Course Title: Carry out business activity and instalment activity statement tasks
Part B: Course Detail
Teaching Period: Term2 2018
Course Code: ACCT5372C
Course Title: Carry out business activity and instalment activity statement tasks
School: 650T Vocational Business Education
Campus: City Campus
Program: C4362 - Certificate IV in Bookkeeping
Course Contact: Doug Gourlay
Course Contact Phone: +61 3 9925 5944
Course Contact Email: doug.gourlay@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Paul Panebianco
Course Coordinator
Email: paul.panebianco@rmit.edu.au
Location: fifth floor
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.
Pre-requisites and Co-requisites
There are no pre-requisites for this unit.
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.
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
This course is clustered (co-delivered & co-assessed) with:
ACCT5374C Establish and maintain a payroll system
Course schedule
Course Schedule: ACCT5372C & ACCT5374C Semester 1: 2018 | |||||
Week |
Topic |
Readings and Activities |
Assessment |
Unit(s) of Competency |
Elements and Performance Criteria |
Week 1
|
Introduction to course schedules Introduction to Bookkeeping practices |
Reading: Links provided in weekly module Activity: Exploring course schedules and discussion |
|
ACCT5372C / ACCT5374C |
1.1. 1.2 |
Week 2
|
Introduction to the role of Bookkeeper |
Reading: Reading provided in the module Activity: Links provided for the activities |
|
ACCT5372C / ACCT5374C |
2.1, 2.2 |
Week 3
|
Payroll Policies |
Reading: References provided for reading Activity: as per module activities |
|
ACCT5372C / ACCT5374C |
1.1.1.2, 1.3, 1.4, 3.1, 3.2 |
Week 4
|
Processing the Payroll (Manual) |
Reading: Discussion and links provided in the module Activity: Provided in the module |
ACCT5372C / ACCT5374C |
2.1, 2.2, 2.3, 2.4 |
|
Week 5
|
Manual payroll calculations and exercises |
Reading: Week 4 readings as base Activity: Activities provided in module |
Assessment 1: Payroll Legislation |
ACCT5372C / ACCT5374C |
3.1, 3.2, 3.3, 3.4, 3.5, 3.6 |
Week 6
|
MYOB introduction |
Reading: You tube videos Activity: activities given in the module |
|
ACCT5372C / ACCT5374C |
4.1, 4.2, 4.3, 4.4 |
Week 7
|
MYOB payment of pays |
Reading: Information provided Activity: Modules referencing |
|
ACCT5372C / ACCT5374C |
4.1, 4.2, 4.3, 4.4 |
Week 8
|
MYOB payment of superannuation owing etc; also prep of Payment Summaries |
Reading: weekly content of module Activity: Module reference given |
|
ACCT5372C / ACCT5374C |
4.1, 4.2, 4.3, 4.4 |
Break |
Break |
Break |
Break |
Break |
Break |
Week 9
|
Introduction to GST; taxation system GST exercises including GST worksheet |
Reading: weekly content of module Activity: Module reference given |
|
ACCT5372C / ACCT5374C |
|
Week 10
|
BAS & IAS form completion introduction & exercises |
Reading: weekly content of module Activity: Module reference given |
|
ACCT5372C / ACCT5374C |
|
Week 11
|
PAYG Instalments |
Reading: weekly content of module Activity: Module reference given |
|
ACCT5372C / ACCT5374C |
|
Week 12
|
Practice firm |
Reading: Based on past weekly readings Activity: Module given |
Assessment 2 : Practice firm assessment 2A |
ACCT5372C / ACCT5374C |
5.1, 5.2, 5.3 |
Week 13
|
Practice firm |
Reading: Based on past weekly readings Activity: Module given |
Assessment 2 : Practice firm assessment 2B & 2C |
ACCT5372C / ACCT5374C |
5.1, 5.2, 5.3 |
Week 14
|
Practice firm |
Reading: Based on past weekly readings Activity: BAS / IAS / PAYGI activities |
|
ACCT5372C / ACCT5374C |
3.1, 3.2, 3.3, 3.4 |
Week 15 |
In Class Assessment |
Reading: weekly content of module Activity: Module reference given |
Assessment 3 |
ACCT5372C / ACCT5374C |
4.1, 4.2, 4.3, 4.4 |
Week 16 |
Resubmission |
Reading: weekly content of module Activity: Module reference given |
5.1. 5.2. 5.3 | ||
Week 17 |
Resubmission |
Reading: weekly content of module Activity: Module reference given |
Learning Resources
Prescribed Texts
Carry out business activity and instalment activity statement |
291257 |
References
Other Resources
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 of three assessments. The first one will be completed in the week 4 and will be a theory based assessment to reinforce the legislation understanding. The 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 6)
The first assessment will be completed in week 6 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.
- 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.
- Assignment covering Topics from week 1-6.
Assessment TASK 2 Simulated task (Due date : week 12 & 13)
The second assessment will be completed in week 12 & 13 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.
- Students will be appointed as bookkeeper and payroll officers in the travel and bank business in the practice firm.
- They will be given the tasks to complete in the payroll officer role.
- 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.
- 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..
- Case Study is to be done in groups of two students.
Students must complete all the tasks to complete the unit.
Assessment Matrix
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 |
The individual assessment matrix that maps all the assessment is available on CANVAS under the Assignments section.
Other Information
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 Canvas.
- 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 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.
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.
Course Overview: Access Course Overview