Course Title: Complete business activity and instalment activity statements

Part A: Course Overview

Program: C4435 Certificate IV in Accounting and Bookkeeping

Course Title: Complete business activity and instalment activity statements

Portfolio: Vocational Education

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.

Important Information:

Please note that this course may have compulsory in-person attendance requirements for some teaching activities. 


Terms

Course Code

Campus

Career

School

Learning Mode

Teaching Period(s)

BAFI5256C

City Campus

TAFE

525T Business & Enterprise

Face-to-Face or Internet

 Term1 2024

Course Contact: Nick Reynolds

Course Contact Phone: +61 3 9925 0791

Course Contact Email: nick.reynolds@rmit.edu.au



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.

Pre-requisite Courses and Assumed Knowledge and Capabilities

None



National Competency Codes and Titles

National Element Code & Title:

FNSTPB411 Complete business activity and instalment activity statements

Elements:

1. Identify and apply compliance and other requirements applicable to business activity

2. Analyse and apply industry codes of conduct associated with work activities

3. Review and apply goods and services tax (GST) implications and code transactions

4. Report on payroll activities and amounts withheld

5. Reconcile and prepare activity statement

6. Check and lodge activity statement

Learning Outcomes


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.