Course Title: Complete business activity and instalment activity statements
Part B: Course Detail
Teaching Period: VE 2024
Class Number: 2847
Class Section: AC4L
For flexible terms and optional semesters, a Part B course guide may have been published for the entire teaching period, or for the specific class number in which you are enrolled. If there is no Part B course guide published for your specific class number, please refer to the guide for the teaching period in which you are enrolled. Enrolment Online is the definitive source for details regarding your class enrolment.
Course Code: BAFI5256C
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.
School: 525T Business & Enterprise
Campus: City Campus
Program: C4435 - Certificate IV in Accounting and Bookkeeping
Course Contact: Nick Reynolds
Course Contact Phone: +61 3 9925 0791
Course Contact Email: nick.reynolds@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
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 process and complete business activity statements (BAS), instalment activity statements (IAS), and other required reports according to compliance requirements.
The unit 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 Practitioners Board (TPB). Users are advised to check with the relevant regulatory authorities to confirm those requirements.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSTPB411 Complete business activity and instalment activity statements |
Element: |
1. Identify and apply 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 Research, interpret and apply legislation relating to taxes reported on activity statements 1.3 Identify, document and apply policies relating 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, and the 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 advise 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 Research, interpret and apply relevant industry codes of conduct and identify the applicable governing bodies 2.2 Assess work activities within own role to ensure compliance with code of conduct requirements 2.3 Identify and document competency development required under relevant legislation for preparing activity statements. |
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 payments according to GST classifications 3.3 Identify and code sales and receipts according to GST classifications 3.4 Process accounting data according to tax and GST reporting requirements. |
Element: |
4. Report on payroll activities and amounts withheld |
Performance Criteria: |
4.1 Establish process for reporting payroll according to statutory requirements 4.2 Calculate and reconcile total salaries, wages and other payments for a reporting period, and data reported under Single Touch Payroll 4.3 Calculate amounts withheld to be reported for lodgement and calculate for other tax types 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 adjust bookkeeping entries as required 5.2 Review transactions involving capital acquisitions and imports in the accounting system 5.3 Identify and make adjustments for previous quarters, months and year-end where necessary according to legislative guidelines 5.4 Complete BAS and IAS return according to legislative requirements 5.5 Reconcile figures completed on BAS and/or IAS form with financial statements, GST and other control accounts. |
Element: |
6. Check and lodge activity statement |
Performance Criteria: |
6.1 Check activity statement and confirm sign-off by authorising person according to statutory, legislative and regulatory requirements 6.2 Prepare activity statement for lodgement according to statutory, legislative and regulatory requirements |
Learning Outcomes
Details of Learning Activities
Welcome to FNSTPB411 Complete business activity and instalment activity statements.
This is a 9-week course, and all learning and assessment activities for this course must be completed within this time. A weekly breakdown of the activities for this course can be found in the ‘Teaching Schedule’ section below.
To ensure you accomplish the expected learning outcomes of this course, you will be required to devote study time each week outside of scheduled class times, completing exercises, activities and assessment tasks.
All assessment tasks should be completed and submitted by their due dates as shown in CANVAS.
