Course Title: Complete business activity and instalment activity statements

Part B: Course Detail

Teaching Period: Term1 2020

Course Code: BAFI5237C

Course Title: Complete business activity and instalment activity statements

School: 650T Vocational Business Education

Campus: City Campus

Program: C4398 - Certificate IV in Accounting and 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

Upasana Mahajan

03 9925 5460

Upasana.mahajan@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 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.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSTPB401 Complete business activity and instalment activity statements

Element:

1. Identify compliance and other requirements applicable to business activity

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 relating to taxes reported on activity statements

1.3 Identify, document and apply policies in relation to compliance with code of professional conduct as stipulated in legislation relevant to activity

1.4 Identify scope of services that can be provided by a Registered BAS Agent under the Tax Agent Services Act, including limitations of services compared to those of a Tax Agent

1.5 Identify and access information, advice and services outside own scope of operation; establishing and using networks where necessary

1.6 Identify and document lodgement schedule requirements

1.7 Assess entity’s cash flow and payment options and arrangements, and initiate discussion with management to ensure sufficient funds are available to meet statutory requirements

Element:

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

Performance Criteria:

2.1 Review, interpret and apply relevant industry codes of conduct and identify the applicable governing bodies

2.2 Document and apply relevant policies and procedures to ensure compliance with code of conduct requirements

2.3 Identify and document own competency development requirements relating to changes in legislation

Element:

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

Performance Criteria:

3.1 Identify, interpret and apply and record GST principles

3.2 Identify and code purchases and/or payments as per GST classifications

3.3 Identify and code sales and/or receipts as per GST classifications

3.4 Process accounting data to comply with tax and GST reporting requirements

Element:

4. Report on payroll activities and amounts withheld

Performance Criteria:

4.1 Calculate and reconcile total salaries, wages and other payments for a reporting period to enter onto a BAS

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

Element:

5. Reconcile and prepare activity statement

Performance Criteria:

5.1 Prepare and reconcile activity statement reports, identify and correct statement errors, and amend bookkeeping entries as required

5.2 Review extraordinary transactions in the accounting system, including transactions involving capital acquisitions and imports

5.3 Make adjustments for previous quarters, months or year-end where necessary according to legislative guidelines

5.4 Complete BAS and/or IAS return according to current statutory, legislative, regulatory and organisational schedule

5.5 Reconcile figures completed on BAS and/or IAS form with journal entries, financial statements, GST and other control accounts

Element:

6. Lodge activity statement

Performance Criteria:

6.1 Check activity statement and ensure sign-off by authorising person required by statutory, legislative and regulatory requirements

6.2 Lodge activity statement according to statutory, legislative and regulatory requirements

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. 

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 will be delivered from Weeks 9-16 of the semester.

Course Schedule: BAFI5237C                                                          Semester 1: 2020

Week

Topic

Readings and Activities

Assessment

Week 9

 

Introduction to course schedules

Introduction to Bookkeeping practices

Reading: weekly content of module

Activity: module reference given 

  

Week 10

Introduction to the role of Bookkeeper and BAS Agent

Reading: weekly content of module

Activity: module reference given 

  

Week 11

 

Introduction to GST; taxation system

 GST exercises including GST worksheet

Reading: weekly content of module

Activity: module reference given 

 

Week 12

 

BAS & IAS form completion introduction & exercises

Reading: weekly content of module

Activity: module reference given 

 

Week 13

 

PAYG Instalments

Reading: weekly content of module

Activity: module reference given 

 Assessment 1

Week 14

 

BAS using MYOB

Reading: based on past weekly readings

Activity: module reference given 

 

Week 15

 

BAS using MYOB

Reading: based on past weekly readings

Activity: module reference given 

 Assessment 2

Week 16

 

Assessment 

Reading: based on past weekly readings

Activity: BAS / IAS / PAYGI activities 

 Assessment 3

Week 17

Assessment 

Feedback and resits/resubmissions

  

 

 

 

 

 

 

 

 


Learning Resources

Prescribed Texts


References

Complete Business Activity and Instalment Activity Statements

978-1-76073-086-4

Other Resources

Online learning materials can be accessed by visiting Canvas.

The online learning materials include: 

  • Course outlines
  • PowerPoint presentations
  • Supporting reading material
  • Industry relevant articles
  • Activities


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. 


Assessment Tasks

 

The unit will have three assessments in total. These assessments will be used to determine competency for the cluster. In order to be deemed competent, you must satisfactorily complete all the assessments. 

Assessment TASK 1 Questions and Role Play ( Due date: Week 13) 

The first assessment will be completed in Week 13 in the class. It is in the form of theory questions and role plays a presentation where the main aim will be to determine your research and information finding skills when required. Also, we will assess your information collecting skills from the client and presenting the information to the clients and the senior accountant. You will be given access to the questions based on legislation and rules and scenarios to complete the role play. You will be expected to research the latest governmental rules and legislation and note down any updates 

  1. For this Assessment Task, you need to complete theory-based questions based on the GST Legislation. 
  2. Prepare role play and record that on mobile and upload it on CANVAS.
  3. Present your research to the class in the form of a presentation.
  4. Assignment covering Topics from Weeks 9-12.

 

Assessment TASK 2 Portfolio (Due date: Week 15)

 The second assessment will be due in Week 15. You are required to complete a range of tasks relating to four case studies. The case studies allow you to develop a portfolio that demonstrates your ability to prepare both BAS and instalment activity statements (IAS) for a range of legal entities.

 

  1. You will be deemed as bookkeeper firm.
  2. You will be given the tasks to complete the BAS Agent role.

 

Assessment TASK 3 Case Study (Due date: Week 16)

The third assessment will be completed in Week 16 in Practice firm where you will be in simulated real environments working as bookkeepers and prepare BAS and will have to complete the task with the teacher as manager.

There are three (3) assessments in this unit. This is assessment task three (3) of three (3) that you must complete satisfactorily in order to be deemed competent for this unit. 

 

This assessment builds upon the case studies completed in assessment 2. This assessment requires you to use MYOB Accounting software to complete transactions as they relate to Business Activity Statements.

  1. You will be appointed as a bookkeeper in a practice firm.
  2. You will be given the tasks to complete the BAS Agent role.
  3. You will be assessed based on the reports produced in the practice firm.

 

You must satisfactorily complete all tasks to be deemed competent in this unit.

 

 


Assessment Matrix

The assessment matrix that maps all the assessment is available on CANVAS under Assignments.

All assessments will utilise a competency-based model and will be deemed as either Satisfactory or Not Yet Satisfactory. 

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 (VE 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.

the grades will be 

 

CA     Competent

NYC   Not Yet Competent

DNS   Did Not Submit

Course Overview: Access Course Overview