Yes no identify and access information using networks

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  • AA 1
  • MandyHazel2018
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Yes No Identify and access information, using networks as necessary and seeking expert advice to clarify as necessary, to research and critically evaluate and document the following to be applied throughout the preparation of BAS and IAS: The changes to current or new legislative or professional conduct requirements, so that these changes can be applied throughout. Australian taxation law, Australian Taxation Office (ATO) rulings, Tax Practitioner Board (TPB) requirements, and lodgement schedules Accounting principles and practices Organisational policies and procedures for BAS Did the Student provide evidence of their ability to: Prepare both business activity statements (BAS) and instalment activity statements (IAS), ensuring that these comply with the legislative requirements, lodgement schedules and principles and practices identified in your research Did the Student provide evidence of their ability to complete the following for each legal entity: Document the lodgement schedule requirements FNSTPB401 Complete business activity and instalment activity statements Assessment Guide Copyright © Mentor Education Pty Ltd RTO 21683 V1.0 28
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Assess the cash flow and payment options and arrangements and initiate a discussion with management to ensure there are sufficient funds are available to meet the statutory requirements. Document the options and arrangements and the discussion. Identify, interpret and apply and record the GST principles Identify and code the purchases and/or payments, as per the GST classifications. Document this step. Identify and code the sales and/or receipts, as per GST classifications. Document this step. Process the accounting data to comply with tax and GST reporting requirements For the required reporting period, calculate and reconcile total salaries, wages and other payments to enter onto the BAS. Provide the calculations. Verify or calculate PAYGI amount, or calculate for other payments, where applicable. Provide the verification/calculations. Prepare and reconcile the activity statement reports, identifying and correcting statement errors, and amending bookkeeping entries as required Review any extraordinary transactions in the accounting system, including transactions involving capital acquisitions and imports. Document the review of these extraordinary transactions. Where necessary according to legislative guidelines, make adjustments for previous quarters, months or year-end. Record these adjustments, including the reasoning. Complete the BAS and IAS return according to current statutory, legislative, regulatory and organisational schedule Reconcile the figures completed on the BAS and IAS form with the journal entries, financial statements, GST and other control accounts. Document this reconciliation.
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