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This task requires you take on role of Betty (Bookkeeper) and make a report for Chris (Business owner).
This task requires you take on role of Betty (Bookkeeper) and make a report for Chris (Business owner).
You must conduct an online research to identify and review current compliance and other requirements specified in the "inclusions for report".
You must refer to the following ATO and TBP links to find information on Business activity statements required
· ATO: https://www.ato.gov.au/Business/Business-activity-statements-(bas)/
· TBP: https://www.tpb.gov.au/policy-and-guidance-material
Inclusions for report:
PT1. Following requirements related to preparation of activity statements:
· Legislative requirements for GST registration.
· BAS/IAS requirements including time requirements and cash versus accrual reporting requirements
· GST Act and related public rulings, determinations and regulations
· Income Tax Act, regulations rulings and determinations
· Tax Practitioners Board's codes of practice
· Organisational requirements including internal control guidelines
PT2. Legislations related to taxes applicable on activity statements that the business must comply with.
PT3. Tax rates applicable to business considering the information given in case study.
PT 4: Polices related to Code of Professional Conduct as given in Tax Agent Services Act 2009 (TASA) that the business must comply with.
Hint: Refer to TBP link.
PT5: The business provided certain benefits to their employees in addition salary or wages packages. The business had to pay FBT of $3,200 in past financial year. The business wants to pay fringe benefit tax (FBT) in instalments and wants you to take advice/inquire from the ATO regarding the process.
PT 6: Lodgement schedule requirements for the business for both sales and purchases:
o BAS quarterly period to report using Cash Basis
o BAS quarterly period to report using Accrual Basis
