FNSTPB401 Complete business activity and instalment activity statements

Assessment Task
Title Due Date
Assignment 1 Week 5
Extension Details (where applicable)
Extension Date for Submission Granted Until
STUDENT DECLARATION
? I have completed this assessment
? I am aware that penalties exist for plagiarism. Refer to the Plagiarism and Misconduct page.
STUDENT SIGNATURE: DATE:

Section 1 – General Assessment Information
Decision Making Rules Every task must be completed satisfactorily to be assessed as competent in the unit.
* For graded units, competence must be demonstrated before a mark can be given.
Reasonable Adjustment Students may request reasonable adjustment for assessment tasks if they have registered with AccessAbility Services.
Reasonable adjustment usually involves varying:
? the processes for conducting the assessment (eg: allowing additional time, varying the venue)
? the evidence gathering techniques (eg: oral rather than written questioning, use of a scribe, modifications to equipment)
However, the evidence collected must allow the student to demonstrate all requirements of the unit.
Special Consideration Students can apply for Special Consideration where personal circumstances have adversely affected their task result or ability to undertake an assessment. A Special Consideration form can be completed prior to, but no later than 3 days after, the date of the assessment and submitted to the relevant Manager.
Re-submission
(where tasks are not satisfactorily completed) Assessment tasks that are not satisfactory can be resubmitted once up until the end of the unit as scheduled on the Unit Outline. The timing on this may depend on the equipment required for this assessment task.
NOTE: Assessment tasks submitted for the first time after the end of the unit as scheduled on the Unit Outline will not be assessed and student should be told to re-enrol in the unit.
Plagiarism There are serious penalties for plagiarism. Students must ensure that all assessments are their own work (or group work).
Please refer to https://www.swinburne.edu.au/current-students/manage-course/exams-results-assessment/plagiarism-academic-integrity/

Section 2 – Student and Assessor Instructions
Conditions This is an assignment handed out and to be completed in class.
The assignment is OPEN BOOK.
The ONLY book required and the ONLY one allowed to be used for the assessment is as follows.
Carry out business activity and instalment activity statement tasks, Phillip Charles & Sonia Deaner
The test is supervised.
As set out in the unit outline this assignment covers what has been completed in class from chapters 1 & 2 of the required textbook.
Silent battery operated, non-programmable calculators may be used .Mobile phones are NOT allowed for ANY reason.
Candidates may refer to Foreign Language Translation Dictionary provided it is not annotated or does not contain definition words. Candidates must not use electronic dictionaries.
THE TIME FOR THIS ASSESSMENT IS TWO HOURS
a) In section one and two students are required to answer various theory questions on chapter one & two in the answer book provided.
b) In section three students are required from the information provided to correctly fill in an Instalment Activity Statement that is provided.
TIME Two hours
Task Overview and/or Description INSTRUCTIONS
In section 1 & 2 in the answer book provided you should-
Attempt all questions
Write your answer in the space provided
Should you wish to repeat an answer:
a) Cancel the answer you do not wish the examiner to mark by ruling a line through it and a notation, “revised answer at end”.
b) Write your revised answer in the space provided for this at the end of the answer booklet. Make sure that the answer is correctly numbered.
In section three a blank Instalment Activity Statement is handed out. From the information supplied for a “Typical” small business students are required to-
a) Calculate the correct amounts of tax information
b) Put that information in the correct box on the Instalment Activity Statement

ASSESSMENT DESCRIPTION
This assessment will demonstrate your understanding of-
a) Identify individual compliance and other requirements
b) Report on payroll activities and amounts withheld
How the Assessment will be Conducted This is an open book assignment in class under supervision.
Submission Details Submit the following:
a) Question & answer booklet with your name and student number on
b) Instalment Activity Statement with your name and student number

Section 1 – Chapter 1 – The Business Tax System
The line allocation should be enough space to answer the questions
1. Frances has decided she wants to register as a BAS agent. She has completed a course in basic GST/BAS taxation principals and has also worked as a bookkeeper for a few years; she has sufficient documentation as evidence of 2000 hours of relevant experience in the past three years.
a. What is the minimum educational requirements she will need to be eligible to register as a BAS Agent? ________________________________________________________________________________________________________________________________________________________________________________________________
b. If she meets all the requirements, how long will her registration under a standard application be valid for?
________________________________________________________________________________________________________________________________________________________________________________________________
c. What sort of insurance will Frances need to meet the Tax Practitioner’s Board requirements?
________________________________________________________________________________________________________________________________________________________________________________________________
d. What is the possible penalty if Frances charges a fee for BAS services and she is not registered as a BAS agent?
________________________________________________________________________________________________________________________________________________________________________________________________