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 Instalment System PAYG Instalments and Activity Statements Completing Instalment Activity Statements Start Working on Assessment 1 Short Answer Questions |
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
|
Chapter 3 Self-Testing Exercises Chapter 3 Review Questions (even numbers questions only) Assessment 1: short Answer Questions due |
| Week 4 |
Chapter 3: The Goods and Services Tax The GST Calculation Worksheet: GST on Sales The GST Calculation Worksheet: GST on Purchases Chapter 4: Other Reporting Requirements
|
Chapter 3 & 4: Self-Testing Exercises |
| Week 5 |
Review Practical Assessment 2 questions
|
Chapter 5 & 6 Self Testing Exercises Chapter 5 & 6 Review questions (even numbers questions only) |
| Week 6 |
|
Assessment 2: IAS and BAS Preparation Supervised Assessment |
| Week 7 |
Chapter 6: Advanced BAS Topic Chapter 7: BAS Preparation in XERO |
|
| Week 8 |
Supervised Assessment AT2 Re-sit |
Assessment 3: Xero Case Study due |
|
Mid term break No classes between 1/04/2024 and 07/04/2024 |
|
|
| Week 9 | Resubmissions or resits if required |
Learning Resources
Prescribed Texts
BAS & IAS Preparation using Xeroby Phillip Palmer, Sonia Deaner & Antonella Todaro12th Edition (January, 2023) |
978-1-76073-161-8 |
References
Other Resources
Overview of Assessment
Performance Evidence
The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:
- prepare both business activity statements (BAS) and instalment activity statements (IAS) for at least two different clients for one financial year period that comply with:
- Australian taxation law, Australian Taxation Office (ATO) rulings, Tax Practitioners Board (TPB) requirements, and lodgement schedules
- accounting principles and practices
- organisational policies and procedures relating to BAS.
In the course of the above, the candidate must:
- critically evaluate and comply with relevant state or national requirements when preparing the BAS
- identify financial transactions required to prepare activity statements, including application of goods and services tax (GST)
- present BAS and IAS return for verification and client approval.
Knowledge Evidence
The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:
- methods and sources of information to update knowledge of professional and legislative requirements relating to activity statements
- TPB registration requirements
- key requirements of current legislation and regulations relating to preparing activity statements, including:
- Tax Agent Services Act (TASA), including Code of Professional Conduct 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 lodgement requirements
- accounting principles and practices
- accounting and GST terminology used when preparing and submitting BAS and IAS for a range of business types
- scope and limitations of services that can be provided by a Registered BAS Agent under the Tax Agent Services Act compared to those of a Tax Agent.
Assessment Conditions
Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.
This includes 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
- access to the internet.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
This unit is designed to meet the education requirements of the TPB. Where registration with the TPB is sought, assessment must reflect the conditions described by the regulator. 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 (http://www.tpb.gov.au).
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.
Assessment 2: IAS and BAS Preparation (due date: as per unit syllabus)
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.
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.
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
Attendance
Your learning experience will involve online teaching, discussion, demonstration and practical exercises
It is strongly advised that you attend all timetabled sessions. This will allow you to engage in the required learning activities, ensuring you the maximum opportunity to complete this course successfully.
Information about your studies
You can access My Studies through the RMIT website for information about timetables, important dates, assessment dates, results and progress, Canvas etc.
https://www.rmit.edu.au/students
Canvas
Use Canvas to access your course content and announcements, submit assignments, and receive your grades and feedback;
https://www.rmit.edu.au/students/support-and-facilities/it-services-for-students/canvas
Student feedback at RMIT:
You will receive verbal and written feedback by teacher on your work. This feedback also includes suggestions on how you can proceed to the next stage of developing your projects.
The following link is an outline and ways that you will receive your feedback at RMIT;
Assessment
Information on assessment including Special consideration, Adjustments to assessment, (eg. applying for an extension of time):
https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment
Submitting Assessments onto Canvas
Here is a guide to submitting assessments on Canvas;
Student Progress Monitoring
Academic progress is an important enabling and proactive strategy to assist you to achieve your learning potential.
Please see following access to the Student progress policy webpage; https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/academic-progress
Academic Integrity and Plagiarism
RMIT University has a strict policy on plagiarism and academic integrity. Please see following access for more information on Academic Integrity at RMIT; https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/academic-integrity
Credit Transfer and Recognition of Prior Learning
Credit transfer is the recognition of previously completed formal learning (an officially accredited qualification).Recognition of Prior Learning (RPL) is an assessment process that allows you to demonstrate competence using the skills you have gained through experience in the workplace, voluntary work, informal or formal training or other life experiences.
Please speak to your teacher if you wish to discuss applying for Credit Transfer or RPL for the unit(s) of competency addressed in this course.
https://www.rmit.edu.au/students/student-essentials/enrolment/apply-for-credit
Course Overview: Access Course Overview