94%(36)34 out of 36 people found this document helpful
This preview shows page 41 - 44 out of 49 pages.
several authorised people, who are familiar with the company’s policies and procedures and the ATO legislations and ask them to check and correct errors we make sure that we maintain accuracy.Activity 23Activity statements must be lodged in accordance with statutory, legislative and regulatory requirements. How can an effective accounting system help? 200–250 wordsThe ATO restricts the people who can get information about the business as well as the personthat the ATO can contact on matters of taxation.
When the activity statement is prepared and completed, the authorised persons needs to review, sign and date it. This person needs to be registered with the ATO and must be able to provide identity proof. If the lodgement is done by paper, you need to sign a declaration saying that the information is true and correct. If it is done electronically, you need to add your electronic signature to your declaration. When using an agent, he must declare that:The activity statement was prepared in accordance with the information supplied by the entityThe agent has received a declaration made by the entity that the information providedto the agent to prepare the activity statement is true and correctThe agent is authorised by the entity to give the activity statement to the Commissioner of Taxation.When the agent lodges the activity statement, we need to prepare and signed a declaration stating that:I authorised the agent to give my activity statement to the CommissionerThe information I provided to the agent to prepare the activity statement is true and correct.All declarations need to be kept for 5 years.When we lodge an activity statement it has its unique document identification number (DIN) and it can be sent to the ATO on paper by mail, electronically (ELS0 or through the business portal (BAS/tax agent).We also need to make sure we lodge the statements on time according to the legislative due date. Summative assessment 1 (0% completed)Question 1What research methods might you use to update your knowledge of professional and legislative requirements relating to activity statements? 300–400 wordsTo update our knowledge of professional and legislative requirements relating to activity statements I need to:
Online search for documents from authorised websites in regard to legislative, regulatory, industry and organisational requirements and look for advice from experts to clarify and issues regarding these resources.Look over material about the legislation that relate to taxes and use this information when you need to apply at it at work.Identify and use company’s policies and procedures that deal with Code of Professional Conduct to apply at work.