FNSBKG404 - Carry out business activity and instalment activity statement tasks
Assessor Resource
FNSBKG404 Carry out business activity and instalment activity statement tasks
Assessment tool
Version 1.0 Issue Date: May 2024
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 within 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 educational requirements of the Tax Practitioner Board (TPB). Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)
Evidence Required
List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.
ELEMENT
PERFORMANCE CRITERIA
Elements describe the essential outcomes.
Performance criteria describe the performance needed to demonstrate achievement of the element.
1. Identify individual compliance and other requirements
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 related to taxes reported on activity statements, using relevant materials when required and other resources supporting legislation
1.3 Identify and document policies in relation to compliance with Code of Professional Conduct as stipulated in relevant legislation
1.4 Identify and access information, advice or services outside individual’s scope of operation and establish and use networks where necessary
1.5 Identify and document lodgement schedule requirements
1.6 Assess entity’s cash flow and payment options and initiate discussion with management to ensure sufficient funds are available
2. Recognise and apply GST implications and code transactions
2.1 Identify, apply and record goods and services tax (GST) principles
2.2 Identify and code purchases and/or payments as per GST classifications
2.3 Identify and code sales and/or receipts as per GST classifications
2.4 Process accounting data to comply with tax reporting requirements
3. Report on payroll activities and amounts withheld
3.1 Identify and reconcile total salaries, wages and other payments for accounting period
3.2 Identify and reconcile amounts withheld from salaries and wages for accounting period in conjunction with payroll department if applicable
3.3 Identify and reconcile amounts withheld from other payments for accounting period in conjunction with other departments if applicable
3.4 Verify or calculate pay as you go (PAYG) instalment amount where applicable, or calculate for other payments where applicable
4. Complete and reconcile activity statement
4.1 Generate, review and validate activity statement reports, identify any errors and correct bookkeeping entries where required
4.2 Make adjustments for previous quarters, months or year-end where necessary
4.3 Complete BAS and/or IAS return in accordance with current statutory, legislative, regulatory and organisational schedule
4.4 Reconcile figures completed on BAS and/or IAS form with journal entries, financial statements, GST and other control accounts
5. Lodge activity statement
5.1 Check activity statement and ensure sign off by appropriate person as identified by statutory, legislative and regulatory requirements
5.2 Lodge activity statement in accordance with statutory, legislative and regulatory requirements
5.3 Process and record payments and refunds as required
Evidence of the ability to:
research, critically evaluate and apply any changes to current or new legislative or professional conduct requirements relevant to the preparation of activity statements
identify financial transactions required to prepare activity statements and apply goods and services tax (GST) principles and classifications
prepare both business activity statements (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 any lodgement schedules
accounting principles and practices
organisational policy and procedures
present activity statements for verification and approval.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
To complete the unit requirements safely and effectively, the individual must:
outline the research methods and sources of information used to update knowledge of professional and legislative requirements relating to activity statements
identify the key requirements of current legislation, regulations and industry codes of practice related to the preparation of activity statements, including:
Tax Agent Services Act (TASA), including Code of Professional Conduct and civil penalty provisions
Fringe Benefits Tax Assessment Act
Superannuation Guarantee (Administration) Act
Superannuation Guarantee Charge Act
A New Tax System (Goods and Services Tax) Act
Income Tax Assessment Act
Taxation Administration Act
other taxation laws, including wine equalisation tax, luxury car tax and fuel tax
Privacy Act
describe the ATO requirements and relevant accounting terminology for the preparation and submission of BAS and IAS related to a range of business types
describe GST terminology, classifications, regulations and obligations with reference to relevant materials
explain the TPB requirements for registration as a BAS agent.
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:
common office equipment, technology, software and consumables
an integrated financial software system
relevant legislation and industry material
ATO and TPB and materials available from the ATO and TPB, including through the internet.
Assessors must satisfy NVR/AQTF assessor requirements.
Submission Requirements
List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here
Assessment task 1: [title] Due date:
(add new lines for each of the assessment tasks)
Assessment Tasks
Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.
ELEMENT
PERFORMANCE CRITERIA
Elements describe the essential outcomes.
Performance criteria describe the performance needed to demonstrate achievement of the element.
1. Identify individual compliance and other requirements
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 related to taxes reported on activity statements, using relevant materials when required and other resources supporting legislation
1.3 Identify and document policies in relation to compliance with Code of Professional Conduct as stipulated in relevant legislation
1.4 Identify and access information, advice or services outside individual’s scope of operation and establish and use networks where necessary
1.5 Identify and document lodgement schedule requirements
1.6 Assess entity’s cash flow and payment options and initiate discussion with management to ensure sufficient funds are available
2. Recognise and apply GST implications and code transactions
2.1 Identify, apply and record goods and services tax (GST) principles
2.2 Identify and code purchases and/or payments as per GST classifications
2.3 Identify and code sales and/or receipts as per GST classifications
2.4 Process accounting data to comply with tax reporting requirements
3. Report on payroll activities and amounts withheld
3.1 Identify and reconcile total salaries, wages and other payments for accounting period
3.2 Identify and reconcile amounts withheld from salaries and wages for accounting period in conjunction with payroll department if applicable
3.3 Identify and reconcile amounts withheld from other payments for accounting period in conjunction with other departments if applicable
3.4 Verify or calculate pay as you go (PAYG) instalment amount where applicable, or calculate for other payments where applicable
4. Complete and reconcile activity statement
4.1 Generate, review and validate activity statement reports, identify any errors and correct bookkeeping entries where required
4.2 Make adjustments for previous quarters, months or year-end where necessary
4.3 Complete BAS and/or IAS return in accordance with current statutory, legislative, regulatory and organisational schedule
4.4 Reconcile figures completed on BAS and/or IAS form with journal entries, financial statements, GST and other control accounts
5. Lodge activity statement
5.1 Check activity statement and ensure sign off by appropriate person as identified by statutory, legislative and regulatory requirements
5.2 Lodge activity statement in accordance with statutory, legislative and regulatory requirements
5.3 Process and record payments and refunds as required
This section specifies different work environments and conditions that may affect performance. Essential operating conditions that may be present (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) are included.
