Modification History
Not applicable.
Unit Descriptor
Unit descriptor |
This unit describes the performance outcomes, skills and knowledge required to process business taxation requirements related to Business Activity Statements (BAS) and Instalment Activity Statements (IAS), including the completion of Activity Statements. This unit has application to a variety of financial services sectors. It is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements, including various aspects of taxation law (including but not limited to the Income Tax Assessment Act 1936 , and the Income Tax Assessment Act 1997 ), other relevant legislation and Goods and Services Tax (GST) rulings. The Tax Practitioner's Board (TPB) administers specific educational and experience requirements for registration of BAS agents and sets specific assessment requirements that must be met. The varying Commonwealth, State or Territory requirements should be confirmed with the relevant body. |
Application of the Unit
Application of the unit |
This unit applies to individuals who are responsible for providing business activity statement (BAS) services and related bookkeeping tasks across all industries and who are working directly for organisations or are small business owners, contractors or service providers. |
Licensing/Regulatory Information
Not applicable.
Pre-Requisites
Prerequisite units |
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Employability Skills Information
Employability skills |
This unit contains employability skills. |
Elements and Performance Criteria Pre-Content
Elements describe the essential outcomes of a unit of competency. |
Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide. |
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
1. Identify individual compliance and other requirements |
1.1. Legislative and regulatory requirements and organisational and industry requirements relating to Activity Statements are researched, documented and expert advice is sought to clarify issues where applicable. 1.2. Requirements for information, advice or services outside the individual's scope of operation are identified and additional information, advice or services are accessed, and networks are established and used where necessary 1.3. Lodgement schedule requirements are identified and documented 1.4. Entity's cash flow and payment options are assessed and discussed with management to ensure sufficient funds |
2. Recognise and apply GST implications and code transactions |
2.1. GST principles are identified, applied and recorded 2.2. Purchases and/or payments are identified, coded as per GST classifications and split into capital and non-capital as appropriate 2.3. Sales and/or receipts are identified and coded as per GST classifications 2.4. Accounting data is processed to comply with tax reporting requirements |
3. Report on payroll activities |
3.1. Total salaries, wages and other payments for the accounting period are identified and reconciled 3.2. Amounts withheld from salaries, wages and other payments for the accounting period are identified and reconciled in conjunction with payroll department if applicable |
4. Report on other amounts withheld , Pay As You Go (PAYG) instalments and taxes |
4.1. Amounts withheld from other payments for the accounting period are identified and reconciled in conjunction with other departments if applicable 4.2. PAYG instalment amount is verified or, where applicable, calculated or, where applicable, calculated for other taxes |
5. Complete and reconcile the Activity Statement |
5.1. Activity Statement reports are generated where required, checked and validated with any errors identified and correctional bookkeeping entries made 5.2. Adjustments for previous quarters, months or year-end are made where necessary 5.3. BAS and/or IAS return is completed in accordance with up-to-date statutory, legislative, regulatory and organisational schedule 5.4. Figures completed on the BAS/IAS form are reconciled to journal entries, profit and loss statement, GST and other control accounts |
6. Lodge Activity Statement |
6.1. Activity Statement is checked and signed off by an appropriate person as identified by statutory, legislative and regulatory requirements 6.2. Activity Statement is dispatched in accordance with statutory, legislative and regulatory requirements 6.3. Payment/refund is processed and recorded |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
This section describes the skills and knowledge required for this unit. |
Required skills |
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Required knowledge |
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Evidence Guide
EVIDENCE GUIDE |
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The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package. |
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Overview of assessment |
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Critical aspects for assessment and evidence required to demonstrate competency in this unit |
Evidence of the ability to:
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Context of and specific resources for assessment |
Assessment must ensure:
access to the ATO and TPB and materials available from the ATO and TPB, including through the internet. |
Method of assessment |
A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:
Assessment methods approved by the Tax Practitioners Board must be met for BAS agent registration. |
Guidance information for assessment |
If undertaking this unit for processing BAS and IAS, including the completion of Activity Statements, the following items in the Range Statement must be assessed to be considered as having fulfilled some of the educational requirements for registration with the TPB:
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Range Statement
RANGE STATEMENT |
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The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included. |
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Legislative and regulatory requirements must include: |
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Organisational and industry requirements may include: |
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Payment options must include: |
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GST principles must include: |
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GST classifications must include: |
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Other payments may include: |
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Amounts withheld may include: |
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Unit Sector(s)
Unit sector |
Bookkeeping |
Competency field
Competency field |
Co-requisite units
Co-requisite units |
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