 classifications2.4 Process accounting data to comply with tax reporting requirements
3. Report on payroll activities and amounts withheld
3.1 Identify and reconcile total salaries, wages and other payments for accounting period
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 applicable3.4 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 schedule4.4 Reconcile figures completed on BAS and/or IAS form with journal entries, financial statements, GST and other control accounts
5. Lodge activity statement
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 requirements5.3 Process and record payments and refunds as required
Details of Learning Activities
A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.
The self-paced activities will be delivered thought various technology platforms and include your contribution to wikis and discussion threads, reflective journals, quizzes and interactive sessions.
The collaborative classroom based activities will include group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment.
We expect you to participate and contribute in all scheduled learning activities.
Prior to training commencement a program level induction session will be conducted that comprises the following:
- Program overview and requirements
- Overview of assessment requirements
- Pre-Training Review including:
- Recognition of Prior Learning and Credit Transfers
- Assessment of current skills and knowledge
- Competency/Grading Criteria
- Submission requirements
- Resubmission policy
- Where to get support
- Student responsibilities
With respect to the part-time (flexed) students, in class work will account for 28 of the total nominal hours of 80, and in-class work will include a range of self-paced and collaborative learning activities such as class discussion, completion and review of set exercises, and tests and an assignment in which parts involve a simulated/real workplace environment.
The hours of self-directed learning by part-time students (52 of the total nominal hours of 80) will be taken up with reading, research, set work on exercises and the completion of an assignment outside scheduled class time. The schedule for part-time students will comprise 14 by 2-hourly classes with two, 1-hourly collaborate sessions, scheduled to be notified. With respect to the online collaborate sessions, part-time students must ensure that they have Java Script installed on their computer (can be installed from http://java.com/en/download/index.jsp ) and a headset with microphone.
The Teaching Schedule for this course is as follows but please note that it is subject to change.
The mid semester break is from 25/3 to 1/4/16 (Easter break). Classes resume on 4 April 2016.
Part time students will be on the same timetable as the full time students, except the classes for 2 weeks(evenings) will be conducted via a collaborate session.
|1||08/02/16||Introduction to Income tax|
|2||15/02/16||Setting up a new business|
|3||22/02/16||Role of accountant/bookkeeper||Assign. out|
|4||29/02/16||Payroll Policy & Procedure|
|5||07/03/16||Processing payroll introduction|
|6||14/03/16||Practice on payroll|
|24/03/16 - 30/03/2016||- Mid Semester Break 25/3/16- 1/4/2016|
|9||11/04/16||Gathering info for BAS & IAS|
|10||18/04/16||Payroll and MYOB||Online test(Task 1)|
|11||25/04/16||Lodging BAS & other reporting requirements||Assign. in (Task 2)|
|12||02/05/16||In-class Test revision- part 1|
|13||09/05/16||In-class Test revision - part 2|
|14||16/05/16||In-class Test||In-class Test (Task 3)|
|16||30/05/16||Resits of In-class test||Resit test|
The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete the course. This may include not only scheduled classes bit also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.
Carry Out Business Activity & Instalment Activity Statement Tasks by Phillip Charles & Sonia Deaner 7th Edition
Notes as provided on MyRMIT (blackboard)
Overview of Assessment
In order to achieve competency in this unit, you must provide:
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
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 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 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.
Overview of Assessment
This course, FNSBKG404 Carry Out Business Activity & Instalment Activity Statement Tasks is co-delivered and co-assessed with FNSBKG405 Establish and Maintain a Payroll System
The assessments for this course have been designed to allow participants apply their learning to particular simulated work scenarios and demonstrate their competence in a variety of ways.
TASK 1 (Due Date: Week beginning 18/4/16 )
For this Assessment Task you will do an online test consisting of 20 multiple choice questions covering the first 9 weeks of materials. It will be made available to you on the Monday of the week and must be completed by the following Sunday of that week. You have multiple attempts to complete the test. You must reach 10/20 to pass. Also you have 1 hour 30 minutes time frame, and it must be completed in one sitting. This can be done in your own time.
TASK 2 (Due Date: Week beginning the 25/4/16)
For this assignment it will be structured to incorporate short answer questions relating to various appropriate legislation. As it is a competency based assessment then a competent (CA) grade must be achieved for this assessment.
It will be made available on blackboard in week 3 and is due for submission in week 11.
TASK 3 (Due Date: Week beginning 16/5/16)
This assessment task involves setting up an employee, processing a payroll and producing end of financial year PAYG Payments Summaries using MYOB. It also involves the setting up of new accounts in MYOB, the processing of transactions via Sales, Purchases and banking functions and the producing of an IAS and BAS using MYOB Baslink and MYOB reports. As this test is competency based then a (CA) grade must be achieved for this assessment.
You must successfully complete all assessment tasks to achieve competency.
• Ensure that you submit assessments on or before the due date.
• Always retain a copy of your assessment tasks. (hard copy and soft copy)
• When you submit work for assessment at RMIT University you need to use a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of each assessment task is available on blackboard.
• Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers. For example, Callie Harvey, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.
Late Submission Procedures
You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.
If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days. <check links are still current>
More Information: http://www.rmit.edu.au/students/assessment/extension
Form to use: http://mams.rmit.edu.au/seca86tti4g4z.pdf
Where an extension of greater than seven days is needed, you must apply for special consideration. Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination. <check links are still current>
More Information: http://www.rmit.edu.au/browse;ID=g43abm17hc9w
Form to use: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf
Resubmissions (VET Programs):
If you are found to be unsuccessful in a Course Assessment Task you will be allowed one resubmission only. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. The highest grade you will receive if your resubmission is successful is “CAG”.
If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.
Adjustments to Assessment
In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website: <check link is still current>
More Information: http://rmit.edu.au/browse;ID=7usdbki1fjf31
Marking Guide (Competency):
You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.
You will receive feedback on each assessment task that will inform you about your progress and how well you are performing.
Marking Guide (Grading)
After achieving competency we then grade your performance in the unit and you will achieve one of the following grades:
Final Grades table:
CHD Competent with High Distinction
CDI Competent with Distinction
CC Competent with Credit
CAG Competency Achieved – Graded
NYC Not Yet Competent
DNS Did Not Submit for assessment
Further information regarding the application of the grading criteria will be provided by your teacher.
Course Overview: Access Course Overview