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Assessment Task
Portfolio of Evidence
FNSTPB401_AT1_PE_TQM_v2.docx
    
    
FNSTPB401_AT1_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 & IAS tasks (Assessment 1)
    Assessment Task No.
    1 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 2 tasks:
· Task 1 – 30 theory questions which must be answered to a satisfactory industry standard
· Task 2 - Satisfactory response to 1 question and completion of Instalment Activity Statement
You must be successful in both tasks to be successful in the assessment.
The assessment is unsupervised and open book.
Submit your assessment when you have satisfactorily completed both tasks.
Instructions for what is required in each Task are contained within the Task.
Information / Materials provided:
· Assessment Task
· Instalment Activity Statement or available from https://www.ato.gov.au/forms/ias-b---ias/
Information / Materials to be provided by the student:
· Computer and word processing software
· Internet access and ability to access and navigate Connect
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. Who is required to be registered as a BAS Agent?
Solution: 1. According to the Tax Practitioners Board of Australia, any individual or organisation providing BAS services requires registration as a BAS Agent. To qualify, the individual or organisation must demonstrate they are knowledgeable and competent to provide BAS services.
2. How does the Tax Agents Services Act (TASA 2009) define a BAS Service?
Solution: 2. The Tax Agents Services Act (TASA 2009) defines a BAS service as “any preparatory work necessary in connection with, or incidental to, activities including, without limitation, the completion of activity statements, the preparation of a statement of a taxpayer’s financial affairs and the provision of advice or a report to a taxpayer about the taxpayer’s liability to pay Goods and Services Tax (GST).”
3. In the table below identify which activities would be regarded as a BAS service:
    Activity
    BAS service (Yes or No)
    Entering purchase invoices to a computerised accounting system and choose GST codes
    ☒ Yes / ☐ No
    Calculating PAYG on wages payable
    ☒ Yes / ☐ No
    Writing up a manual cash book with a GST column
    ☐ Yes / ☒ No
    Reconciling the bank account (no additional entries)
    ☐ Yes / ☒ No
    Preparing sales invoices which include GST
    ☒ Yes / ☐ No
    Setting up a MYOB file with GST codes on accounts
    ☒ Yes / ☐ No
    Calculating LCT payable for a car dealer
    ☒ Yes / ☐ No
    Calculating the PAYG instalment for a sole trader not registered for GST
    ☒ Yes / ☐ No
4. a) What are the education and experience requirements for registration as a BAS Agent?
Solution: Education and experience requirements for registering as a BAS Agent include: possessing a professional accounting qualification, holding a tax agent’s licence from the Tax Practitioners Board (TPB), or obtaining an approved qualification that meets the qualifications standards. Having approved tertiary qualifications and at least 2 years’ practical experience in bookkeeping or financial accounting is also generally required.
b) Research the TPB website and list 3 industry professional associations that are recognised by the TPB.
Solution: b) Three industry professional associations recognised by the TPB are: the Institute of Public Accountants (IPA), the Chartered Accountants Australia and New Zealand (CAANZ), and the Association of Taxation and Management Accountants (ATMA).
5. What other conditions does an applicant have to satisfy to obtain registration?
Solution: Other conditions that must be met to obtain registration include maintaining a valid professional indemnity insurance policy, making a continuous disclosure to the TPB, keeping up-to-date with any changes in legislation, and paying registration and renewal fees.
6. What does a BAS Agent need to do to maintain registration?
Solution: To maintain registration, BAS agents must comply with the Code of Professional Conduct, be a member of a relevant industry association, and participate in Continuing Professional Education (CPE) activities.
7. What is the current penalty for providing a BAS service without registration?
Solution:
· $68,750 (250 penalty units) for an individual
· $343,750 (1,250 penalty units) for a body corporate.
8. As a business when are you required to register for Goods and Services tax (GST)?
Solution:
You must register for GST:
· when your business or enterprise has a GST turnover (gross income from all businesses minus GST) of $75,000 or more.
· when you start a new business and expect your turnover to reach the GST threshold (or more) in the first year of operation
· if you're already in business and have reached the GST threshold
· if your non-profit organisation has a GST turnover of $150,000 per year or more
· when you provide taxi or limousine travel for passengers (including ride-sourcing) regardless of your GST turnover – this applies to both owner-drivers and if you lease or rent a taxi
· if you want to claim fuel tax credits for your business or enterprise.
9. Briefly outline 3 key factors in deciding if an activity is a business or a...