Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSBKG404 Mapping and Delivery Guide
Carry out business activity and instalment activity statement tasks

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSBKG404 - Carry out business activity and instalment activity statement tasks
Description
Employability Skills
Learning Outcomes and Application 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.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

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.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Identify individual compliance and other requirements
  • 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
       
Element: Recognise and apply GST implications and code transactions
  • 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
       
Element: Report on payroll activities and amounts withheld
  • 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
       
Element: Complete and reconcile activity statement
  • 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
       
Element: Lodge activity statement
  • 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
       


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.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, 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.

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

Assessor name:

Signature:

Date:

Student signature:

Date: