Can someone please let me know if there's an expert available to dothis assessment.
Have you got an expert that can do MYOB AccoutRight Plus Version 2022?Assessment Task Portfolio of Evidence FNSTPB401_AT3_PE_TQM_v2.docx FNSTPB401_AT3_PE_TQM_v2.docx Student Name Student Number Unit Code/s & Name/s FNSTPB401 Complete business activity & instalment activity statements Cluster Name If applicable N/A Assessment Name BAS tasks using MYOB (Assessment 3) Assessment Task No. 3 of 3 Assessment Due Date Date submitted Assessor Name Student Declaration: I declare that this assessment is my own work. Any ideas and comments made by other people have been acknowledged as references. I understand that if this statement is found to be false, it will be regarded as misconduct and will be subject to disciplinary action as outlined in the TAFE Queensland Student Rules. I understand that by emailing or submitting this assessment electronically, I agree to this Declaration in lieu of a written signature. Student Signature Date Instructions to Student General Instructions: This assessment is made up of 3 Tasks. You must be successful in all tasks to be successful in the assessment. · The assessment is unsupervised and open book. · Complete all questions within each task. · Submit your assessment once you have completed all tasks. · Instructions for what is required in each task are contained within the task. Information / Materials provided: · Assessment Task · Templates within the tasks · MYOB file for Bean There Coffee Van · Instalment Activity Statements (IAS) · Learning Resources · MYOB AccountRight Version 2022 software Information / Materials to be provided by the student: · Computer and word processing software · Internet access and ability to access and navigate Connect · Blank sample BAS downloaded from the ATO website Work, Health and Safety: · follow TAFE Queensland Student Rules · access TAFE Queensland Student Services for any additional support · conduct risk assessments prior to any assessment task to ensure the safety of all participants and the environment · ensure an ergonomically safe work environment to complete all assessment tasks Assessment Criteria: To achieve a satisfactory result, your assessor will be looking for your ability to demonstrate the following key skills/tasks/knowledge to an acceptable industry standard: research, critically evaluate and apply any changes to current or new legislative or professional conduct requirements relevant to the preparation of activity statements identify financial transactions required to prepare activity statements and apply goods and services tax (GST) principles and classifications prepare both business activity statements (BAS) and instalment activity statements (IAS) for a range of legal entities that comply with: Australian taxation law, Australian Taxation Office (ATO) rulings, Tax Practitioner Board (TPB) requirements and any lodgement schedules accounting principles and practices organisational policy and procedures present activity statements for verification and approval. Number of Attempts: You will receive up to two (2) attempts at this assessment task. Should your 1st attempt be unsatisfactory (U), your teacher will provide feedback and discuss the relevant sections / questions with you and will arrange a due date for the submission of your 2nd attempt. If your 2nd submission is unsatisfactory (U), or you fail to submit a 2nd attempt, you will receive an overall unsatisfactory result for this assessment task. Only one re-assessment attempt may be granted for each assessment task. For more information, refer to the Student Rules. Submission details (if relevant) Insert your details on page 1 and sign the Student Declaration. Include this template with your submission. Due Dates: Refer to Unit Study Guide Assessment to be submitted via: TAFE Queensland Learning Management System: Connect url: https://connect.tafeqld.edu.au/d2l/login Username; 9 digit student number For Password: Reset password go to https://passwordreset.tafeqld.edu.au/default.aspx> Instructions to Assessor Students are to: · Satisfactorily complete all tasks · Provide their own computers/devices, software and internet facilities to produce the assessment task. · professionally present their responses in the assessment task · completed all tasks in their own time and space, no time restrictions applied · refer to notes and resources and seek clarification on tasks and questions Assessors are to: · ensure the safety of all assessment activities by conducting and supporting risk assessments and ensuring all follow TAFE Queensland Student Rules · provide feedback on all assessment attempts and identify additional learning and/or practice required by the student before their second attempt. · use the Benchmark Answers and Marking Criteria to record their assessment and feedback. · negotiate to complete assessment tasks and/or resubmissions verbally, where the opportunity presents: · scribe the student’s response verbatim on the assessment task/marking criteria, and note the questions verbally addressed as reasonable adjustment on the coversheet. · initial and date additional comments Note to Student An overview of all Assessment Tasks relevant to this unit is located in the Unit Study Guide. NOTE: Current tax rates and thresholds are to be used throughout this assessment unless otherwise specified. Task 1 - Theory 1. Fringe Benefits Tax instalments are payable by employers who had an FBT liability over what amount in the previous year? 2. Who can claim Fuel Tax Credits? 3. Jerry has a landscaping business and uses unleaded petrol in his ute and various gardening equipment. For the quarter ended 30th June he used a total of 273 litres, 182 litres in the ute and the rest in the equipment. How much fuel tax credit can Jerry claim for the June quarter? 4. Petro’s Pastoral Company Ltd runs a dairy farm. It operated a tractor and 4WD vehicle which are used only on the property, both of which use diesel fuel. For the June quarter 816 litres of diesel was used, 267 litres in the tractor and the rest in the 4WD. How much fuel tax credit can Petro’s Pastoral Company claim for the June quarter? 5. When is Wine Equalisation Tax paid in Australia and by whom? 6. Valley Vineyards is a wine producer who is registered for GST. They sell bottled wine to The Local Bottle Shop Ltd, a retailer who sells direct to the public. Valley Vineyards is preparing an invoice for $1650.00 worth of wine before adding WET and GST. a) Who will collect WET and pay it too the ATO? b) Calculate how much WET and GST should be charged on this sale. 7. When is Luxury Car Tax (LCT) payable? 8. Monty’s Motor Sales is a car dealer who sells new cars. Monty sells a vehicle with a new price of $89,500 including GST. The car is not rated as fuel-efficient. a) Calculate the LCT to be charged b) Calculate the GST to be charged c) Calculate the total selling price of the vehicle d) If the buyer is registered for GST and uses the vehicle 100% for business purposes what input tax credit (GST paid) will they be able to claim? Explain your answer. 9. For an entity with a turnover of more than 1 million but less than $20 million: a) On what dates are Business Activity Statements (BAS) due to be lodged and paid? b) What penalties could apply if a BAS or IAS is lodged after the due date? Task 2 - Practical Exercise – computerised Introduction Bean There Coffee Van is a mobile food vendor that provides coffee and snack foods to various commercial premises each day at morning tea, lunch and afternoon tea time. The business is registered for GST and PAYG withholding on an accrual basis and reports monthly. The business has 2 employees: Jack a part time barista who claims the tax free threshold; and Heidi a casual barista who does not claim the tax free threshold for this job. Wages are reported to the ATO through separate Single Touch Payroll (STP) software. The owner Jane is the authorised signatory for all documentation and must approve any payments made by the business. A cash register records sales and prints a summary each day of the sales broken down into GST and GST free categories. Step 1 The following is a practical exercise requires you to access the MYOB file for Bean There Coffee Van 2022 Template.myox which has been provided. Note: This exercise is to be done in MYOB AccoutRight Plus Version 2022 as supplied within the Learning Resources in Unit 7. Do not use a different version of MYOB. Download a copy of this file to your MYOB library and open the file. The username is “Administrator” and there is no password. Step 2 Check your chart of accounts and edit where necessary to ensure that you have the following accounts with the correct GST codes: Account name