2. What are the two numbers that a business requires to begin trading?
________________________________________________________________________________________________________________________________________________________________________________________________¬¬¬¬¬-_______________

3. Generally, at what point must a small service business register for GST? (Make sure you discuss in your answer GST turnover, Current GST turnover and Projected GST turnover.)
____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

4. What are the three main obligations for a business when a new employee is hired?
____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

5. What is the purpose of a Tax File Number Declaration Form?
_______________________________________________________________________________________________________________________________________________________________________________________________________________
_____________________________________________________________________

6. List at least three errors/omissions from the following invoice which makes it not valid as a “Tax Invoice”? (There may be more than three!)
____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Section 2 – Chapter 2 – PAYG Tax Collections
1. How does an employer know that an employee has a H.E.L.P. debt?

__________________________________________________________________________________________________________________________________________
2. What is the main difference between the PAYG Instalment and PAYG Withholding systems?

_______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________¬¬¬-_____
3. Are PAYG Instalments made using a BAS or an IAS? Explain your answer.

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
_____________________________________________________________________
5. What type of withholder is an employer that has PAYG withholding of $46,520 annually and when is the amount of PAYG withholding generally payable by?

6. How long does a new employee have to give his employer his TFN before tax is taken out at the top rate?

__________________________________________________________________________________________________________________________________________

7. At what rate is a business required to withhold tax from the payment when they receive an invoice from a supplier who has not provided a valid ABN?
__________________________________________________________________________________________________________________________________________

Section 3 – Chapter 2 – Completing the Instalment Activity Statement
From the following information you are required to complete the Instalment Activity Statement for Liam for the March quarter.
Please Note: You need to show any calculations.
• Liam has elected to use “Option 2: Calculate PAYG Instalment using income times rate” to calculate PAYG Instalments.
• The pre-printed rate at T2 is 5.75% and Liam has elected to use this rate.
• Liam’s total PAYG withholding last year was $23,515.
• During the quarter a plumber was called to fix the hot water service, the invoice from the plumber was for $365.00 and no ABN was quoted.
• Liam has a pre-printed Fringe Benefits Tax Instalment amount of $1,130, this does not need to be varied.
Income from 1st January to 31st March Amount $
Fees for services provided (excluding GST) 74,690
GST on Fees 7,469
Interest received 1,250
Rent received (excluding GST) 8,600
GST on rent received 860
Dividends received 1,530
Capital gain from sale of Shares 5,270

Other required figures from 1st January to 31st March
Gross wages 5,238
Allowances paid to employees 622
PAYG withheld from Gross wages 1,774
Superannuation paid on behalf of employees 527
When you have completed this assignment you should submit both this document with your answers and the completed Instalment Activity Statement.

Please note a blank BAS form and GST calculation form will be handed out at the start of the assessment.

Section 3 – Assessment Criteria (Evidence to be Provided by the Student)
All of the required evidence within the task listed below must be satisfactorily demonstrated for the task to be assessed as satisfactory.
* For graded units, the task must be satisfactorily completed before marks will be allocated.
Marking Guide
Required Evidence Satisfactory Not Submitted Unsatisfactory
1 Research and document legislative, regulatory, industry and organisational requirements relating to activity statements. Questions 8-15 in section 2

2 Review, interpret and apply legislation related to taxes reported on activity statements. Questions 8-15 plus Section three
3 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 Agent Questions 1 & 2 in Section 1
4 Identify and reconcile total salaries, wages and other payments for accounting period section 2
5 Identify and reconcile amounts withheld from salaries and wages for accounting period in conjunction with payroll apartment if applicable section 2
6 . Identify and reconcile amounts withheld from other payments for accounting period in conjunction with other departments if applicable section 2
7 Verify or calculate pay as you go (PAYG) Instalment amount where applicable, or calculate for other payments where applicable section 2
8 Registration requirements for Business Questions 3-7 in Section 1
Feedback to Student
After the assessment has been marked the student will be offered individual feedback on their assessment.
Task Result ?
Satisfactory ?
Unsatisfactory
Name Signature Date
Assessor

FNSTPB401 Complete business activity and instalment activity statements

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