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Evidence Guide: FNSBKG404A - Carry out business activity and instalment activity statement tasks

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSBKG404A - Carry out business activity and instalment activity statement tasks

What evidence can you provide to prove your understanding of each of the following citeria?

Identify individual compliance and other requirements

  1. Legislative and regulatory requirements and organisational and industry requirements relating to Activity Statements are researched, documented and expert advice is sought to clarify issues where applicable.
  2. Requirements for information, advice or services outside the individual's scope of operation are identified and additional information, advice or services are accessed, and networks are established and used where necessary
  3. Lodgement schedule requirements are identified and documented
  4. Entity's cash flow and payment options are assessed and discussed with management to ensure sufficient funds
Legislative and regulatory requirements and organisational and industry requirements relating to Activity Statements are researched, documented and expert advice is sought to clarify issues where applicable.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Requirements for information, advice or services outside the individual's scope of operation are identified and additional information, advice or services are accessed, and networks are established and used where necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Lodgement schedule requirements are identified and documented

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Entity's cash flow and payment options are assessed and discussed with management to ensure sufficient funds

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Recognise and apply GST implications and code transactions

  1. GST principles are identified, applied and recorded
  2. Purchases and/or payments are identified, coded as per GST classifications and split into capital and non-capital as appropriate
  3. Sales and/or receipts are identified and coded as per GST classifications
  4. Accounting data is processed to comply with tax reporting requirements
GST principles are identified, applied and recorded

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Purchases and/or payments are identified, coded as per GST classifications and split into capital and non-capital as appropriate

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Sales and/or receipts are identified and coded as per GST classifications

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Accounting data is processed to comply with tax reporting requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Report on payroll activities

  1. Total salaries, wages and other payments for the accounting period are identified and reconciled
  2. Amounts withheld from salaries, wages and other payments for the accounting period are identified and reconciled in conjunction with payroll department if applicable
Total salaries, wages and other payments for the accounting period are identified and reconciled

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Amounts withheld from salaries, wages and other payments for the accounting period are identified and reconciled in conjunction with payroll department if applicable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Report on other amounts withheld, Pay As You Go (PAYG) instalments and taxes

  1. Amounts withheld from other payments for the accounting period are identified and reconciled in conjunction with other departments if applicable
  2. PAYG instalment amount is verified or, where applicable, calculated or, where applicable, calculated for other taxes
Amounts withheld from other payments for the accounting period are identified and reconciled in conjunction with other departments if applicable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

PAYG instalment amount is verified or, where applicable, calculated or, where applicable, calculated for other taxes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete and reconcile the Activity Statement

  1. Activity Statement reports are generated where required, checked and validated with any errors identified and correctional bookkeeping entries made
  2. Adjustments for previous quarters, months or year-end are made where necessary
  3. BAS and/or IAS return is completed in accordance with up-to-date statutory, legislative, regulatory and organisational schedule
  4. Figures completed on the BAS/IAS form are reconciled to journal entries, profit and loss statement, GST and other control accounts
Activity Statement reports are generated where required, checked and validated with any errors identified and correctional bookkeeping entries made

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Adjustments for previous quarters, months or year-end are made where necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

BAS and/or IAS return is completed in accordance with up-to-date statutory, legislative, regulatory and organisational schedule

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Figures completed on the BAS/IAS form are reconciled to journal entries, profit and loss statement, GST and other control accounts

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Lodge Activity Statement

  1. Activity Statement is checked and signed off by an appropriate person as identified by statutory, legislative and regulatory requirements
  2. Activity Statement is dispatched in accordance with statutory, legislative and regulatory requirements
  3. Payment/refund is processed and recorded
Activity Statement is checked and signed off by an appropriate person as identified by statutory, legislative and regulatory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Activity Statement is dispatched in accordance with statutory, legislative and regulatory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Payment/refund is processed and recorded

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

interpret and comply with relevant provisions in the following Acts and their associated regulations:

Tax Agent Services Act 2009 (TASA 2009)

Fringe Benefits Tax Assessment Act 1986

Superannuation Guarantee (Administration) Act 1992

Superannuation Guarantee Charge Act 1992

A New Tax System (Goods and Services Tax) Act 1999

Income Tax Assessment Act 1997

Income Tax Assessment Act 1936

Taxation Administration Act 1953

Privacy Act 1988

interpret and comply with relevant ATO and TPB requirements, including TPB registration requirements where applicable

apply GST terminology and appropriate application to financial transactions

meet taxation requirements for business purposes and taxation parameters related to a range of business types

use relevant accounting terminology when maintaining accounting records for a variety of business types for taxation purposes

accurately complete all sections of both BAS and IAS for multiple entity types

lodge statements within the allocated timeframe.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to an integrated financial software system

access to relevant legislation and industry material

access to the ATO and TPB and materials available from the ATO and TPB, including through the internet.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

oral or written questioning on underpinning knowledge and skills

setting and reviewing workplace projects and business simulations or scenarios

evaluating samples of work

accessing and validating third party reports.

Assessment methods approved by the Tax Practitioners Board must be met for BAS agent registration.

Guidance information for assessment

If undertaking this unit for processing BAS and IAS, including the completion of Activity Statements, the following items in the Range Statement must be assessed to be considered as having fulfilled some of the educational requirements for registration with the TPB:

Legislative and regulatory requirements

Payment options

GST principles

GST classifications

Required Skills and Knowledge

Required skills

communication skills to:

confirm work requirements, using questioning and active listening as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

numeracy and IT skills to:

accurately analyse, code, record and store data in accordance with organisational requirements

identify and make adjustments as necessary to any inconsistencies in numerical data

access and use appropriate financial management software, spreadsheets and databases

use internet information

analysis for accessing, interpreting and managing relevant financial data

literacy skills for interpreting documentation and compiling reports

self-management skills for complying with ethical, legal and procedural requirements

problem solving skills to identify any issues that have the potential to impact on the Activity Statement compilation and lodgement process and to develop options to resolve these issues when they arise or refer to other professionals as appropriate

organisational skills, including the ability to plan and sequence work to meet statutory, legislative, regulatory and organisational deadlines particularly with relation to the lodgement of Activity Statements

teamwork skills to identify activities required with business owners and tax agents

Required knowledge

Australian Taxation Office (ATO) requirements, including meeting of deadlines in relation to Activity Statements

current statutory, legislation and regulatory requirements related to the preparation of Activity Statements

accounting terminology in order to understand and maintain knowledge of statutory, legislative, regulatory and other requirements

GST terminology, classifications, regulations and obligations

characteristics of software necessary for research or to record information electronically

TPB requirements in relation to registration as a BAS agent

The obligations of a BAS agent under the Tax Agent Services Act 2009 (TASA 2009), including the Code of Professional Conduct and the Civil Penalty provisions

Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Legislative and regulatory requirements must include:

BAS/IAS requirements including time requirements and cash versus accrual reporting requirements

GST Act and related public rulings, determinations and regulations

Income Tax Act, regulations rulings and determinations

Privacy Act

use of IT software and equipment.

Organisational and industry requirements may include:

business and performance plans

computer system documentation

industry codes of ethics

industry codes of practice

internal control guidelines

operations manuals

organisational policies and procedures

management of more than one trading business under an Australian Business Number (ABN) umbrella

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

Other payments may include:

Fringe Benefits Tax (FBT)

Fuel Tax Credits (FTC)

luxury car tax

wine equalisation tax

Amounts withheld may include:

amounts withheld where no ABN is quoted

other amounts withheld such as W2 and W3 on Activity Statements