Account type GST code Your Bank Account Asset (Bank account) N-T Trade Creditors Liability N-T GST Collected Liability N-T GST Paid Liability N-T ABN Withholding Payable Liability N-T Superannuation Payable Liability N-T PAYG Withholding Payable Liability N-T Owners Capital Equity N-T Owners Drawings Equity N-T Sales Coffee Income GST Sales Other drinks Income GST Sales Fruit Income GST Free Sales Snacks Income GST Purchases coffee & Milk Cost of goods sold GST Free Purchases Other drinks Cost of goods sold GST Purchases Fruit Cost of goods sold GST Free Purchases Snacks Cost of goods sold GST Advertising Expense GST Bank Charges Expense FRE Bookkeeping Fees Expense GST Coffee Van Fuel Expense GST Coffee Van Lease Expense GST Coffee Van registration Expense GST Free Coffee Van insurance Expense GST Telephone Expense GST Coffee Van Stamp Duty Expense GST Free Wages Expense N-T Superannuation Expense N-T Step 3 Process the following transactions: Receipt from Jane – on 01.07.22 Jane deposited $5000.00 from her personal funds into the business bank account. Record this transaction in the accounting system. Other receipts are all in cash and a cash register total is printed on Sunday each week. Cash on hand is reconciled to this then banked. Record the following receipts for July 2022. Bean There Coffee Van Bean There Coffee Van 3/07/2022 10/07/2022 Sales Coffee GST 1255.50 Sales Coffee GST 1189.50 Sales Softdrinks GST 322.20 Sales Softdrinks GST 381.80 Sales Fruit Free 62.35 Sales Fruit Free 52.50 Sales Snacks GST 831.10 Sales Snacks GST 756.95 Total (incl GST $218.98) $ 2471.15 Total (incl GST $211.66) $ 2380.75 Bean There Coffee Van Bean There Coffee Van 17/07/2022 24/07/2022 Sales Coffee GST 1240.70 Sales Coffee GST 1520.40 Sales Softdrinks GST 318.45 Sales Softdrinks GST 510.25 Sales Fruit Free 70.50 Sales Fruit Free 81.60 Sales Snacks GST 910.55 Sales Snacks GST 946.50 Total (incl GST $224.52) $ 2540.20 Total (incl GST $270.65) $ 3058.75 Bean There Coffee Van 31/07/2022 Sales Coffee GST 1006.20 Sales Softdrinks GST 296.30 Sales Fruit Free 45.00 Sales Snacks GST 690.40 Total (incl GST $181.17) $ 2037.90 Payments are usually made by cheque and you need record the following cheques for June: Date Cheque no. Amount Details 01.07.22 1201 500.00 Purchases – Stock from previous owner (Coffee $150.00, Softdrinks $120.00, Milk $50.00 and Snacks $180.00) Previous owner not registered for GST.(Use tax code GNR) 03.07.22 1202 318.00 Purchases – coffee beans 06.07.22 1203 200.70 Purchases – Softdrinks $122.50, Plain milk $78.20 13.07.22 1204 232.00 Purchases – Plain milk 13.07.22 1205 189.65 Purchases – snack foods 15.07.22 1206 89.95 Telephone account 17.07.22 1207 435.00 Purchases – coffee beans 20.07.22 1208 240.00 (net of tax) Concept Advertising (Tax withheld for no ABN on invoice) Use tax code ABN. 20.07.22 1209 150.00 Budget Bookkeeping (Not registered for GST) 30.07.22 1210 340.95 Purchases – snack foods $84.45, Plain milk $256.50 30.07.22 1211 200.00 Drawings – Jane 30.07.22 1212 720.00 Qld Transport Van Registration (including $340.40 for Registration $370.60 for CTP Insurance $9.00 Stamp Duty 30.07.22 1213 348.75 Purchases – Softdrinks Step 4 Record the following outstanding creditors at 31st July 2022: 28.07.22$376.54 Invoice no. 8436 Coffee Van fuel owed to Local Service Station Ltd (Includes GST) 31.07.22$158.40 Invoice no. D00732 Purchases – Snack foods owed to Allen’s Confectioners (Includes GST) Step 5 Reconcile the bank account – The following bank statement has been received from Your Bank Ltd. Reconcile the bank account and print a Bank Reconciliation Report as at 31 July 2022. Your Bank Ltd Account Number 00123456 Bank Statement for July 2022 Opening Balance Withdrawals Deposits Balance 01.07.22 Opening Balance 2000.00 01.07.22 Deposit 5000.00 7000.00 Cr 03.07.22 EFT - Wages 150.00 6850.00 Cr 03.07.22 Cheque 1201 500.00 6350.00 Cr 03.07.22 Deposit 2471.15 8821.15 Cr 08.07.22 Cheque 1202 318.00 8503.15 Cr 10.07.22 EFT - Wages 675.00 7828.15 Cr 10.07.22 Deposit 2380.75 10208.90 Cr 14.07.22 Cheque 1204 232.00 9976.90 Cr 15.07.22 Cheque 1205 189.65 9787.25 Cr 17.07.22 Deposit 2540.20 12327.45 Cr 17.07.22 EFT - Wages 675.00 11652.45 Cr 17.07.22 Cheque 1206 89.95 11562.50 Cr 21.07.22 Bpay – ATO July BAS 1289.00 10273.50 20.07.22 Cheque 1207 435.00 9838.50 Cr 24.07.22 Deposit 3058.75 12897.25 Cr 24.07.22 Cheque 1209 150