Unit of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with FNS Financial Services Training Package Version 1.0. |
Application
This unit describes the skills and knowledge required to identify and apply compliance requirements to effectively process and complete business activity statements (BAS), instalment activity statements (IAS) and other required reports.
It applies to individuals who use a range of organisational and analytical techniques to work within organisations or to supply specific bookkeeping services as a small business owner or contractor.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. This unit is designed to meet the educational requirements of the Tax Practitioner Board (TPB). Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Unit Sector
Bookkeeping
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
Elements describe the essential outcomes. |
Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Identify individual compliance and other requirements |
1.1 Research and document legislative, regulatory, industry and organisational requirements relating to activity statements and seek expert advice to clarify issues where applicable 1.2 Review, interpret and apply legislation related to taxes reported on activity statements, using relevant materials when required and other resources supporting legislation 1.3 Identify and document policies in relation to compliance with Code of Professional Conduct as stipulated in relevant legislation 1.4 Identify and access information, advice or services outside individual’s scope of operation and establish and use networks where necessary 1.5 Identify and document lodgement schedule requirements 1.6 Assess entity’s cash flow and payment options and initiate discussion with management to ensure sufficient funds are available |
2. Recognise and apply GST implications and code transactions |
2.1 Identify, apply and record goods and services tax (GST) principles 2.2 Identify and code purchases and/or payments as per GST classifications 2.3 Identify and code sales and/or receipts as per GST classifications 2.4 Process accounting data to comply with tax reporting requirements |
3. Report on payroll activities and amounts withheld |
3.1 Identify and reconcile total salaries, wages and other payments for accounting period 3.2 Identify and reconcile amounts withheld from salaries and wages for accounting period in conjunction with payroll department if applicable 3.3 Identify and reconcile amounts withheld from other payments for accounting period in conjunction with other departments if applicable 3.4 Verify or calculate pay as you go (PAYG) instalment amount where applicable, or calculate for other payments where applicable |
4. Complete and reconcile activity statement |
4.1 Generate, review and validate activity statement reports, identify any errors and correct bookkeeping entries where required 4.2 Make adjustments for previous quarters, months or year-end where necessary 4.3 Complete BAS and/or IAS return in accordance with current statutory, legislative, regulatory and organisational schedule 4.4 Reconcile figures completed on BAS and/or IAS form with journal entries, financial statements, GST and other control accounts |
5. Lodge activity statement |
5.1 Check activity statement and ensure sign off by appropriate person as identified by statutory, legislative and regulatory requirements 5.2 Lodge activity statement in accordance with statutory, legislative and regulatory requirements 5.3 Process and record payments and refunds as required |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill |
Performance Criteria |
Description |
Reading |
1.1-1.6 |
|
Writing |
2.1, 4.3, 5.3 |
|
Oral Communication |
1.6 |
|
Numeracy |
3.1-3.4, 4.1, 4.2, 4.4 |
|
Navigate the world of work |
1.2-1.4, 5.1, 5.2 |
|
Interact with others |
1.6, 5.1 |
|
Get the work done |
2.1-2.4, 4.1-4.3, 5.2, 5.3 |
|
Range of Conditions
This section specifies different work environments and conditions that may affect performance. Essential operating conditions that may be present (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) are included.
Legislative and regulatory requirements must include: |
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Payment options must include: |
|
GST principles must include: |
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GST classifications must include: |
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Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
FNSBKG404 Carry out business activity and instalment activity statement tasks |
FNSBKG404A Carry out business activity and instalment activity statement tasks |
Updated to meet Standards for Training Packages Edits to clarify intent of performance criteria Elements 3 and 4 merged |
Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe