To comply with this requirement agents might be

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To comply with this requirement, agents might be required to undergo a minimum number of hours of tax-related continuing professional education (CPE). The Board considers CPE to be the maintenance of contemporary and relevant knowledge and skills. CPE undertaken by tax practitioners should be relevant to the tax agent services they provide and the development of their professional knowledge and skills. Relevant CPE to be undertaken include: o Attending seminars, courses, workshops; o Conferences and discussion groups; o Tertiary courses provided by educational institutions; o Research, writing and presentation of technical publications or training; o Internet-assessed courses, audio or videotape packages; o In-house training by person with suitable qualifications’ o Attendance at appropriate ATO seminars and presentations. Undertaking various of CPEs and conducting regular legislative workshops and meetings will accomplish variety of goals such as: Providing employees with information about relevant legislation. Providing employees with detailed information regarding organisational procedures and how they contribute to legislative compliance. Promoting a workplace culture in which compliance with legislation is a high priority. Providing staff with immediate information about changes to the taxation law and how the changes affect their work. Offering opportunities to discuss legislative requirements and compliance process.
Question 2. There is particular legislation, regulations and industry codes of practice that relates to the preparation of activity statements. List at least 10 forms of legislation, regulation or codes that will apply.
Question 3. You must be able to describe the ATO requirements and relevant accounting technology that applies to the preparation and submission of BAS and IAS. o RCTI - A recipient created tax invoice is a tax invoice that is issued by the recipient of the goods and/or services rather than the supplier. RCTIs can only be issued by a recipient if the recipient and the supplier are both registered for GST. o FBT - Fringe Benefits Tax is a tax payable by employers for benefits paid to an employee (or an employee's associate) in place of salary or wages. This is separate to income tax and is calculated on the taxable value of the fringe benefits provided o WET – wine equalisation tax is a tax of 29% of the wholesale value of wine. It is generally only payable if the entity is registered or required to be registered for GST. o GST - Goods and services tax is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia.

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