FNSTPB401 Complete business activity and instalment activity statements

ASSESSMENT GUIDE

ASSESSMENT INFORMATION for students

Throughout your training we are committed to your learning by providing a training and assessment framework that ensures the knowledge gained through training is translated into practical on the job improvements.

You are going to be assessed for:

Your skills and knowledge using written and observation activities that apply to the workplace.

Your ability to apply your learning.

Your ability to recognise common principles and actively use these on the job.

All your assessment and training is provided as a positive learning tool. Your assessor will guide your learning and provide feedback on your responses to the assessment materials until you have been deemed competent in this unit.

HOW YOU WILL BE ASSESSED

The process we follow is known as competency-based assessment. This means that evidence of your current skills and knowledge will be measured against national standards of best practice, not against the learning you have undertaken either recently or in the past. Some of the assessment will be concerned with how you apply your skills and knowledge in the workplace, and some in the training room as required by each unit.

The assessment tasks have been designed to enable you to demonstrate the required skills and knowledge and produce the critical evidence to successfully demonstrate competency at the required standard.

Your assessor will ensure that you are ready for assessment and will explain the assessment process. Your assessment tasks will outline the evidence to be collected and how it will be collected, for example; a written activity, case study, or demonstration and observation.

The assessor will also have determined if you have any special needs to be considered during assessment. Changes can be made to the way assessment is undertaken to account for special needs and this is called making Reasonable Adjustment.

What if I believe I am already competent before training?

If you believe you already have the knowledge and skills to be able to demonstrate competence in this unit, speak with your trainer, as you may be able to apply for Recognition of Prior Learning (RPL).

Assessor Responsibilities

Assessors need to be aware of their responsibilities and carry them out appropriately. To do this they need to:

Ensure that participants are assessed fairly based on the outcome of the language, literacy and numeracy review completed at enrolment.

Ensure that all documentation is signed by the student, trainer, workplace supervisor and assessor when units and certificates are complete, to ensure that there is no follow-up required from an administration perspective.

Ensure that their own qualifications are current.

When required, request the manager or supervisor to determine that the student is ‘satisfactorily’ demonstrating the requirements for each unit. ‘Satisfactorily’ means consistently meeting the standard expected from an experienced operator.

When required, ensure supervisors and students sign off on third party assessment forms or third-party report.

Follow the recommendations from moderation and validation meetings.

How should I format my assessments?

Your assessments should be typed in a 11 or 12 size font for ease of reading. You must include a footer on each page with the student name, unit code and date. Your assessment needs to be submitted as a hardcopy or electronic copy as requested by your trainer.

How long should my answers be?

The length of your answers will be guided by the description in each assessment, for example:

Type of Answer

Answer Guidelines

Short Answer

4 typed lines = 50 words, or

5 lines of handwritten text

Long Answer

8 typed lines = 100 words, or

10 lines of handwritten text = of a foolscap page

Brief Report

500 words = 1-page typed report, or

50 lines of handwritten text = 1foolscap handwritten pages

Mid Report

1,000 words = 2-page typed report

100 lines of handwritten text = 3 foolscap handwritten pages

Long Report

2,000 words = 4-page typed report

200 lines of handwritten text = 6 foolscap handwritten pages

How should I reference the sources of information I use in my assessments?

Include a reference list at the end of your work on a separate page. You should reference the sources you have used in your assessments in the Harvard Style. For example:

Website Name – Page or Document Name, retrieved insert the date. Webpage link.

For a book: Author surname, author initial Year of publication, Title of book, Publisher, City, State

assessment guide

The following table shows you how to achieve a satisfactory result against the criteria for each type of assessment task. The following is a list of general assessment methods that can be used in assessing a unit of competency. Check your assessment tasks to identify the ones used in this unit of competency.

Assessment Method

Satisfactory Result

Non-Satisfactory Result

You will receive an overall result of Competent or Not Yet Competent for the unit. The assessment process is made up of a number of assessment methods. You are required to achieve a satisfactory result in each of these to be deemed competent overall. Your assessment may include the following assessment types.

Questions

All questions answered correctly

Incorrect answers for one or more questions

Answers address the question in full; referring to appropriate sources from your workbook and/or workplace

Answers do not address the question in full. Does not refer to appropriate or correct sources.

