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FNSTPB401
Complete Business Activity and Instalment Activity
Statements
Student Unit Instructions and Assessment Pack
Stud
ent
Uni
t Pa
ck
FNSTPB401 Unit Pack Version No. 1Australian College of Business and Accounting Page 2
TABLE OF CONTENTS
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TABLE OF CONTENTS...........................................................................2HOW TO USE THIS DOCUMENT...............................................................3ABOUT THE UNIT.................................................................................3LEARNING RESOURCES........................................................................4ASSESSMENT METHODS.....................................................................10ASSESSMENT....................................................................................10HOW ASSESSMENT IS RUN.................................................................10RESOURCES REQUIRED FOR ASSESSMENT.............................................14RESOURCES REQUIRED – SUPERVISED EXAMS....................................14ACCESSING INTRANET PAGES & EXTERNAL LINKS................................15STUDENT ASSESSMENT CHECKLISTS...................................................15MARKING AND SUBMISSION...............................................................15ASSESSMENT CHECKLIST- FNSTPB401..............................................16
FNSTPB401 Unit Pack Version No. 1Australian College of Business and Accounting Page 3
HOW TO USE THIS DOCUMENT
Welcome to your FNSTPB401 Complete Business Activity and Instalment Activity Tasks unit of study.
The Student Unit Instructions and Assessment pack outlines;
The Resources and Materials required for study and assessment of the unit
The Assessment Methods Required documents/readings Assessment Checklists
The Student Unit Instructions and Assessment Pack is to be used to prepare for study in the unit, and in conjunction with your assessment.
ABOUT THE UNIT
The unit FNSTPB401 Complete Business Activity and Instalment Activity Statements covers the following:
1. Identifing compliance and other requirements applicable to business activity statements and reporting
2. Understanding and analysing the industry codes, legislation frameworks around completing business activity and instalment activty statements.
3. Reviewing transactions related to Business Actvity and Instalment Activity Statements
4. Understanding BAS and IAS requirements and lodgement5. Processing the BAS using MYOB AccountRight 6. Understanding BAS and IAS Requirements including adjustments
and registration
FNSTPB401 Unit Pack Version No. 1Australian College of Business and Accounting Page 4
LEARNING RESOURCES
Below are the learning resources required to effectively gain the required knowledge and skills to complete your unit of study.
Learner Guide (supplied) TASA- Tax Agents Services Act 2009 Tax Agent Services Regulations 2009 TPB(I) 17/2013 Code of Professional Conduct – Reasonable Care to
ascertain a client’s state of affairs TPB(I) 31/2016 Payroll Service Providers TPB 02/2010 Explanatory Paper – Fit and Proper Person TPB 03/2013 Professional Indemnity (PI) requirements for Tax and
BAS TPB 04/2012 CPE Explanatory Paper for Tax and BAS Agents TPB 05/2014 PII Requirements for Tax (Financial) Advisers TPB 06/2014 CPE Policy Requirements for Registered Tax
(Financial) Advisers TPB 15/2012 Code of Professional Conduct – Holding money or
other Property on Trust TPB 18/2013 Code of Professional Conduct- Reasonable care to
ensure taxation laws are applied correctly TPB 19/2014 Code of Professional Conduct- managing conflicts of
interest TPB 22/2014 Fee or other reward for tax (financial) advisers TPB 34/2018 Code of Professional Conduct- complying with
taxation laws in the conduct of your personal affairs TPB 01/2011 Letters of engagement TPB 34/2018 Information Sheet- Code of Professional Conduct-
Complying with taxation laws in the conduct of your personal affairs
TPB 06/2011 Information Sheet- BAS agent educational qualification requirements
TPB 10/2011 Information sheet- Required knowledge of the Tax Agent Services Act 2009
FNSTPB401 Unit Pack Version No. 1Australian College of Business and Accounting Page 5
Study steps for this unit; Read the learner guide for FNSTPB401 and complete the activities
in the learner guide. Read the required readings above. Use the additional resources links and materials to further develop
your knowledge and understanding required in this unit of study. Once you have absorbed and completed all learning and are
confident in the material you can start undertaking your assessment tasks.
