3. Review and apply goods and services tax (GST) implications and code transactions3.1 Identify, interpret and apply and record GST principles3.2 Identify and code purchases and/or payments as per GST classifications3.3 Identify and code sales and/or receipts as per GST classifications3.4 Process accounting data to comply with tax and GST reporting requirementsPayroll and Activity Statement, Assessment 2, v1.2 Last updated on 16/09/2019Page 2
T-1.8.1_v34. Report on payroll activities and amounts withheld4.1 Calculate and reconcile total salaries, wages and other payments for a reporting period to enter onto a BAS4.2 Verify or calculate pay as you go instalment (PAYGI) amount where applicable, or calculate for other payments where applicable5. Reconcile and prepare activity statement5.1 Prepare and reconcile activity statement reports, identify and correct statement errors, and amend bookkeeping entries as required5.2 Review extraordinary transactions in the accounting system, including transactions involving capital acquisitions and imports5.3 Make adjustments for previous quarters, months or year-end where necessaryaccording to legislative guidelines5.4 Complete BAS and/or IAS return according to current statutory, legislative, regulatory and organisational schedule5.5 Reconcile figures completed on BAS and/or IAS form with journal entries, financial statements, GST and other control accounts6. Lodge activity statement6.1 Check activity statement and ensure sign-off by authorising person required by statutory, legislative and regulatory requirements6.2 Lodge activity statement according to statutory, legislative and regulatory requirementsThe purpose of this assessment is to assess the student in the following learning outcomes (FNSTPB402):Competent(C)Not yetCompetent(NYC)1. Establish payroll requirements1.1 Assess scope of payroll services that a business activity statement (BAS) agent can provide, and identify need for independent expert advice1.2 Apply knowledge of legislation in relation to National Employment Standards, and legislative requirements in regard to payroll payments1.3 Research and identify relevant state and modern awards, and employment agreements, regarding details to be set up in payroll system for individual employeesPayroll and Activity Statement, Assessment 2, v1.2 Last updated on 16/09/2019Page 3
T-1.8.1_v32. Record payroll data2.1 Configure payroll system with complete data provided by employee and employer2.2 Review payroll data and clarify discrepancies with designated persons2.3 Enter employee pay period details in payroll system in line with source data3. Prepare and process payroll3.1 Conduct payroll preparation within designated timeframes and according to organisational policy and procedures3.2 Use employee source data to calculate, record and reconcile payroll according to legislative requirements3.3 Reconcile total payments for pay period, and review and correct irregularities or refer them to designated persons for resolution3.4 Obtain authorisation of payroll and make arrangements for individuals’
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