Third Party Report

Supervisor or manager observes work performance and confirms that you consistently meet the standards expected from an experienced operator

Could not demonstrate consistency. Could not demonstrate the ability to achieve the required standard

Written Activity

The assessor will mark the activity against the detailed guidelines/instructions

Does not follow guidelines/instructions

Attachments if requested are attached

Requested supplementary items are not attached

All requirements of the written activity are addressed/covered.

Response does not address the requirements in full; is missing a response for one or more areas.

Responses must refer to appropriate sources from your workbook and/or workplace

One or more of the requirements are answered incorrectly.

Does not refer to or utilise appropriate or correct sources of information

Observation/
Demonstration

All elements, criteria, knowledge and performance evidence and critical aspects of evidence, are demonstrated at the appropriate AQF level

Could not demonstrate elements, criteria, knowledge and performance evidence and/or critical aspects of evidence, at the appropriate AQF level

Case Study

All comprehension questions answered correctly; demonstrating an application of knowledge of the topic case study.

Lack of demonstrated comprehension of the underpinning knowledge (remove) required to complete the case study questions correctly. One or more questions are answered incorrectly.

Answers address the question in full; referring to appropriate sources from your workbook and/or workplace

Answers do not address the question in full; do not refer to appropriate sources.

Practical Activity

All tasks in the practical activity must be competed and evidence of completion must be provided to your trainer/assessor.

All tasks have been completed accurately and evidence provided for each stated task.

Tasks have not been completed effectively and evidence of completion has not been provided.

Attachments if requested are attached

Requested supplementary items are not attached

Assessment cover sheet

Assessment Cover Sheet

Unit Code and Name:

FNSTPB401 Complete business activity and instalment activity statements

Student name:

Student Number:

Assessor Name:

Date Submitted:

The following questions are to be completed by the assessor:

Is the Student ready for assessment?

Yes

Has the assessment process been explained?

Yes

Does the Student understand which evidence is to be collected and how?

Yes

Have the Student’s rights and the appeal system been fully explained?

Yes

Have you discussed any special needs to be considered during assessment?

Yes

The following documents must be completed and attached:

 1. Report and Report Checklist

The student will complete the report provided to them by the assessor. The Report Checklist will be completed by the assessor.

NYS

 2. Third Party Activity and Third Party Activity Report Checklist

The student will complete the practical activity provided to them by the assessor. The Practical Activity Checklist will be completed by the Supervisor.

NYS

 3. Short Answer Questions and Short Answer Questions Checklist

The student will answer a range of questions with written responses. The Short Answer Questions Checklist will be completed by the assessor.

NYS

Student Declaration

I agree to undertake assessment in the knowledge that information gathered will only be used for professional development purposes and can only be accessed by the RTO

I declare that:

 The material I have submitted is my own work;

 I have kept a copy of all relevant notes and reference material that I used in the production of my work;

 I have given references for all sources of information that are not my own, including the words, ideas and images of others.

Student Signature:

Date:

Result and Feedback

Feedback to Student:

Overall Outcome  Competent  Not yet Competent

Assessor Signature:

Date:

Report

Instructions

You will need to research information to assist with your responses for this task.

What you will need to complete this task

Research materials such as books, internet, magazines, workplace documentation etc.

Access to legislative and regulatory documentation relevant to own state or territory.

You should use a variety of sources to gather information including training resources, workplace policies and procedures (if you are able to access these) and government and industry bodies.

You are required to provide information about the following points. You must prepare a written response to each point, which can be supported by example documentation as required. Ensure material is referenced appropriately.

Word limit

To complete this activity, you are required to submit a written response of a:

Mid Report

Approximately 1,000 words = 2 page typed 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:

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?

Discuss the key requirements relating to the preparation of activity statements for each of the following:

Tax Agent Services Act (TASA), including Code of Professional Conduct and civil penalty provisions

Fringe Benefits Tax Assessment Act

A New Tax System (Goods and Services Tax) Act

Income Tax Assessment Act

Taxation Administration Act

other taxation laws, including wine equalisation tax, luxury car tax and fuel tax

Privacy Act

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:

Company

Individual (Sole Trader)

Partnership

Trust

In your own words discuss GST, ensure that you include:

Classifications

Regulations

Obligations

Reference to relevant materials

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

Report Checklist

Report Activity Checklist

Unit Code and Name:

FNSTPB401 Complete business activity and instalment activity statements

For this assessment, the student must complete the written activity.

