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FNSBKG404 Carry out business activity and instalment activity statement tasks

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify individual compliance and other requirements

1.1 Research and document legislative, regulatory, industry and organisational requirements relating to activity statements and seek expert advice to clarify issues where applicable

1.2 Review, interpret and apply legislation related to taxes reported on activity statements, using relevant materials when required and other resources supporting legislation

1.3 Identify and document policies in relation to compliance with Code of Professional Conduct as stipulated in relevant legislation

1.4 Identify and access information, advice or services outside individual’s scope of operation and establish and use networks where necessary

1.5 Identify and document lodgement schedule requirements

1.6 Assess entity’s cash flow and payment options and initiate discussion with management to ensure sufficient funds are available

2. Recognise and apply GST implications and code transactions

2.1 Identify, apply and record goods and services tax (GST) principles

2.2 Identify and code purchases and/or payments as per GST classifications

2.3 Identify and code sales and/or receipts as per GST classifications

2.4 Process accounting data to comply with tax reporting requirements

3. Report on payroll activities and amounts withheld

3.1 Identify and reconcile total salaries, wages and other payments for accounting period

3.2 Identify and reconcile amounts withheld from salaries and wages for accounting period in conjunction with payroll department if applicable

3.3 Identify and reconcile amounts withheld from other payments for accounting period in conjunction with other departments if applicable

3.4 Verify or calculate pay as you go (PAYG) instalment amount where applicable, or calculate for other payments where applicable

4. Complete and reconcile activity statement

4.1 Generate, review and validate activity statement reports, identify any errors and correct bookkeeping entries where required

4.2 Make adjustments for previous quarters, months or year-end where necessary

4.3 Complete BAS and/or IAS return in accordance with current statutory, legislative, regulatory and organisational schedule

4.4 Reconcile figures completed on BAS and/or IAS form with journal entries, financial statements, GST and other control accounts

5. Lodge activity statement

5.1 Check activity statement and ensure sign off by appropriate person as identified by statutory, legislative and regulatory requirements

5.2 Lodge activity statement in accordance with statutory, legislative and regulatory requirements

5.3 Process and record payments and refunds as required

This information is taken from the Official Government Training website: training.gov.au

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