Additional Resource Links and MaterialsThe below are great and useful videos, websites and other resources to use as part of your studies in this unit. The below list of links have been reviewed for content, accuracy and direct linking to your specific unit of study.
ACOBA acknowledges that everyone learns differently and therefore provide materials that allow for various learning styles and flexibility in obtaining learning.
These videos are continually reviewed to ensure you get accurate, current and sound materials as part of the course materials (beyond just reading a book) for the unit of study. The below is not a full list of all aspects required for this unit other information will require independent research beyond the provided as part of this unit requires research capabilities in order to work as a BAS Agent and bookkeeper.
Enjoy- FNSTPB401 Complete Business Activity and Instalment Activity Tasks
FNSTPB401 Unit Pack Version No. 1Australian College of Business and Accounting Page 6
Tax Practitioners Boards – Tax Agents Services Legislation
https://www.tpb.gov.au/legislation
Who needs to Register as BAS Agent
https://www.tpb.gov.au/who-needs-register-bas-agent
Registering as an Individual BAS Agent
https://www.tpb.gov.au/register-individual-bas-agent
The GST and Making GST Entries
https://www.youtube.com/watch?v=5oF2Ul1Oof0
Instalment Activity Statement (IAS)
https://www.youtube.com/watch?v=j5l7TVhK58g
Income Tax Assessment Act 1997
https://www.legislation.gov.au/Details/C2019C00049
How Tax Works In Australia
https://www.youtube.com/watch?v=FiNzh9H1-40
Business Activity Statements (BAS)
https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/
Pay as you go (PAYG) instalments
https://www.ato.gov.au/business/business-activity-statements-(bas)/pay-as-you-go-(payg)-income-tax-instalment/
How to Report Taxable Payment
https://www.youtube.com/watch?v=TyoMaT5k1eM
ATO Requirements
https://www.ato.gov.au/Business/Starting-your-own-business/Before-you-get-started/Choosing-your-business-structure/Company/
The PAYG Income Tax System
https://www.youtube.com/watch?v=cn8fA-D-w1g
FNSTPB401 Unit Pack Version No. 1Australian College of Business and Accounting Page 7
How Tax Works in Australia
https://www.youtube.com/watch?v=FiNzh9H1-40
Prepare your Activity Statement Manually
http://help.myob.com/wiki/display/ar/Prepare+your+activity+statement+manually
Wine Equalisation Tax (WET)
https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/Wine-equalisation-tax-(WET)/
Tax Practitioners Boards- Webinars
1. Know your Obligations (TASA and Code of Professional Conduct)
https://www.youtube.com/watch?v=f7kLLN_U0Aw&list=PLGK1EGluulVcU8SlF1yFFIOEzTDR0PCh9
2. Do you know the code?
https://www.youtube.com/watch?v=yWpkjZ-pZtA&list=PLGK1EGluulVcU8SlF1yFFIOEzTDR0PCh9&index=12
3. Acting Lawfully in your client’s best interests
https://www.youtube.com/watch?v=6Udu5S6zks8&list=PLGK1EGluulVcU8SlF1yFFIOEzTDR0PCh9&index=5
4. Are you taking reasonable care?
https://www.youtube.com/watch?v=2AcglOU0-0s&list=PLGK1EGluulVcU8SlF1yFFIOEzTDR0PCh9&index=15
5. Spotlight on Confidentiality
https://www.youtube.com/watch?v=dD5cTREeX-s&list=PLGK1EGluulVcU8SlF1yFFIOEzTDR0PCh9&index=13
6. Privacy and securing personal information
https://www.youtube.com/watch?v=dD5cTREeX-s&list=PLGK1EGluulVcU8SlF1yFFIOEzTDR0PCh9&index=13
7. Spotlight on cloud computing
https://www.youtube.com/watch?v=7s57brNfn30&list=PLGK1EGluulVcU8SlF1yFFIOEzTDR0PCh9&index=14
FNSTPB401 Unit Pack Version No. 1Australian College of Business and Accounting Page 8
