Course Title: Complete business activity and instalment activity statements
Part B: Course Detail
Teaching Period: Term2 2023
Course Code: BAFI5237C
Course Title: Complete business activity and instalment activity statements
Important Information:
Please note that this course may have compulsory in-person attendance requirements for some teaching activities.
To participate in any RMIT course in-person activities or assessment, you will need to comply with RMIT vaccination requirements which are applicable during the duration of the course. This RMIT requirement includes being vaccinated against COVID-19 or holding a valid medical exemption.
Please read this RMIT Enrolment Procedure as it has important information regarding COVID vaccination and your study at RMIT: https://policies.rmit.edu.au/document/view.php?id=209.
Please read the Student website for additional requirements of in-person attendance: https://www.rmit.edu.au/covid/coming-to-campus
Please check your Canvas course shell closer to when the course starts to see if this course requires mandatory in-person attendance. The delivery method of the course might have to change quickly in response to changes in the local state/national directive regarding in-person course attendance.
School: 525T Business & Enterprise
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
Fabian Holt
fabian.holt@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 is planned for this course, including online webinar session and collaborative classroom-based activities.
The students will be asked to perform activities that mimic authentic work tasks, designed to provide an ideal preparation for the real world of work.
A series of self-paced activities will also be 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 participate in (and contribute to) all scheduled learning activities.
Teaching Schedule
| Week 1 |
Introduction, Welcome and Orientation and Important Information about the unit course, Teacher contact info, Canvas Navigation, Unit Modules, Resources/Textbook, Assessment and other Q&A about the unit. |
Chapter 1: Self-Testing Exercises At the end of this session, please attempt Quiz Chapter 1 |
| Week 2 |
Chapter 2:PAYG and the Instalment Activity Statement The PAYG Withholding System PAYG Tax Withheld and Activity Statements The PAYG InstalmentSystem PAYG Instalments and Activity Statements Completing Instalment Activity Statements
|
Chapter 2 : Self Testing Exercises Chapter 2: Review questions (even numbers questions only) |
| Week 3 |
Chapter 3: The Goods and Services Tax The Mechanics of GST and the BAS Methods for Calculating GST Liability The GST Calculation Worksheet: GST on Sales The GST Calculation Worksheet: GST on Purchases |
Chapter 3 & 4: Self-Testing Exercises Chapter 3 & 4: Review Questions (even numbers questions only) |
| Week 4 |
Chapter 4: Other Reporting Requirements Luxury car tax, Fringe Benefit Tax, Fuel Tax Credit and Wine Equalisation Tax |
Chapter 4 Self Testing Exercises Chapter 4: Review questions |
| Week 5 |
|
Chapter 4,5 Self Testing Exercises Chapter 4,5: Review questions Assessment 1: Short Answer Questions – due |
| Week 6 |
Session1 - Revision - BAS In-Class Test
|
Assessment 2: IAS and BAS Preparation Assessment 2: Supervised Assessment |
| Week 7 |
Sessions 1 & 2 Chapter 7 BAS Preparation in XERO |
|
| Week 8 | Assessment 3 Discussions |
Assessment 3: Xero Case Study due |
| Week 9 | Resubmissions or AT2 Re-sit if required |
Learning Resources
Prescribed Texts
BAS & IAS Preparation using Xero by Phillip Palmer, Sonia Deaner & Antonella Todaro 12th Edition (January, 2023) |
978-1-76073-161-8 |
References
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. To be deemed competent, you must satisfactorily complete all assessment tasks.
Assessment 1: Short Answer Questions (due date: as per unit syllabus)
The assessment is based on the business taxation system. The assessment aims to ensure that students understand
the business taxation system, particularly in BAS/IAS and issues relating to the provision of taxation services in a professional
capacity. As well, an understanding of the PAYG system and Goods and Services Tax (GST). Students must conduct
research and understand the legislative laws to check the requirements and complete questions.
The assignment is a take-home assessment where students must complete the Assessment 1 on their own time.
What to do
There are 30 short answer questions, and some questions may have sub-parts. Students must answer all questions and sub-parts correctly in the space provided. This is an open-book written assessment – students can use their learning materials as a reference.
· Download the assessment document from Canvas and complete the 30 questions. Save in Microsoft Word format
and upload your assignment via Canvas.
· You MUST complete all sections; student name, ID, signature and date where appropriate on the information sheet
that has been provided.
· When completing the tasks, you need to read each task questions and ensure accuracy throughout your workings.
