records in a manner which is compliant with the lodgement requirements and is

Records in a manner which is compliant with the

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records in a manner which is compliant with the lodgement requirements and is in accordance with the organisational policies and procedures. 3.Process the business tax returns and lodgements through completion of the following actions: a.Identify and use the required returns and lodgements, in line with organisational procedures. Provide copies of required returns and lodgements.b.Accurately process validated accounting data to comply with taxation reporting requirements. Provide evidence of the validation and taxation data processing.c.Draft the returns and lodgements for review by authorised personnel. FNSACC411 Process business tax requirements Assessment Guide v1.0 Copyright © Mentor Education Pty Ltd RTO 21683 8
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Task 1 – ScenarioA business activity statement allows a business to calculate obligations, allowing a single payment or refund for each reporting/ payment period, across the taxes. If in a quarterly reporting/ payment period, a business had:i.a GST credit of $15 000 ii.a PAYG instalment liability of $6000, iii.a PAYG withholding liability of $1500, andiv.an FBT liability of $1000 a.Would the business need to make any payments?Task 2 - ScenarioA business purchases 10 digital televisions for use in its offices. When the televisions arrive at the workplace the owner of the business decides that one will be taken home. The total cost of the acquisition was $26 500 (inc GST).a.Explain how you would process this to comply with taxation reporting requirements. b.How much input tax credit could be claimed? c.What would be the BAS code for the acquisition? d.Why would you code it there? Task 3 - ScenarioYou are paying GST monthly and you are required to provide the following details each month:Total sales, export sales, other GST free sales, capital purchases, noncapital purchases, GST on sales, GST on purchases, a.Provide the correct codes for these transactions:a.Activity BAS codeb.Total sales c.Export sales d.Other GST free salese.Capital purchasesf.Non-capital purchases g.GST on salesh.GST on purchases, b.What is included in total sales? FNSACC411 Process business tax requirements Assessment Guide v1.0 Copyright © Mentor Education Pty Ltd RTO 21683 9
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c. Included in total sales are: All GST free sales, All input taxed sales, All taxable sales (including GST) d. List ten things that are not reported in total sales. Task 4 - Scenario Using the calculation sheet provided you are to complete the calculation sheet with the information provided to prepare a BAS. The Calculation Sheet and the Business Activity Statement are provided for you. Submit your completed calculation sheet and BAS with this assessment. Figures shown are GST inclusive where applicable. An estimated amount of purchases for private use has been determined to be $25000.
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