FNSTPB401 - Project 1.pdf - FNSTPB401 u2013 Complete...

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FNSTPB401 Complete Business Activity and Installment Activity Statements Sarah Cook 9 th August 2020 Project 1 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. In the paper 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 a 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 businesses obligations related to any item reported to the Australian Taxation Office (ATO) on a Business Activity Statement or Instalment Activity Statement, unless they are the business owner or an employee. Some common sorts of information captured on the BAS/IAS include: Salaries and wages paid to employees PAYGW from employees GST collected and paid Instalment obligations The basic requirements to become a registered BAS agent are: To be a fit and proper person Hold a minimum level of qualification accepted by The Board Have a Professional Indemnity Insurance policy that at least meets the minimum standards Undertake a specified amount of Continuing Professional Education that is ongoing Adhere to the requirements of the TPB Code of Professional Conduct The role of a BAS agent is to prepare, and lodge BAS returns on a person’s behalf and provide advice on BAS- related items, such as their day-to-day business taxes like GST and PAYG. They are required to register as a BAS Agent (or a Tax Agent) if they 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 (Fringe Benefits Tax) 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: e.g. no ABN, Interest & Dividend
FNSTPB401 Complete Business Activity and Installment Activity Statements

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