Release 

Comments 

Release 1

This version first released with the FNS Financial Services Training Package Version 8.0.

Supersedes and is equivalent to FNSTPB401 Complete business activity and instalment activity statements.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify and apply compliance and other requirements applicable to business activity

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 Research, interpret and apply legislation relating to taxes reported on activity statements

1.3 Identify, document and apply policies relating to compliance with code of professional conduct as stipulated in legislation relevant to activity

1.4 Identify scope of services that can be provided by a Registered BAS Agent under the Tax Agent Services Act, and the limitations of services compared to those of a Tax Agent

1.5 Identify and access information, advice and services outside own scope of operation; establishing and using networks where necessary

1.6 Identify and document lodgement schedule requirements

1.7 Assess entity’s cash flow and payment options and arrangements, and advise management to ensure sufficient funds are available to meet statutory requirements

2. Analyse and apply industry codes of conduct associated with work activities

2.1 Research, interpret and apply relevant industry codes of conduct and identify the applicable governing bodies

2.2 Assess work activities within own role to ensure compliance with code of conduct requirements

2.3 Identify and document competency development required under relevant legislation for preparing activity statements

3. Review and apply goods and services tax (GST) implications and code transactions

3.1 Identify, interpret and apply and record GST principles

3.2 Identify and code purchases and payments according to GST classifications

3.3 Identify and code sales and receipts according to GST classifications

3.4 Process accounting data according to tax and GST reporting requirements

4. Report on payroll activities and amounts withheld

4.1 Establish process for reporting payroll according to statutory requirements

4.2 Calculate and reconcile total salaries, wages and other payments for a reporting period, and data reported under Single Touch Payroll

4.3 Calculate amounts withheld to be reported for lodgement and calculate for other tax types where applicable

5. Reconcile and prepare activity statement

5.1 Prepare and reconcile activity statement reports, identify and correct statement errors, and adjust bookkeeping entries as required

5.2 Review transactions involving capital acquisitions and imports in the accounting system

5.3 Identify and make adjustments for previous quarters, months and year-end where necessary according to legislative guidelines

5.4 Complete BAS and IAS return according to legislative requirements

5.5 Reconcile figures completed on BAS and/or IAS form with financial statements, GST and other control accounts

6. Check and lodge activity statement

6.1 Check activity statement and confirm sign-off by authorising person according to statutory, legislative and regulatory requirements

6.2 Prepare activity statement for lodgement according to statutory, legislative and regulatory requirements

SKILL 

DESCRIPTION 

Numeracy

• Uses mathematical skills to interpret and assess business accounting records; identify, reconcile and process data; and calculate required taxation instalments in line with reporting requirements
• Prepares accurate numerical data for activity statements that is adjusted and corrected as required and reconciled to bookkeeping system entries

Reading

• Analyses and interprets relatively complex regulatory and legislative texts and other sources of information to identify and clarify requirements

Writing

• Documents research information and records required tax data and financial transactions

Planning and organising

• Defines timeframes according to legislative requirements

Technology

• Uses the main features and functions of digital tools to conduct research and to complete work tasks

Legislative and regulatory requirements  must include:

• BAS and IAS requirements, including:

• time requirements
• cash versus accrual reporting requirements

• GST Act and related public rulings, determinations and regulations
• privacy legislation
• tax agent services legislation
• TPB Code of Professional Conduct requirements
• industry associations recognised by the TPB.

GST principles  must include:

• GST collected
• GST input tax credits
• net GST payable.

GST classifications  must include:

• GST
• GST free
• input taxed
• no tax (not reportable)
• input taxed supply
• exports.