The written activity is a stand-alone activity that will allow the student to display the required knowledge and skills that are essential when deciding overall competency.

Student name:

Assessor name:

Did the Student provide evidence of their ability to:

Has the student satisfactorily completed the written activity?

Yes



Discuss the key requirements relating to the preparation of activity statements for each of the following:

Tax Agent Services Act (TASA), including Code of Professional Conduct and civil penalty provisions



Fringe Benefits Tax Assessment Act



A New Tax System (Goods and Services Tax) Act



Income Tax Assessment Act



Taxation Administration Act



other taxation laws, including wine equalisation tax, luxury car tax and fuel tax



Privacy Act



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:

Company



Individual (Sole Trader)



Partnership



Trust



In your own words discuss GST, ensure that you include:

Classifications



Regulations



Obligations



Reference to relevant materials



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



Feedback to Student:

Result  Satisfactory  Not Yet Satisfactory

Assessor Signature:

Date:

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:

Common office equipment, technology, software and consumables

An integrated financial software system and data

Office equipment, technology, software and consumables required to process BAS and IAS, and associated required reports, including:

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

MYOB

QuickBooks

Xero

Required legislation and industry material, including but not limited to:

WHS/OHS

Privacy/confidentiality legislation

Financial legislation

Codes of ethics and conduct

ATO and TPB materials available from the ATO and TPB, including but not limited to:

Online information and explanatory papers

Forms and instructions

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:

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

The changes to current or new legislative or professional conduct requirements, so that these changes can be applied throughout.

Australian taxation law, Australian Taxation Office (ATO) rulings, Tax Practitioner Board (TPB) requirements, and lodgement schedules

Accounting principles and practices

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.

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:

Identify and document the lodgement schedule requirements

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:

Identify, interpret and apply and record the GST principles

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

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

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:

For the required reporting period, calculate and reconcile total salaries, wages and other payments to enter onto the BAS. Provide the calculations.

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:

Prepare and reconcile the activity statement reports, identifying and correcting statement errors, and amending bookkeeping entries as required

Review any extraordinary transactions in the accounting system, including transactions involving capital acquisitions and imports. Document the review of these extraordinary transactions.

Where necessary according to legislative guidelines, make adjustments for previous quarters, months or year-end. Record these adjustments, including the reasoning.

Complete the BAS and IAS return according to current statutory, legislative, regulatory and organisational schedule

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:

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.

Entity 1

Entity 2

Entity 3

Third Party Activity Report Checklist

Third-Party Activity Report – Entity 1.

Unit Code and Name:

FNSTPB401 Complete business activity and instalment activity statements

For this assessment, the student must complete the practical activity.

The practical activity is a stand-alone activity that will allow the student to display the required knowledge and skills that are essential when deciding overall competency.

Student name:

Assessor name:

Did the Student provide evidence of their ability to complete the following to prepare for the task:

Has the student satisfactorily completed the practical activity?

Yes

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

The changes to current or new legislative or professional conduct requirements, so that these changes can be applied throughout.



Australian taxation law, Australian Taxation Office (ATO) rulings, Tax Practitioner Board (TPB) requirements, and lodgement schedules



Accounting principles and practices



Organisational policies and procedures for BAS



Did the Student provide evidence of their ability to:

Prepare both business activity statements (BAS) and instalment activity statements (IAS), ensuring that these comply with the legislative requirements, lodgement schedules and principles and practices identified in your research



Did the Student provide evidence of their ability to complete the following for each legal entity:

Document the lodgement schedule requirements



Identify, interpret and apply and record the GST principles



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



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



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



For the required reporting period, calculate and reconcile total salaries, wages and other payments to enter onto the BAS. Provide the calculations.



Verify or calculate PAYGI amount, or calculate for other payments, where applicable. Provide the verification/calculations.



