Reference no: EM132904014

FNSTPB401 Complete business activity and instalment activity statements - Sydney Metro College

Task 1: Theory Assessment

Question 1 - Question and Answers

Answer the following questions in writing.

1. What are the research methods used to update knowledge of professional and legislative requirements relating to activity statements and what are the sources of information that you could use during your research?

2. Discuss the key requirements of related to the preparation of activity statements for each of the following:
a) Tax Agent Services Act (TASA), including Code of Professional Conduct and civil penalty provisions
b) Fringe Benefits Tax Assessment Act
c) Superannuation Guarantee (Administration) Act
d) Superannuation Guarantee Charge Act
e) A New Tax System (Goods and Services Tax) Act
f) Income Tax Assessment Act
g) Taxation Administration Act
h) other taxation laws, including wine equalisation tax, luxury car tax and fuel tax
i) Privacy Act

3. In your own words, discuss the ATO requirements for the preparation and submission of BAS and IAS related to at least different business types

4. In your own words discuss GST, ensure that you include:
a. Classifications
b. Regulations
c. Obligations
d. Reference to relevant materials

5. Discuss what the TPB requirements are for registration as a BAS agent.

6. What are the three main categories of tax obligations?

7. What do you need to do in order to identify individual compliance and other requirements?

8. How would you recognise and apply GST implications and code transactions?

9. What do you need to do to report on payroll activities?

10. What do you need to do in order to report on other amounts withheld, PAYG instalments and taxes?

11. What tasks must be performed when completing and reconciling the activity statement?

12. What tasks are required when lodging an activity statement?

13. What steps are involved in completing a BAS reconciliation?

Task 2: Case Study and Practical Assessment

Question 1 - GST Treatment

Indicate the tax treatment for each of the transactions listed in the document ‘GST Treatment' which is available in appendix. The applicable tax treatments are Taxable/GST-Free/ Input Taxed/ Out of Scope.

Question 2 - DMG Smiles Dental Supplies

The information has been summarised for DMG Smiles Dental Supplies during the September 20X5 quarter in Appendix ‘Case Study - DMG Smiles Dental Supplies'.

a) Prepare the GST Calculation Worksheet and all relevant sections of DMG Smiles' September 20X5 BAS showing the final amount refundable to or payable by DMG Smiles.

b) Prepare the GST Calculation Worksheet and all relevant sections of DMG Smiles' December 20X5 BAS showing the final amount refundable to or payable by DMG Smiles.

Question 3 - Awesome Bites Pty Ltd

Thequarterly salesandexpenditure details ofAwesome BitesPtyLtdforthequarter ending31March,20X5canbefound in Appendix ‘Case Study - Awesome Bites Pty Ltd' along with other organisation details.

PrepareaGSTCalculation worksheet forthequarter ending 31 March, 20X5 and complete all the relevant sections of BAS using the sample form provided. 
Role play

You are now required to do a role-play with the senior accountant of the organisation (your trainer). Undertake the following during the role play:

a) Present the statement created and explain the process undertaken to complete the form
b) Ask relevant questions regarding organisation cash flow reserves for the payment of all taxes due (if applicable)
c) Provide opportunities to ask questions and respond appropriately
d) Gain approval for lodgement based on organisation policies and procedures.

Assessor will be looking for following during the role play:

• Student followed all the requirements of organisation policies and procedures during the roleplay
• Used active listening and communication skills
• Used questions to confirm requirements and authorisations
• Showed required understanding of content being presented
• Used language and concepts appropriate for the audience
• Showed ability to handle a questions and answer session
• Uses collaborative and inclusive techniques to build rapport
• establish and maintain positive relationships
• Selects and uses appropriate conventions and protocols when communicating.

Question 4 - Tax Calculations

a) Calculate the payroll tax obligations for the businesses that operate in the state listed by using the information provided in Appendix ‘Calculations' under the section ‘Payroll Calculations'.
b) Jonathan Security services employ three people. Calculate the minimum superannuation contribution the employer must pay for the current year by using the information provided in Appendix ‘Calculations' under the section ‘Superannuation Calculations'.
c) Trevor is learning how to calculate PAYG tax withheld amount. Although, he knows MYOB will calculate the figure for him automatically, he was to be able to process the pays manually should the computer system ‘crash' on pay day. Calculate PAYG withholding using the figures provided in Appendix ‘Calculations' under the section ‘PAYG Withholding' and the 2015-16 weekly tax table available on ATO website.
d) Joan sells a car for $191 000 including GST on the 8 July 2015. The vehicle is not classed as fuel efficient. What is the luxury car tax that needs to be reported? Show your calculations.
e) Calculate the wholesale price for 2 dozen bottles of grape wine that are valued at $200 a dozen before tax. Show your calculations.

Question 5 - PAYG Instalment

The client PAYG details are available in the appendix document ‘PAYG Instalment'. Undertake the following details:

1. Calculate the new instalment rate based on these figures.

2. Calculate how much the business paid in the first two instalments.

3. Calculate the variation credit that can be claimed and describe why they can claim a variation credit. Describe what calculations are being made at each step.

Attachment:- Business activity.rar