FNSTPB401 – COMPLETE BUSINESS ACTIVITY AND INSTALMENT ACTIVITY STATEMENTS PROJECT A Write a 2,500-word paper explaining the role of the BAS agent – what a tax or BAS agent must do with regard to preparation and lodgement of BAS and IAS forms. Explain what GST is, how the BAS applies and why it is used. Answer these questions: 1. What legislation needs to be complied with and what procedures need to be followed to comply with legislation, regulations and the Code of Professional Conduct? 2. What is tax agent service? 3. What materials or sources will you use to review, interpret and apply legislation related to taxes reported on activity statements? 4. What reconciliation procedures will you follow? 5. How will you identify lodgement schedule requirements and ensure sufficient funds are available? 6. How will you process accounting data to comply with tax reporting requirements? 7. What payroll activities will be reported on and what reconciliation activities will be involved? 8. What forms will be required and how will the BAS and/or IAS be lodged? The term ‘BAS agent’ is a title protected by law and applies to an individual or entity who meets the requirement of the Tax Practitioners Board (TPB) for registration as an agent as specified in the Tax Agent Services Act (TASA) 2009. Only BAS agents (or registered ‘tax agents’) can assist in determining a business’ obligations related to any item reported to the Australian Taxation Office (ATO) on a Business Activity or Instalment Activity Statement (BAS/IAS), unless they are the business owner or an employee. You are required to register as a BAS Agent (or a Tax Agent) if you are providing BAS services for a fee or reward. A BAS Agent is issued a licence that says they can advise a client, provide certainty to a client or represent that client to the tax office in relation to: All GST matters All Wine Tax, Fuel Tax, Luxury Car Tax matters Payment of FBT All aspects of Payroll that relate to the withholding of tax amounts and the reporting of that amount to the employee and the Tax office All aspects of other PAYG Withholding amounts: ie no ABN, Interest & Dividend All aspects of the payment of income tax via PAYG Instalments All aspects of the Taxable Payments Annual Reporting system All aspects of Superannuation Guarantee system as related to payroll & the Charge Tax agent services are services relating to:
