Course Title: Complete business activity and instalment activity statements
Part B: Course Detail
Teaching Period: Term2 2021
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
Course Coordinator
Email: upasana.mahajan@rmit.edu
Location: 80.05.30
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 (simulated business) environment will be utilised where students will be employed in our virtual office. The students will be asked to perform activities that mimic authentic work tasks, and this is designed to provide an ideal preparation for the real world of work.
A series of self-paced activities will be also delivered using our technology platforms and may 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 workplace environment.
To maximise the value of the learning experience it is important that you to participate in (and contribute to) all scheduled learning activities.
Teaching Schedule
This course is delivered across the whole semester (Weeks 1 - 16 inclusive) as part of a cluster of two units,
- FNSTPB401 Complete business activity and instalment activity statements
- FNSTPB402 Establish and maintain payroll systems
Course schedule
Course Schedule: BAS & Payroll (BAFI5237C & ACCT5422C) |
Semester 2: 2021 |
||
Week |
Topic |
Readings and Activities |
Assessment |
Week 1 |
Introduction to course schedules Introduction to the role of Bookkeeper and Bookkeeping practices |
Reading: Pre Class content -Links provided in the weekly module Activity: NO - Class. Exploring course schedules and discussion in your time Quiz 1 - Introduction to Payroll & BAS |
|
Week 2 |
Introduction to the role of Bookkeeper and BAS Agent Introduction to Payroll Policies |
|
Release of Assessment Task 1: Payroll Legislation |
Week 3 |
Payroll Policies (cont'd) Processing Payroll (manual) |
Reading: Reading provided in the module Activity: Links provided for the activities |
|
Week 4 |
Processing the Payroll (manual) |
Reading: References provided for reading Activity: as per module activities |
|
Week 5 |
MYOB Payroll introduction |
Reading: Discussion and links provided in the module Activity: Provided in the module |
Assessment 1 - Part A - Due |
Week 6 |
MYOB Payroll introduction |
Reading: Week 4 readings as base Activity: Activities provided in the module |
|
Week 7 |
Termination |
Reading: YouTube videos Activity: activities are given in the module |
|
Week 8 |
Single Touch Payroll & BAS Return |
Reading: Information provided Activity: Modules referencing |
|
Week 9 |
Revision and Assessment 2 |
Reading: Links provided in weekly the module Activity: Exploring course schedules and discussion |
|
Week 10 |
Introduction to GST; taxation system |
Reading: Reading provided in the module Activity: Links provided for the activities |
Assessment Task 2: Payroll Case Study |
Week 11 |
GST exercises including GST worksheet |
Reading: a weekly content of the module Activity: Module reference is given |
|
Week 12 |
BAS & IAS form completion introduction & exercises |
Reading: a weekly content of the module Activity: Module reference is given |
Assessment Task1: Part B - Due |
Week 13 |
PAYG Instalments |
Reading: a weekly content of the module Activity: Module reference is given |
RE-Sit for Assessment 2 |
Week 14 |
MYOB BAS |
Reading: Based on past weekly readings Activity: Module given |
|
Week 15 |
Assessment Task 3 |
Reading: Based on past weekly readings Activity: Module given |
Assessment Task 3: BAS preparation is due |
Week 16 |
Feedback, resits/resubmissions |
Assessments (cont'd) |
Re-Sit for Assessment 3. |
Note:
Week 1: No scheduled classes, but please watch the Welcome to Intro Accounting video and read the course info in the module.
Weeks 2 - 8: Classes for all class groups will be delivered live online using the Collaborate Ultra platform
Weeks 9 - 16: Class groups AC4Q & AC4R will continue with live online classes using the Collaborate Ultra platform
Class groups AC4M, AC4N, AC4P will have face-to-face classes on campus (check timetables for room locations)
** The teaching schedule may be subject to change. You will be advised in class and via Canvas Announcements if changes become necessary.
Learning Resources
Prescribed Texts
References
Complete Business Activity and Instalment Activity Statements using MYOB 2020.3 by Phillip Palmer and Sonia Deaner 11th Edition (January, 2021) |
978-1-76073-129-8 |
Other Resources
Online learning materials can be accessed by visiting Canvas.
The online learning materials listed 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 assessment tasks in total. These tasks will be used to determine competency for the cluster. In order to be deemed competent, you must satisfactorily complete all assessment tasks.
Assessment Task 1: Legislation (Due date: Weeks 5 & 12)
The Assessment task 1 will be divided in two parts. It will be release in Week 2. Part 1 will be due in Week 5 and Part B will be due in Week 13. It is in the form of theory questions and research into legislation. The main aim will be to determine your research and information-finding skills, when required. Also, we will assess your information-collecting skills from (and information delivery to) the clients and the senior accountant. You will be expected to research the latest governmental rules and legislation and note down any recent updates.
For this assessment task, you need to:
- Complete theory-based questions based on the GST Legislation.
- Prepare a role play, record it on your mobile phone, and then upload it on Canvas.
- Assignment covering Topics from week 1-12.
Assessment Task 2: Case Study (Due date: Week 10)
The second assessment will be a supervised assessment, and it will be due in Week 10 in class. You are required to complete a range of tasks relating to a case study. The case study allows you to develop a portfolio that demonstrates your ability to prepare both business activity statements (BAS) and instalment activity statements (IAS) for a range of legal entities.
- You will be playing the role of a bookkeeper/BAS Agent in a firm.
- You will be given appropriate tasks to complete in that role.
- You will also be asked to complete relevant payroll activities.
Assessment Task 3: BAS Preparation (Due date: Week 15)
The third assessment task will be completed in Week 15 (in the Practice firm environment) where you will be working as a bookkeeper preparing the BAS. You will complete this task under the supervision of your teacher (acting as your manager).
This assessment builds upon the case studies completed in Assessment Task 2. This task requires you to use MYOB Accounting software to complete transactions as they relate to BAS.
- You will be appointed as a bookkeeper in the Practice Firm.
- You will be given relevant tasks to complete in that role.
- You will be assessed based on the reports you produce whilst working in the Practice Firm.
You must satisfactorily complete all assessment 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.
Course Overview: Access Course Overview