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

Part B: Course Detail

Teaching Period: Term2 2017

Course Code: ACCT5372C

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

School: 650T Vocational Business Education

Campus: City Campus

Program: C5374 - Diploma of Accounting

Course Contact: Ben Sethia

Course Contact Phone: +61 3 9925 5982

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


Name and Contact Details of All Other Relevant Staff

Bruce Phillips 

03 9925 5735

Bruce.phillips@rmit.edu.au 

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

None

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).


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSBKG404 Carry out business activity and instalment activity statement tasks

Element:

1. Identify individual compliance and other requirements

Performance Criteria:

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

Element:

2. Recognise and apply GST implications and code transactions

Performance Criteria:

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

Element:

3. Report on payroll activities and amounts withheld

Performance Criteria:

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 applicable

3.4 Verify or calculate pay as you go (PAYG) instalment amount where applicable, or calculate for other payments where applicable

Element:

4. Complete and reconcile activity statement

Performance Criteria:

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

Element:

5. Lodge activity statement

Performance Criteria:

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


Learning Outcomes



Details of Learning Activities

A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.

A Practice Firm - Work simulated environment will be set up where students will be employed in the virtual office. The students will be asked to work in this practice firm every week and perform the normal activities as in office kind situation, It will give the real working life experience. Practice firm will operate from Week 9-16.

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.


Teaching Schedule

Teaching Schedule

 

This unit will be co delivered and co assessed. It is a cluster of two units -

FNSBKG404 Carry out business activity and instalment activity statement tasks

FNSBKG405 Establish and maintain a payroll system

 

The Teaching Schedule for this course is as follows but subject to change at the coordinator’s discretion:

 

 

Induction Session

Prior to training commencement a program level induction session will be conducted that comprises the following:

 

·       Program  overview and requirements

·       MyRMIT/Blackboard

·       Overview of assessment requirements

·       Pre-Training Review including:

o   Recognition of Prior Learning and Credit Transfers

o   Assessment of current skills and knowledge

·       Competency/Grading Criteria

·       Plagiarism

·       Appeals

·       Extensions

·       Feedback

·       Privacy

·       Submission requirements

·       Resubmission policy

·       Where to get support

·       Student Charter

 
 

 

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 but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

 

The teaching schedule is subject to change at the discretion of the coordinator:

Week

 

Week Commencing

Topics

Assessment

Competencies Delivered

1

3/7/2017

Introduction to the Course including:

·       Course requirements

·       Course support documents

·       Course Blackboard access

·       Accuracy of enrolment

·       Assessment requirements/Cover Sheets

·       Reminder re Plagiarism

·       Reminder re Appeals

·       Extensions/Resubmissions

·       Feedback in this course

·       Reminder re submission requirements

·       Getting help

Introduction to Bookkeeping Practices

·       Role of Bookkeeper

·       Role of Accountant

·       Difference between accountant & Bookkeeper

·       Business structure

·       Introduction to Tax system

 

Chapter 1 Carry out Business Activity book by Charles

2

10/7/2017

·       Role of Payroll Officer

·       Duties of Payroll Officer

·       Discussion on awards

·       Types of awards

·       Types of Contracts

·       Types of Employment

·       Superannuation Guarantee

·       Superannuation Payment

 

 

Online Material from blackboard

3

17/7/2017

·       Manual payroll process

·       Time sheets

·       Wage categories

·       Leave categories

·       Time calculation

·       Payslip preparation

·       Leave balance calculation

·       Superannuation payment

 

Online Material from blackboard

4

24/7/2017

Manual payroll calculation

Exercises from the blackboard

 

Assessment Part A Theory Test based on the learning from week 1-4

Online Material from blackboard

5

31/7/2017

MYOB Introduction

·       Setting up wage categories

·       Setting of deductions

·       Setting up leave categories

·       Setting up superannuation details

·       Setting up PAYG details

 

 

Chapter 6 MYOB book by Doug

6

7/8/2017

MYOB Continued

·       Command centre discussion on Payroll

·       Transitions processing

·       Paying employees

·       Printing payslips

·       Payment summaries

·       ATO regulations

·       Exercises from chapter 6 of Doug Gourlay book

 

 

Chapter 6 MYOB book by Doug

7

14/8/2017

MYOB practice in class

·       Lots of practice exercises to make students comfortable

·       Practice case study

 

Chapter 6 MYOB book by Doug

8

21/8/2017

Introduction to GST

·       GST concept

·       Discussion of types of GST

·       Taxation system

·       How this GST works

·       Exercises on GST from blackboard

 

 

Chapter 3 Carry out Business Activity book by Charles

9

4/9/2017

·        MYOB GST exercises

·       Transactions posting

Simulation - In Practice firm where students will be given real scenario. They will be given role of payroll officer and will enter the employees and will enter their wage categories.

Chapters from MYOB book by Doug

exercises

10

11/9/17

 MYOB GST cont.

Exercises from the blackboard

MCQ on GST

Simulation - In Practice firm where students will be given real scenario cont.

Students will be asked to do the payrun for all the employees and issue payslips as per their contract requirements.

