7 Explain the Code of Professional Conduct as stated in the Tax Agent Services

7 explain the code of professional conduct as stated

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7. Explain the Code of Professional Conduct as stated in the Tax Agent Services Act 2009. Give at least one example of expected codes of behaviour. 8. Give three examples of sanctions that may be applied by the TPB for failure to comply with the Code of Professional Conduct. Cass Training Pty Ltd t/a Cass Training International College RTO No. 90309 CRICOS Provider No. 00956C Page | 11 © RTO Works 2020 Assessment Booklet V 20 Jul 2020
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FNSTPB401 Complete business activity and instalment activity statements 9. As per the Fringe Benefits Tax Assessment Act, explain Fringe Benefits Tax (FBT) and provide three examples of what is considered fringe benefits for tax purposes. 10. Describe the purpose of A New Tax System (Goods and Services Tax) Act 1999. 11. Give three examples of exempt income under the Income Tax Assessment Act. 12. Explain the purpose of the Tax Administration Act 1953. 13. Explain the purpose of the wine equalisation tax. 14. Explain the purpose of the luxury car and fuel tax. 15. Explain the concept of PAYG withheld. 16. Identify a link that you would use to work out tax withholding. 17. List at least two circumstances where an employer would be required to withhold additional amounts from a person’s wages. 18. What are the three main obligations for a business when a new employee is hired? 19. Explain fringe benefits and give three examples of fringe benefits and three examples of excluded benefits . 20. Explain the key requirements of the Privacy Act 1988 and the Australian Privacy Principles. 21. List three points that should be followed by a tax agent to ensure compliance with privacy legislation. Cass Training Pty Ltd t/a Cass Training International College RTO No. 90309 CRICOS Provider No. 00956C Page | 12 © RTO Works 2020 Assessment Booklet V 20 Jul 2020
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FNSTPB401 Complete business activity and instalment activity statements 22. How often must PAYG payment summaries be distributed to employees and when must they be provided. 23. Explain the superannuation guarantee and employee eligibility for superannuation. 24. What allowances are there for employees with regard to voluntary contributions for superannuation and what are the tax implications? 25. What tax benefits does payment of voluntary superannuation provide? 26. List the information that must be included on an invoice in order for it to be a valid tax invoice. 27. Where a business does not quote an ABN on its invoice, what would the business that received the invoice do? 28. What are instalment activity statements and who must submit them? Answer: Instalment Activity Statement, is a form used by taxpayers who are not registered for Goods and Services Tax (GST). It is also the form required to be lodged by entities that prepare a quarterly Business Activity Statement , but are required to remit their Pay As You Go (PAYG) withholding tax on a monthly basis because they are a medium withholder.
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