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dominate the sand mining industry and have a GST turnover of more than $20 million dollars! Due to this they must report and pay GST monthly and lodge his activity statement electronically. Western Union’s records show that they used $392,000 of diesel at $1.42 per litre and $120,800 of unleaded petrol at $1.29 per litre for the business excavations for the month of June 2016. The diesel and unleaded petrol they use in their excavators are eligible for fuel tax credits. The current fuel tax credit rate for mining activities is 40.10 cents per litre. Required:a)Calculate the fuel tax credit Western Union Landscaping Supplies Pty Ltd may claim using the basic ‘constructive method’ calculation. (1 Mark)Solution:Litres of diesel used392000/1.42 = 276,056Litres of unleaded used120800/1.29 = 93,643Total litres used in business activities369,699Fuel tax credit369699* 0.4010= $14,824Business Activity Statement, Assessment 1, v1.1Page 32
Task 09 (5 marks) - Research Task and Adjustmenta)What are the advisory services a bookkeeping business can provide? (0.50 Marks)b)How can you ensure that the lodged activity statement has met the legislative andregulatory requirements? (0.50 Marks)c)What is the purpose of a code of conduct and what do they normally contain?Howwill a code of practice assist you in guiding your actions? (0.50 Marks)d)List the types of Accounting Software used to maintain and record GST records andfor GST Lodgments. (0.50 Marks)e)As a Bookkeeper you receive confidential financial records of your clients. Explain:I.Which section of Privacy Act 1988 prohibits you to disclose these financialrecords to other clients and fellow bookkeepers? (0.50 Marks)II.What role industry codes of practice and industry codes of ethics playhere? (0.50 Marks)f)What qualification you need to sign off BAS/IAS to ATO? (0.50 Marks)g)Research Income Tax Assessment Act 1997 and explain:I.Which division discusses about GST and what are the areas? (0.50 Marks)a. Business Advisors are independent and experienced experts, able to offer hands on, practical help, advice and support in specific business areas that will help make a difference to business success.b. The due date for lodging and paying is displayed on your BAS. Lodge and pay on time to avoid penalties.If a lodgment date falls on a weekend or public holiday, you can lodge and pay on the next working day.Use the right payment reference number (PRN), also referred to as an EFT code when you make payments to us.If you think you might not be able to lodge and pay by the due date, contact ATO as soon as possible.Business Activity Statement, Assessment 1, v1.1Page 33
c. The purpose of a code of conduct is to develop and maintain a standard of conduct that is acceptable to the company, its vendors, customers and other employees.d. MYOB Essentials, QuickBooks Online Plus, Reckon One, Saasu, Sage, Xero.