FNSTPB401 Complete Business Activity Report Writing – Accounting and Finance Assignment Help

Assignment Task

Task

1. Report:

Your task is to research the following topics then outline your findings in a report. Use the questions below as a guide to your research.

Your report must discuss carrying out business activity and instalment activity statement tasks. 

You will need to discuss each of the following questions in your report: 

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 relating 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. A New Tax System (Goods and Services Tax) Act
d. Income Tax Assessment Act
e. Taxation Administration Act
f. Other taxation laws, including wine equalisation tax, luxury car tax and fuel tax
g. Privacy Act

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

a. Company
b. Individual (Sole Trader)
c. Partnership
d. Trust

4. In your own words discuss GST, ensure that you include:
e. Classifications
f. Regulations
g. Obligations 
h. Reference to relevant materials

5. Discuss what the TPB requirements 

2. Third Party Report Activity:

The following task must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:

A. Common office equipment, technology, software and consumables
B. An integrated financial software system and data
C. Office equipment, technology, software and consumables required to process BAS and IAS, and associated required reports, including:

a. An integrated financial software system, including but not limited to:

i. MYOB
ii. QuickBooks
iii. Xero

b. Required legislation and industry material, including but not limited to:
i. WHS/OHS
ii. Privacy/confidentiality legislation
iii. Financial legislation 
iv. Codes of ethics and conduct

c. ATO and TPB materials available from the ATO and TPB, including but not limited to:
i. Online information and explanatory papers 
ii. Forms and instructions

d. Access to the internet

You will need to arrange a time with your Supervisor or Manager to complete this task. Your Supervisor or Manager should observe you completing each requirement of the task.

To prepare for this task you will need to conduct the following research:

1. Identify and access information, using networks as necessary and seeking expert advice to clarify as necessary, to research and critically evaluate the following to be applied throughout the preparation of BAS and IAS

a. The changes to current or new legislative or professional conduct requirements, so that these changes can be applied throughout. 
b. Australian taxation law, Australian Taxation Office (ATO) rulings, Tax Practitioner Board (TPB) requirements, and lodgement schedules
c. Accounting principles and practices
d.Organisational policies and procedures for BAS 

Document the research, including the sources accessed and the changes to be applied throughout BAS tasks. 

For this task you will need to complete the following activity for at least three legal entities. 

2.    Accessing and using an appropriate integrated financial software system, prepare both business activity statements (BAS) and instalment activity statements (IAS) for at least three legal entities, ensuring that these comply with the legislative requirements, lodgement schedules and principles and practices identified in your research
For each legal entity, complete the following steps to identify the compliance and other requirements applicable to business activity:

1. Identify and document the lodgement schedule requirements 
2. Assess the cash flow and payment options and arrangements and initiate a discussion with management to ensure there are sufficient funds are available to meet the statutory requirements. Document the options and arrangements and the discussion. 

Review and apply the GST implications and code transactions for each entity through completion of the following steps, using an appropriate integrated financial software system: 

3. Identify, interpret and apply and record the GST principles

4. Identify and code the purchases and/or payments, as per the GST classifications. Document this step.

5. Identify and code the sales and/or receipts, as per GST classifications. Document this step.

6. Process the accounting data to comply with tax and GST reporting requirements

For each entity, complete the following steps to report on the payroll activities and on the amounts withheld, using the appropriate integrated financial software system:

7. For the required reporting period, calculate and reconcile total salaries, wages and other payments to enter onto the BAS. Provide the calculations. 
8. Verify or calculate PAYGI amount, or calculate for other payments, where applicable. Provide the verification/calculations.

Use the appropriate integrated financial software system to reconcile and prepare the activity statement for each entity by completing the following steps: 

9. Prepare and reconcile the activity statement reports, identifying and correcting statement errors, and amending bookkeeping entries as required
10. Review any extraordinary transactions in the accounting system, including transactions involving capital acquisitions and imports. Document the review of these extraordinary transactions.
11. Where necessary according to legislative guidelines, make adjustments for previous quarters, months or year-end. Record these adjustments, including the reasoning. 
12. Complete the BAS and IAS return according to current statutory, legislative, regulatory and organisational schedule
13. Reconcile the figures completed on the BAS and IAS form with the journal entries, financial statements, GST and other control accounts. Document this reconciliation. 

For each of the legal entities:

14. Check the activity statement, and present it to the authorising person, required by statutory, legislative and regulatory requirements, for verification, approval and sign-off. Provide evidence of the sign-off received. 

You may use the following information or may use the financial information for other legal entities that you have access to.  

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