· You need to perform a check on your final calculations, including reviewing against all internal and external financial
data sources were given in the questions and must ensure they follow all necessary protocols, policies and
procedures and accounting standards.
Where
Students will be asked to complete the assessment in their own time.
How you will be assessed
To achieve competency in this unit, students will have to complete all 3 assessments satisfactorily.
Students will be given satisfactory or Not satisfactory status in the Assessment 1. To be satisfactory, students must answer all questions correctly.
To achieve a satisfactory result,you will need to address all criteria satisfactorily. Ensure that you submit all tasks because you will be assessed on the
documentation you provide.
Instructions on submitting Knowledge Assessment
Students are entitled to three (3) attempts to complete this assessment satisfactorily. Incomplete assessments will not be
marked and will count as one of your three attempts.
All questions must be responded to correctly to be assessed as satisfactory for this assessment. Answers must be typed into the space provided and submitted electronically via the CANVAS. Answers directly emailed to Assessor will not be marked and considered as incomplete assessments. Hand-written assessments will not be accepted unless previously arranged with your assessor. Feedback and results will be provided in Canvas in the Grades section via comments or rubrics.
Assessment 2: IAS and BAS Preparation (due date: as per unit syllabus)
Summary and Purpose of Assessment
Students need to complete three (3) assessment tasks for this unit. This is assessment task one (2) of
three (3) that students need to complete satisfactorily in order to be deemed competent for this unit.
This assessment is based on the understanding of Goods and Services Tax (GST), other additional taxes including Luxury Car Tax (LCT), Fuel Tax Credits (FTC), Wine Equalisation Tax (WET) and Fringe Benefits Tax (FBT) to complete the sections of various types of Instalment Activity Statements and Business Activity Statements. The aim of the assessment is to ensure that students can identify, interpret, and apply the legislation relating to taxes that is required to be reported to different activity statements. Students are required to conduct research and understand the legislative laws to identify the transactions according to GST principles, GST classifications and other taxes obligations to fulfill the reporting requirements.
What to do
Assessment 2 is in-class supervised assessment where students is required to complete the assessment independently during
the class under the assessor’s observations. There are 20 short questions. Students must answer all questions correctly in the space provided. This is an open-book written assessment – students can use their learning materials as a reference during the assessment time.
Where to complete
Students will be asked to complete the assessment during the class under assessors’ supervisions.
How you will be assessed
To achieve competency in this unit, students will have to complete all 3 assessments satisfactorily.
Students will be given satisfactory or Not satisfactory status in the Assessment 2. To be satisfactory, students must answer all questions correctly.
You will be assessed against the criteria listed in the marking guide in Section B of this task. To achieve a satisfactory result,
you will need to address all criteria satisfactorily. Ensure that you submit all tasks because you will be assessed on the
documentation you provide.
Instructions on submitting In-class Supervised Assessment
You must submit your responses to Questions 1-20 on Canvas during the given time in class. Feedback and results will be
provided in Canvas in the Grades section via comments or rubrics.
Students are entitled to three (2) attempts to complete this assessment satisfactorily. Re-sit of unsatisfied assessment will be conducted as per unit syllabus
All questions must be responded correctly to be assessed as satisfactory for this assessment.
Assessment 3: Xero Case Study (due date : as per unit syllabus)
The assessment is a practical assessment where students are required to use their knowledge of accounting software Xero to
prepare and lodge BAS/IAS. The aim of the assessment is to ensure that students understand the cash and accrual accounting
and what their impact when prepare BAS/IAS. Using the accounting software Xero to apply the GST knowledge learnt
previously and prepare and lodge the BAS/IAS through the computerised accounting system.
The assignment is a take home assessment where students are required to complete the Assessment 3 at their own time.
What to do
There are 12 practical questions. Students must answer all questions and sub-parts correctly in the space provided. This is an open-book written assessment – students can use their learning materials as a reference. Students also required have the access to Xero account.
Where
Students will be asked to complete the assessment in their own time.
How you will be assessed
To achieve competency in this unit, students will have to complete all 3 assessments satisfactorily.
Students will be given satisfactory or Not satisfactory status in the Assessment 3. To be satisfactory, students must answer all questions correctly.
You will be assessed against the criteria listed in the marking guide in Section B of this task. To achieve a satisfactory result,
you will need to address all criteria satisfactorily. Ensure that you submit all tasks because you will be assessed on the
documentation you provide.
Students are entitled to three (3) attempts to complete this assessment satisfactorily. Incomplete assessments will not be
marked and will count as one of your three attempts.
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