FNSTPB401 – Complete business activity and instalment activity statements

Elements describe the essential outcomes.Performance criteria describe the performance needed to demonstrate achievement of the element.
1. Identify compliance and other requirements applicable to business activity1.1 Research and document legislative, regulatory, industry and organisational requirements relating to activity statements and seek expert advice to clarify issues where applicable1.2 Review, interpret and apply legislation relating to taxes reported on activity statements1.3 Identify, document and apply policies in relation to compliance with code of professional conduct as stipulated in legislation relevant to activity1.4 Identify scope of services that can be provided by a Registered BAS Agent under the Tax Agent Services Act, including limitations of services compared to those of a Tax Agent1.5 Identify and access information, advice and services outside own scope of operation; establishing and using networks where necessary1.6 Identify and document lodgement schedule requirements1.7 Assess entity’s cash flow and payment options and arrangements, and initiate discussion with management to ensure sufficient funds are available to meet statutory requirements
2. Analyse and apply industry codes of conduct associated with work activities2.1 Review, interpret and apply relevant industry codes of conduct and identify the applicable governing bodies2.2 Document and apply relevant policies and procedures to ensure compliance with code of conduct requirements2.3 Identify and document own competency development requirements relating to changes in legislation
3. Review and apply goods and services tax (GST) implications and code transactions3.1 Identify, interpret and apply and record GST principles3.2 Identify and code purchases and/or payments as per GST classifications3.3 Identify and code sales and/or receipts as per GST classifications3.4 Process accounting data to comply with tax and GST reporting requirements
4. Report on payroll activities and amounts withheld4.1 Calculate and reconcile total salaries, wages and other payments for a reporting period to enter onto a BAS4.2 Verify or calculate pay as you go instalment (PAYGI) amount where applicable, or calculate for other payments where applicable
5. Reconcile and prepare activity statement5.1 Prepare and reconcile activity statement reports, identify and correct statement errors, and amend bookkeeping entries as required5.2 Review extraordinary transactions in the accounting system, including transactions involving capital acquisitions and imports5.3 Make adjustments for previous quarters, months or year-end where necessary according to legislative guidelines5.4 Complete BAS and/or IAS return according to current statutory, legislative, regulatory and organisational schedule5.5 Reconcile figures completed on BAS and/or IAS form with journal entries, financial statements, GST and other control accounts
6. Lodge activity statement6.1 Check activity statement and ensure sign-off by authorising person required by statutory, legislative and regulatory requirements6.2 Lodge activity statement according to statutory, legislative and regulatory requirements

Course Enquiry

  • This field is for validation purposes and should be left unchanged.