Reference no: EM132356479
Complete business activity and instalment activity statements
Assessment Task: BAS summary report
Task summary
This assessment task requires you to meet with Bob, the owner of the Bobs Clothing Supplies to discuss the preparation of Bob's BAS/IAS for the quarter to be reported on.
Answers must be word processed and sent as an email attachment.
This assessment is to be completed in the simulated work environment in the RTO.
Required
• Computer and Microsoft Office
• Access to the internet for research
• Printer
• BAS Data
• BAS Calculations Student
• BAS Worksheet Student.
• BAS Form Student
• IAS Form Student
Assessment Task Instructions
Carefully read the following:
Bob, the owner of the Bob's Clothing Supplies, would like you to help him prepare his BAS. He has sent you a document, BAS Data, hoping that it contains all that you will need. Bob would like to meet with you to discuss filling out his BAS, as he would like to be able to prepare his BAS himself eventually.
Complete the following activities:
1. Make an appointment with your client.
Review the contents of the BAS Data document, ensuring that all relevant data is included.
When you are ready for the meeting, send your assessor an email, addressing them as Bob.
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should ask for the place, date and time of an appointment.
2. Prepare for a meeting with your client.
Plan for the meeting by rehearsing a short explanation of the BAS reporting system for Bob. Include a short summary of the relevant legislation, including who is permitted to fill out and lodge BAS forms.
Your client will also ask you how their PAYG Withholding and PAYG Instalments will be calculated and if there is some way that they can voluntarily pay instalments on this so that they are not hit with a big bill at the end of the year, so research this prior to the meeting.
Determine whether Bob's Clothing Supplies will have to lodge an IAS, too, as you will be asked about this.
Bob may ask you some questions that are outside the scope of the work that you can perform. You will have to know what the limits of what a BAS agent can offer, and how Bob could find someone who could advise him appropriately.
3. Meet with your client.
The meeting should take no more than fifteen minutes.
At the meeting with Bob, carefully explain the BAS lodgement process.
Discuss the BAS Data document, and how that data will be used to fill out the BAS statement. You can use BAS Calculations Student to assist in this explanation if you wish.
During the meeting, demonstrate effective communication skills including:
• Speaking clearly and concisely
• Using non-verbal communication to assist with understanding
• Asking questions to identify required information
• Responding to questions as required
• Using active listening techniques to confirm understanding
4. Calculate the client's BAS payment.
Following the meeting, complete the client's BAS Calculations, including information that you received from Bob.
Use BAS Calculations Student to record your answers.
5. Develop a profit and loss statement.
Following the meeting, create a new Excel Workbook and input Bob's data to make profit and loss statement.
Include information that you received from Bob at the meeting.
Save this Workbook as Profit and Loss Statement.
6. Send an email to Bob (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
The email text should introduce and summarise the contents of the attachments and seek Bob's permission to lodge the BAS.
Attach your completed BAS calculations and profit and loss statement to the email.
7. Adjust calculations as required.
Modify your BAS calculations and profit and loss statement as requested by your client.
Save these documents as Revised BAS Calculations and Revised Profit and Loss Statement.
Send the revised versions of the documents to the client if any alterations have been requested.
If no adjustments have been requested, do not send another email to the client.
8. Lodge a BAS and an IAS form.
When you have received electronic approval from Bob, print out the BAS Worksheet Student, the BAS Form Student and the IAS Form Student.
Fill these in with pencil or pen, and hand them in to your assessor.
It is important that neither of these documents contain any errors, so proofread them several times before submitting, correcting any adjustments as required.
9. Develop a letter of engagement.
Bob was very impressed with your work on his BAS Form submission and has decided to use your BAS services permanently.
Bob has asked you to draft a letter of engagement setting out the terms and conditions of the arrangement between you. He has asked that the following points be included in the agreement:
• You will only be expected to fill out and submit their quarterly BAS.
• The rest of their accountancy work will be performed by an accountant, who will also supply the data necessary to fill out the BAS Form.
• You will be paid $100 for each BAS Form submitted.
• If Bob has tax-based questions other than BAS form information, he will pay you $50 per hour.
• All documentation will be kept in Bob's office
Your letter of engagement should adhere to the guidelines as set out by the Tax Practitioners Board
10. Develop a professional development plan.
Bob has asked you to describe the continuing professional development (CPD) that you intend to complete in the coming year.
He would like to what the CPD expectations are for a tax practitioner and how you intend to keep up with changes to legislation that affect your work as a tax practitioner.
Do an internet search for relevant CPD opportunities, and take notes on at least two of these that you would be interested in participating in.
11. Send an email to the client (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should introduce and summarise the contents of the attachment and give details of at least two CPD events that would keep you up to date with changes to Australian tax legislation.
Attachment:- Complete business activity and instalment activity statements.rar