Prepare and reconcile the activity statement reports, identifying and correcting statement errors, and amending bookkeeping entries as required



Review any extraordinary transactions in the accounting system, including transactions involving capital acquisitions and imports. Document the review of these extraordinary transactions.



Where necessary according to legislative guidelines, make adjustments for previous quarters, months or year-end. Record these adjustments, including the reasoning.



Complete the BAS and IAS return according to current statutory, legislative, regulatory and organisational schedule



Reconcile the figures completed on the BAS and IAS form with the journal entries, financial statements, GST and other control accounts. Document this reconciliation.



Feedback to Student:

Result  Satisfactory  Not Yet Satisfactory

Assessor Signature:

Date:

Third-Party Activity Report – Entity 2.

Unit Code and Name:

FNSTPB401 Complete business activity and instalment activity statements

For this assessment, the student must complete the practical activity.

The practical activity is a stand-alone activity that will allow the student to display the required knowledge and skills that are essential when deciding overall competency.

Student name:

Assessor name:

Did the Student provide evidence of their ability to complete the following to prepare for the task:

Has the student satisfactorily completed the practical activity?

Yes

The changes to current or new legislative or professional conduct requirements, so that these changes can be applied throughout.



Australian taxation law, Australian Taxation Office (ATO) rulings, Tax Practitioner Board (TPB) requirements, and lodgement schedules



Accounting principles and practices



Organisational policies and procedures for BAS



Did the Student provide evidence of their ability to:



Did the Student provide evidence of their ability to complete the following for each legal entity:

Document the lodgement schedule requirements



Identify, interpret and apply and record the GST principles



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



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



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



For the required reporting period, calculate and reconcile total salaries, wages and other payments to enter onto the BAS. Provide the calculations.



Verify or calculate PAYGI amount, or calculate for other payments, where applicable. Provide the verification/calculations.



Prepare and reconcile the activity statement reports, identifying and correcting statement errors, and amending bookkeeping entries as required



Review any extraordinary transactions in the accounting system, including transactions involving capital acquisitions and imports. Document the review of these extraordinary transactions.



Where necessary according to legislative guidelines, make adjustments for previous quarters, months or year-end. Record these adjustments, including the reasoning.



Complete the BAS and IAS return according to current statutory, legislative, regulatory and organisational schedule



Reconcile the figures completed on the BAS and IAS form with the journal entries, financial statements, GST and other control accounts. Document this reconciliation.



Feedback to Student:

Result  Satisfactory  Not Yet Satisfactory

Assessor Signature:

Date:

Third-Party Activity Report – Entity 3

Unit Code and Name:

FNSTPB401 Complete business activity and instalment activity statements

For this assessment, the student must complete the practical activity.

The practical activity is a stand-alone activity that will allow the student to display the required knowledge and skills that are essential when deciding overall competency.

Student name:

Assessor name:

Did the Student provide evidence of their ability to complete the following to prepare for the task:

Has the student satisfactorily completed the practical activity?

Yes

The changes to current or new legislative or professional conduct requirements, so that these changes can be applied throughout.



Australian taxation law, Australian Taxation Office (ATO) rulings, Tax Practitioner Board (TPB) requirements, and lodgement schedules



Accounting principles and practices



Organisational policies and procedures for BAS



Did the Student provide evidence of their ability to:



Did the Student provide evidence of their ability to complete the following for each legal entity:

Document the lodgement schedule requirements



Identify, interpret and apply and record the GST principles



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



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



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



For the required reporting period, calculate and reconcile total salaries, wages and other payments to enter onto the BAS. Provide the calculations.



Verify or calculate PAYGI amount, or calculate for other payments, where applicable. Provide the verification/calculations.



Prepare and reconcile the activity statement reports, identifying and correcting statement errors, and amending bookkeeping entries as required



Review any extraordinary transactions in the accounting system, including transactions involving capital acquisitions and imports. Document the review of these extraordinary transactions.



Where necessary according to legislative guidelines, make adjustments for previous quarters, months or year-end. Record these adjustments, including the reasoning.



Complete the BAS and IAS return according to current statutory, legislative, regulatory and organisational schedule



Reconcile the figures completed on the BAS and IAS form with the journal entries, financial statements, GST and other control accounts. Document this reconciliation.