Legislative and regulatory requirements must include:
BAS and/or IAS requirements including time requirements and cash versus accrual reporting requirements
GST Act and related public rulings, determinations and regulations
income tax legislation
privacy legislation
tax agent services legislation
use of information technology software and equipment.
Payment options must include:
maintaining an estimate of amount payable on BAS and IAS
pay as you go instalments (PAYGI) and pay as you go withholding (PAYGW)
set up of a provision account.
GST principles must include:
GST collected
GST input tax credits
net GST payable.
GST classifications must include:
GST
GST free
input taxed
no tax (not reportable)
input taxed supply
exports.
Evidence of the ability to:
research, critically evaluate and apply any changes to current or new legislative or professional conduct requirements relevant to the preparation of activity statements
identify financial transactions required to prepare activity statements and apply goods and services tax (GST) principles and classifications
prepare both business activity statements (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 any lodgement schedules
accounting principles and practices
organisational policy and procedures
present activity statements for verification and approval.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
To complete the unit requirements safely and effectively, the individual must:
outline the research methods and sources of information used to update knowledge of professional and legislative requirements relating to activity statements
identify the key requirements of current legislation, regulations and industry codes of practice related to the preparation of activity statements, including:
Tax Agent Services Act (TASA), including Code of Professional Conduct and civil penalty provisions
Fringe Benefits Tax Assessment Act
Superannuation Guarantee (Administration) Act
Superannuation Guarantee Charge Act
A New Tax System (Goods and Services Tax) Act
Income Tax Assessment Act
Taxation Administration Act
other taxation laws, including wine equalisation tax, luxury car tax and fuel tax
Privacy Act
describe the ATO requirements and relevant accounting terminology for the preparation and submission of BAS and IAS related to a range of business types
describe GST terminology, classifications, regulations and obligations with reference to relevant materials
explain the TPB requirements for registration as a BAS agent.
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:
common office equipment, technology, software and consumables
an integrated financial software system
relevant legislation and industry material
ATO and TPB and materials available from the ATO and TPB, including through the internet.
Assessors must satisfy NVR/AQTF assessor requirements.
Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.
Observation Checklist
Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice
Yes
No
Comments/feedback
Research and document legislative, regulatory, industry and organisational requirements relating to activity statements and seek expert advice to clarify issues where applicable
Review, interpret and apply legislation related to taxes reported on activity statements, using relevant materials when required and other resources supporting legislation
Identify and document policies in relation to compliance with Code of Professional Conduct as stipulated in relevant legislation
Identify and access information, advice or services outside individual’s scope of operation and establish and use networks where necessary
Identify and document lodgement schedule requirements
Assess entity’s cash flow and payment options and initiate discussion with management to ensure sufficient funds are available
Identify, apply and record goods and services tax (GST) principles
Identify and code purchases and/or payments as per GST classifications
Identify and code sales and/or receipts as per GST classifications
Process accounting data to comply with tax reporting requirements
Identify and reconcile total salaries, wages and other payments for accounting period
Identify and reconcile amounts withheld from salaries and wages for accounting period in conjunction with payroll department if applicable
Identify and reconcile amounts withheld from other payments for accounting period in conjunction with other departments if applicable
Verify or calculate pay as you go (PAYG) instalment amount where applicable, or calculate for other payments where applicable
Generate, review and validate activity statement reports, identify any errors and correct bookkeeping entries where required
Make adjustments for previous quarters, months or year-end where necessary
Complete BAS and/or IAS return in accordance with current statutory, legislative, regulatory and organisational schedule
Reconcile figures completed on BAS and/or IAS form with journal entries, financial statements, GST and other control accounts
Check activity statement and ensure sign off by appropriate person as identified by statutory, legislative and regulatory requirements
Lodge activity statement in accordance with statutory, legislative and regulatory requirements
Process and record payments and refunds as required
Forms
Assessment Cover Sheet
FNSBKG404 - Carry out business activity and instalment activity statement tasks
Assessment task 1: [title]
Student name:
Student ID:
I declare that the assessment tasks submitted for this unit are my own work.
Student signature:
Result: Competent Not yet competent
Feedback to student
Assessor name:
Signature:
Date:
Assessment Record Sheet
FNSBKG404 - Carry out business activity and instalment activity statement tasks
Student name:
Student ID:
Assessment task 1: [title] Result: Competent Not yet competent
(add lines for each task)
Feedback to student:
Overall assessment result: Competent Not yet competent