Course Title: Complete business activity and instalment activity statements

Part A: Course Overview

Program: C4398 Certificate IV in Accounting and Bookkeeping

Course Title: Complete business activity and instalment activity statements

Portfolio: BUS Portfolio Office

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.

Terms

Course Code

Campus

Career

School

Learning Mode

Teaching Period(s)

BAFI5237C

City Campus

TAFE

650T Vocational Business Education

Face-to-Face or Internet

Term1 2019,
Term2 2019,
Term1 2020

Course Contact: Doug Gourlay

Course Contact Phone: +61 3 9925 5944

Course Contact Email: doug.gourlay@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 in 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 education requirements of the Tax Practitioner Board (TPB). Refer to the FNS Financial Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on regulatory requirements.

Pre-requisite Courses and Assumed Knowledge and Capabilities

None



National Competency Codes and Titles

National Element Code & Title:

FNSTPB401 Complete business activity and instalment activity statements

Elements:

1. Identify compliance and other requirements applicable to business activity

2. Analyse and apply industry codes of conduct associated with work activities

3. Review and apply goods and services tax (GST) implications and code transactions

4. Report on payroll activities and amounts withheld

5. Reconcile and prepare activity statement

6. Lodge activity statement


Learning Outcomes


Overview of Assessment

Performance Evidence

Evidence of the ability to:

  • research, critically evaluate, and apply changes to current or new legislative or professional conduct requirements when preparing business activity statements (BAS)
  • identify financial transactions required to prepare activity statements and apply the principles and classifications of the goods and services tax (GST)
  • prepare both 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 lodgement schedules
  • accounting principles and practices
  • organisational policy and procedures relating to business activity statements
  • present business activity statements for verification and approval.

 

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

 

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

  • Research methods and sources of information used to update knowledge of professional and legislative requirements relating to activity statements
  • Key requirements of current legislation, regulations and industry codes of practice relating to preparing activity statements, including:
  • Tax Agent Services Act (TASA), including Code of Professional Conduct. TPB registration requirements, and civil penalty provisions
  • Fringe Benefits Tax Assessment Act
  • A New Tax System (Goods and Services Tax) Act
  • Income Tax Assessment Act
  • Taxation Administration Act
  • other taxation laws, including taxable payments annual reporting, fringe benefits tax (for collection and recovery), wine equalisation tax, luxury car tax and fuel tax
  • Privacy Act
  • ATO requirements
  • Accounting terminology used when preparing and submitting BAS and IAS for a range of business types
  • GST terminology, classifications, regulations, and obligations

 

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:

  • office equipment, technology, software and consumables required to process BAS and IAS, and associated required reports, including:
  • an integrated financial software system
  • required legislation and industry material
  • ATO and TPB materials available from the ATO and TPB
  • access to the internet.

 

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

 

This unit is designed to meet the education requirements of the Tax Practitioner Board (TPB). Where registration with the TPB is sought, assessment must reflect the conditions described by the regulator which stipulate that a significant amount (at least 40%) must be completed under some form of independent supervision. Where recognition of prior learning (RPL) is used, it must also meet the requirements of the Board s policy on RPL.

Details of requirements can be accessed on the TPB website at <http://www.tpb.gov.au>;.

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.