Feedback to Student:

Result  Satisfactory  Not Yet Satisfactory

Assessor Signature:

Date:

short Answer Questions

Instructions

Answer the questions below by writing in the space provided. If you require more space, use a blank sheet of paper. Alternatively, you may like to use Microsoft Word and print out your answers to each question.

What you will need

Research materials such as books, internet, magazines, workplace documentation etc.

Access to legislative and regulatory documentation

Your Learner Guide for this unit of competence

Word limit

Short Answer Responses

4 typed lines = 50 words, or

5 lines of handwritten text

Where might you find information relating to legislative, regulatory, industry and organisational requirements relating to activity statements?

What legislation, regulations and industry codes of practice relate to preparing activity statements? List at least seven.

What is the purpose of identifying, documenting and applying policies in relation to compliance with codes of conduct?

What type of work does a tax agent perform?

Who might you seek information from when work is outside your scope of operation?

What are the ATO definitions for planned generate dates and legislative due dates?

What are the payment options that can be used for the entity?

Who should you talk to in relation to funds to meet statutory requirements?

What five categories has the code of professional conduct been summarised into?

Briefly outline the five categories that the code of professional conduct has been summarised into.

List seven different CPD opportunities you could use for competency development.

Where would you find information relating, to your conduct expectations in your workplace?

What are the fundamental principles of GST?

What are the three types of supply considered by the Australian GST legislation?

Each purchase or receipt must be classified in relation to the GST classification. GST classifications must include what?

What are the steps required for individual transactions in the accounting process?

Salaries and wages are regular payments made to employees for the work they have contributed to the business’s success. On a BAS form, salaries and wages should be included at the appropriate section. What else should you include? List nine things.

For a business to comply with its PAYG withholding records requirements the records must include what?

Describe the PAYG reporting process.

What is the purpose of PAYG instalments?

What types of extraordinary transactions might you need to consider when preparing activity statements?

What types of adjustments might you need to make? List four.

What steps might you take in order to reconcile figure completed on BAS or IAS forms?

What methods can be used to lodge a BAS or IAS?

short Answer Questions Checklist

Short Answer Questions Checklist

Unit Code and Name:

FNSTPB401 Complete business activity and instalment activity statements

Student name:

Assessor name:

Satisfactory response

Yes

Where might you find information relating to legislative, regulatory, industry and organisational requirements relating to activity statements?



What legislation, regulations and industry codes of practice relate to preparing activity statements? List at least seven.



What is the purpose of identifying, documenting and applying policies in relation to compliance with codes of conduct?



What type of work does a tax agent perform?



Who might you seek information from when work is outside your scope of operation?



What are the ATO definitions for planned generate dates and legislative due dates?



What are the payment options that can be used for the entity?



Who should you talk to in relation to funds to meet statutory requirements?



What five categories has the code of professional conduct been summarised into?



Briefly outline the five categories that the code of professional conduct has been summarised into.



List seven different CPD opportunities you could use for competency development.



Where would you find information relating you’re your conduct expectations in your workplace?



What are the fundamental principles of GST?



What are the three types of supply considered by the Australian GST legislation?



Each purchase or receipt must be classified in relation to the GST classification. GST classifications must include what?



What are the steps required for individual transactions in the accounting process?



Salaries and wages are regular payments made to employees for the work they have contributed to the businesses success. On a BAS form, salaries and wages should be included at the appropriate section. What else should you include? List nine things.



For a business to comply with its PAYG withholding records requirements the records must include what?



Describe the PAYG reporting process.



What is the purpose of PAYG instalments?



What types of extraordinary transactions might you need to consider when preparing activity statements?



What types of adjustments might you need to make? List four.



What steps might you take in order to reconcile figure completed on BAS or IAS forms?



What methods can be used to lodge a BAS or IAS?



Feedback to Student:

Result  Satisfactory  Not Yet Satisfactory

Assessor Signature:

Date:

HOW YOU WILL BE ASSESSED

assessment guide

Assessment cover sheet

Report

Report Checklist

third-party report activity

Entity 1

Entity 2

Entity 3

short Answer Questions

short Answer Questions Checklist

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