8. Confidentiality and conflict – what to do!
https://www.youtube.com/watch?v=GGrIxnmHgRg&list=PLGK1EGluulVcU8SlF1yFFIOEzTDR0PCh9&index=19
9. Professional Practice for Tax Practitioners
https://www.youtube.com/watch?v=h1yIkPar3Pc&list=PLGK1EGluulVcU8SlF1yFFIOEzTDR0PCh9&index=26
Tax Practitioners Board – Main Readings
https://www.tpb.gov.au/termination-registration-bas-agents
https://www.tpb.gov.au/information-sheets
https://www.tpb.gov.au/tpbi-342018-code-professional-conduct-complying-taxation-laws-conduct-your-personal-affairs
https://www.tpb.gov.au/payroll-service-providers-tpb-information-sheet-tpbi-312016
https://www.tpb.gov.au/code-professional-conduct-managing-conflicts-interest-tpb-information-sheet-tpbi-192014
https://www.tpb.gov.au/reasonable-care-ensure-taxation-laws-are-applied-correctly-information-sheet-tpbi-182013
https://www.tpb.gov.au/reasonable-care-ascertain-clients-state-affairs-tpb-information-sheet-tpbi-172013
https://www.tpb.gov.au/holding-money-or-other-property-trust-information-sheet-tpbi-152012
https://www.tpb.gov.au/letters-engagement-tpb-information-sheet-tpbi-012011
https://www.tpb.gov.au/explanatory-papers
https://www.tpb.gov.au/explanatory-paper-tpb-ep-062014-continuing-professional-education-policy-requirements-registered-tax
https://www.tpb.gov.au/sites/default/files/tpb_ep_04_2012_cpe_ep_for_tax_and_bas_agents_1.pdf?v= 1499912971
https://www.tpb.gov.au/explanatory-paper-tpbep-032010-requirements-registered-tax-and-bas-agents-30-june-2013
https://www.tpb.gov.au/sites/default/files/tpb_ep_03-2010_pii_requirements_for_tax_and_bas_-_may_2019.pdf?v=1556835951
FNSTPB401 Unit Pack Version No. 1Australian College of Business and Accounting Page 9
https://www.tpb.gov.au/explanatory-paper-tpbep-022010-fit-and-proper-person
https://www.tpb.gov.au/guide-our-information-products
https://www.tpb.gov.au/changes-BASagent
https://www.tpb.gov.au/annual-declaration-bas-agents
https://www.tpb.gov.au/sanctions
https://www.tpb.gov.au/failing-comply-your-obligations-bas-agents
Tax Agent Services Regulations 2009
https://www.legislation.gov.au/Details/F2018C00611
TPB Laws down the Law for Agents
https://www.accountantsdaily.com.au/tax-compliance/11473-let-them-to-go-elsewhere-tpb-lays-down-the-law-for-agents
MYOB Training Day 7 End of Period/ BAS
https://www.youtube.com/watch?v=6TL8lJbwPyc
MYOB AccountRight V19 Export and Import Data
https://www.youtube.com/watch?v=ad6MCNXv67g
MYOB Bank Reconciliation
https://www.youtube.com/watch?v=G_T3s6dsvXU
Lodging an Activity statement through the business portal
https://www.youtube.com/watch?v=hJNoMQKHWuM
How do I complete my Business Activity Statement
https://www.youtube.com/watch?v=cZ-FdmXZ_00
How to fill out a BAS
https://www.youtube.com/watch?v=P_WuhylphBw
FNSTPB401 Unit Pack Version No. 1Australian College of Business and Accounting Page 10
ASSESSMENT METHODS
Your assessment uses the following assessment methods:
1. Knowledge Assessment – A set of short answer questions which tests your general knowledge and understanding of the required theory and concepts behind the unit and application in the workplace.
2. Case Study – Includes detailed scenarios and simulated environment providing all necessary information required to complete relevant tasks and activities close as possible to real world situations.
Your case study for this unit requires you to undertake:
Written Tasks Practical tasks Computerised Practical tasks in MYOB Video recorded roleplays
ASSESSMENT
The Assessment for FNSTPB401 Complete Business Activity and Instalment Activity Tasks is comprised of four (4) assessment workbooks.
Part A: TASA Knowledge Quesitons Supervised Exam Part B: BAS and IAS Knowledge Questions Part C: Case Study Supervised Exam Part D: Consulting and Roleplay
HOW ASSESSMENT IS RUN
There are four (4) assessment workbooks for this unit assessment, as described previously. Two (2) of these exams you will be required to book into an exam session.
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Part B and D from the above outlined assessments are conducted at your own time and pace.
Part A and C are supervised exams to which you are required to book into. See the specific assessment instructions documents.
Below are important notes regarding undertaking this unit of study and its conditions please ensure you are aware of all requirements and ask your trainer for clarification.
Workbook PART A: TASA – Supervised ExamThis workbook focuses principally on the essential knowledge required of the Tax Agents Services Act and the Code of Professional Conduct.
This assessment includes;
1. Knowledge Questions – A set of theory-based questions testing your knowledge and understanding of the TASA and Code of Professional Conduct.
2. Case Studies – Examples of events in which you will be required to apply your knowledge of the TASA and Code of Professional Conduct.
How the “TASA” Exam is ConductedYou will be sent the link to the exam you have booked into, to log into a Zoom meeting in which the exam will be recorded and supervised.
You will be given 10 minutes perusal of the exam.
You will then be given 2 hours to complete all tasks/questions in the exam.
DON’T STRESS!!!The exam has been created with more than enough time given to complete all tasks.
Workbook PART B: BAS and IAS Knowledge QuestionsDone at your own time and pace, however it is highly suggested you have this marked successful in order to have absorbed the required knowledge to complete Part C’s supervised exam.
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Workbook PART C: Case Study Supervised Exam “BAS”examThis workbook focuses principally on the essential skills and practical application of the lodgement of BAS and IAS.
This assessment includes;
Case Studies – Examples of events in which you will be required to apply your knowledge of preparing and lodging of BAS and IAS.
FNSTPB401 Unit Pack Version No. 1Australian College of Business and Accounting Page 13
This exam focuses principally on the essential skills and practical application of the data requirements, calculations, legal requirements and presenting/lodgement of BAS and IAS.
It is highly advised that you have completed all practise exercises from your learner guide and are successful in Part A and B assessment items prior to undertaking this exam. You are not able to complete this exam if you have not completed Part B BAS and IAS Knowledge Questions.
That you feel confident in the following as the exam will require you to be able to process transactions, code, prepare, adjust, lodge BAS and IAS.
You will be required to complete:
BAS
IAS
Calculate amounts for BAS and IAS
Review and Fix errors
Advice Clients
Use MYOB to complete a BAS and IAS
Each section of the BAS and IAS is covered be able to calculate and know what data and how to retrieve it for each section of the forms.
That you feel confident in the following as the exam will require you to be able to process transactions, code, prepare, adjust, lodge BAS and IAS.
How the “BAS” Exam is ConductedYou will be sent the link to the exam you have booked into, to log into a Zoom meeting in which the exam will be recorded and supervised.
You will be given 10 minutes perusal of the exam.
You will then be given 3 hours to complete all tasks/questions in the exam.
You will then have 10 mins after the exam to prepare and send all documents required for the exam to the assessments email address.
The exam has been created with more than enough time given to complete all tasks.
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Workbook PART D: Consulting and Role playDone at your own time and pace for submission.
What if I don’t complete the exam successfully the first time? If you are unsuccessful in your exams, you will be given the opportunity to re-sit your exam at a later date.
You will be provided with feedback in order to develop your skills and knowledge for when you sit your exam next.
More information is included at each assessment item for the exam specifics.
Booking Into your Part A and Part C Supervised Exams
You will be required to book in for this exam by emailing:
[email protected] in the Subject line of your booking email you included as per the below for the exam you are booking into. Emails not meeting this style requirement may not be accepted to book into your preferred exam date and exam.
For the TASA Exam booking;
TASA Exam (Part A) – Your Name – Exam Date
For the BAS Exam booking;
BAS Exam (Part C)– Your Name – Exam Date
You will receive a confirmation of booking once processed for that exam date.
FNSTPB401 Unit Pack Version No. 1Australian College of Business and Accounting Page 15
Please ensure you book in with enough time to complete your assessments as per your study schedule. Limited spaces are available in each exam sitting.
In order to play your studies and exam time effectively to work around you please contact your Trainer or our Admin Team for the schedule of supervised exams.
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RESOURCES REQUIRED FOR ASSESSMENT
You will need access to: Computer with Internet and email access and a working web
browser
Installed software:
o MS Word
o Adobe Acrobat Reader
o MYOB AccountRight Enterprise V19 for Windows
o Zoom Account and Software or App
o Acute PDF Printer
A video recording device (e.g. mobile phone, webcam, video camera, etc.)
A safe place to conduct the roleplaying activities
Computer with internet and email access and a working web browser
Installed software: MS Word, Adobe Acrobat Reader
PDF Printer software
1 Volunteer
Webcam
RESOURCES REQUIRED – SUPERVISED EXAMSAssessor to provide:
Supervision in completing Case Study Part A and C
Candidate will need access to: Computer with internet and email access and a working web
browser
Webcam
Your photographic ID
Installed software:
o MS Word
FNSTPB401 Unit Pack Version No. 1Australian College of Business and Accounting Page 17
o Adobe Acrobat Reader
o Acute PDF Printer
o MYOB AccountRight Enterprise
o Zoom
ACCESSING INTRANET PAGES & EXTERNAL LINKS
There are instructions in the workbooks that will refer you to intranet pages and or external links. These intranet pages and external links are formatted in Green Underlined Text. To access these, hold the Ctrl key for Windows users.
STUDENT ASSESSMENT CHECKLISTS
To assist in tracking your progress and in compiling your assessment evidence you are provided with Student Assessment Checklists for each of the Assessment workbooks.
While all of the workbooks clearly outline the required evidence (print outs, workbooks etc), we have supplied the checklists to make the assessment submission process easy for you.
MARKING AND SUBMISSION
You are to submit all assessment requirements/evidence as per the assessment checklist and assessment instructions to your assessor as required.
An incomplete submission or mislabelled/misnamed submissions may be sent back without being marked or reviewed by your assessor. Please double check the requirements carefully.
If you are asking for advice, for example you email Print Out 2 in an email with some questions to ask your trainer (let’s say the print out is perfect), you will still need to provide Print Out 2 at the time of submission with all your documents complied in one place.
Upon your complete submission your assessment will be reviewed and assessed by your trainer.
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Your trainer will provide you feedback to assist in your skill and knowledge development.
Please refer to Marking and Submission Student Guide for further advice or ask your trainer.
ASSESSMENT CHECKLIST- FNSTPB401
You may use the following checklist to assist you in keeping track of your progress in the unit, and in compiling your all your evidence (assessment) files.
Submission Evidence Submitted
Marked
Workbooks
Part A: Knowledge Assessment Workbook- Given at the start of the supervised exam
☐ ☐
Signed Student Declaration of Authenticity – Part A
Given at the start of the supervised exam
☐ ☐
Part B: Case Study Workbook ☐ ☐
Signed Student Declaration of Authenticity – Part B ☐ ☐
Part C: Case Study Supervised Workbook given at the start of the supervised exam
☐ ☐
Signed Student Declaration of Authenticity – Part C given at the start of the supervised exam
☐ ☐
Part D Consulting and Role Play ☐ ☐
Signed Student Declaration of Authenticity – Part D ☐ ☐
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