Chapters from MYOB book by Doug

11

18/9/17

PAYG Withholding concept

·       PAYG Witholding explained

·       PAYGW rules

·       How to report

·       Quaterly requirements

·       Annual requiremens

·       PAYG Instalment explained

·       PAYGI rulings

·       Calculation

·       Simulation in practice firm with the concepts in GST and Payroll

·       Simulation in practice firm with the concepts in GST and Payroll

Exercises

 

Chapter 2 Carry out Business Activity book by Charles

12

25/9/17

Other legislation discussed briefly

MCQ on PAYGW / PAYGI

·       FBT( Fringe Benefits Tax)

·       FTC (Fuel Tac credit)

·       WET (Wine equalisation Tax)

·       LCT (Luxury car tax)

·       Simulation in practice firm with the concepts in GST and Payroll

 

 

Chapter 4 Carry out Business Activity book by Charles

13

2/10/17

·       Holistic case student in class introducing the BAS concept

·       Simulation in practice form of the concepts discussed in the class

 

 

 

Chapter 6 Carry out Business Activity book by Charles

14

9/10/17

·       Holistic exercise continued with computerised system

·       Exercises form the blackboard

·       Students problems discussed

·       Simulation in practice form of the concepts discussed in the class

 

 

 

Chapter 6 Carry out Business Activity book by Charles

15

16/10/17

Students will be asked to work on the assessment in group of 2 in class.

Assessment Task B Due at the end of this week.  You will receive the feedback in week 16.

If required, resubmission for this assessment is due by the end of week 17

In classTest

 

16

23/10/17

Re-submission/s if required

.

 

17

30/10/17

Re-submission/s if required

 

 

 

Break: The mid-semester break is between Mon 28/8/2017 and Sunday, 3/9/2017

 

 


Learning Resources

Prescribed Texts

Cengage Publication by Doug Gourlay & David Flanders

9780170245449


References

Carry Out Business Activity and Instalment Activity Statement Tasks by Phillip Charles & Sonia Deaner 8th Edition Learn Now Publications

9781925433715


Other Resources

Online learning materials can be accessed by going to the RMIT website where there is a link to online Learning hub.

 

The Material comprises Power point slides and related student notes for each topic.

NB: For online collaborate session please ensure you have JAVA installed on your

computer https://java.com/en/download/index.jsp AND a HEADSETand MICROPHONE


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.


Assessment Tasks

There will be total 3 assessments, first one will be completed in the week 4 and will be a theory based assessment to reinforce the legislation understanding. Second assessment will be completed in the practice firm under the simulated environment with teacher as manager, and the third one will be a case study to be completed by students on own at the end of the semester.

 

Students must complete all the tasks to complete the unit.

 

Assessment Task 1 Theory Test (Due Date : Week 4)

 

The first assessment will be completed in week 4 in the class. It is in the form of theory test where main aim will be to see that students have learnt how and from where to access the information when required. They will be given the access to the questions based on legislation and rules and it will be open book. The students need to access the latest governmental rules and note down any updates.

 

  1. For this Assessment Task you need to complete a theory test, open book. Based on the payroll policies provided. Students will be allowed to use laptops but no other mobile devices.
  2. Assignment covering Topics from week 1-4.

 

Assessment TASK 2 Simulated task (Due date : week 9 & 10)

 

The second assessment will be completed in week 9&10 in the practice firm, where students will be in simulated real environments working as bookkeepers and payroll officers and will have to complete the task with teacher as manager.

 

  1. Students will be appointed as bookkeeper and payroll officers in the travel and bank business in the practice firm.
  2. They will be given the tasks to complete in the payroll officer role.
  3. They will be assessed based on the reports produced in the practice firm.

 

Assessment Task 3 Case study  (Due Date: End of Week 15)

 

The main summative assessment where students will be given a holistic case study in week 14 and will be due in week 15. and will have to produce the final BAS report, following all the legislation and rules laid down by the governmental bodies, ready to lodge with the required government body. Students will be given the organisational policies and procedures and transactions to simulate the real scenario, and will have to take on the role of bookkeeper and payroll officer in the organisation.

 

 

  1. For this assessment task you are to complete a case study where the BAS needs to be prepared with holistic items attached to that. The concepts of Payroll and GST will be covered in that..
  2. Case Study is to be done in groups of two students.

 

 

Students must complete all the tasks to complete the unit.

 


Assessment Matrix

The assessment matrix that maps all the assessment is available on Blackboard (please specify the location)

 

Submission Requirements

 

You should:

 

·  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, Julie Macpherson, 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.  

More Informationhttp://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. 

More Information:http://www.rmit.edu.au/browse;ID=g43abm17hc9w (unresolved)

Form to use:http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf

Resubmissions (VET Programs):

If you are found to be unsuccessful in a particular Course Assessment Task (or you do not submit/attend) you will be allowed one resubmission.  Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. 

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.

Grading & re-submissions

Re-submissions do not contribute to your overall grade for the course.

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:

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

 

 

CA

Competency Achieved – Not 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 guide is subject to change at co-coordinators’ discretion.

Other Information

Refer to "Assessment Matrix" section (above).

Course Overview: Access Course Overview