BI-540: FNSBKPG404A

Carry out Business Activity and Instalment Activity Statement tasks

BI-540: FNSBKPG404A Carry out Business Activity and Instalment Activity Statement tasks

This is a two day trainer-led course and includes:

• Researching and documenting Statutory, legislative and regulatory requirements relating to Activity Statements; Identifying Lodgment schedule requirements

• Recognising GST implications and coding transactions

• Reporting on payroll and other amounts withheld, pay as you go (PAYG) installments and taxes

• Completing, reconciling and lodging the Activity Statement

• A comprehensive BIA written study guide

• PowerPoint slides

• Australian Master Bookkeepers Guide (RRP $120)

Included in the study guide are the following chapters:

1. Goods & Services Tax

   • Overview of the GST

   • Types of supplies

   • What is a taxable supply?

   • Liability for GST on taxable supplies

   • GST Free Supplies

   • Input taxed supplies

   • Financial supplies

   • Residential rent

   • Creditable acquisitions

   • Luxury cars and GST input tax credits

   • Purchase of a car with Luxury Car Tax

   • Reimbursements

   • Pre-establishment costs

   • Car expenses and GST input tax credits

   • Registration

   • Attribution basis

   • Cash basis

   • Accruals basis

   • Tax periods

   • Tax invoices

   • Adjustments

   • Adjustment for bad debts

   • Second-hand goods

   • FAQ’s

2. Activity Statements

   • The Business Activity Statement

   • Goods and services tax

   • GST reporting options

     • Option 1: calculate GST and report quarterly

     • Option 2: calculate GST quarterly and report annually

     • Option 3: pay GST instalment amount quarterly

   • Report and pay GST annually

3. GST & the BAS

   • Option 1: calculate GST and report quarterly

     • Item G1: Total sales

     • Item G2: Export sales

     • Item G3: Other GST-free sales

     • Item G10: Capital purchases

   • Purchase of assets costing $1,000 or less

   • Item G11: Non-capital purchases

   • Input taxed supplies

   • Out-of-scope supplies

   • GST-free supplies

     • Item 1A: GST on sales

     • Item 1B: GST on purchases

4. PAYG & the BAS

   • PAYG tax withheld

   • Small withholder

   • Medium withholder

   • Quarterly tax periods

   • Monthly tax periods

   • Large withholder

   • PAYG withheld and the BAS

     • Item W1: Total salary, wages and other payments

     • Item W2: Amounts withheld from payments at W1

     • Item W4: Amounts withheld where no ABN is quoted

     • Item W3: Other amounts withheld

     • Item W5: Total amounts withheld

5. PAYG income tax instalment

6. PAYG reporting options

   • Option 1: pay a PAYG instalment amount quarterly

   • Option 2: calculate PAYG instalment using income times rate

     • Item T1. PAYG instalment income

     • Item T2: ATO instalment rate

     • Item T3: New varied rate

     • Item T4: Reason code for variation

     • Item T11: Total PAYG instalment

7. Fringe benefits tax (FBT) instalment

8. Completing the BAS — the summary section

9. Payment or refund

   • BAS rounding

   • Lodgement of the BAS

BAS Agent Act

This unit is a mandatory requirement of the Tax Agent Services Act 2009. The Act states that a BAS Agent must hold one of the following academic qualifications:

Certificate IV in Financial Services (Bookkeeping or Accounting) or higher award, from a registered training organisation or equivalent institution that includes the successful completion of a course in basic goods and services tax/BAS taxation principles

The FNSBKPG404A Carry out Business Activity and Instalment Activity Statement tasks is the only nationally regcognised course available in in basic goods and services tax/BAS taxation principles.

At present only the Certificate IV in Financial Services (Bookkeeping) includes this course as a mandatory unit.

The Certificate IV in Financial Services (Accounting), the Diploma and Advanced Diploma of Accounting and all University Accounting degree courses exclude a course in basic goods and services tax/BAS taxation principles.

If you hold any of these qualifications you will be required to take this FNSBKPG404A Carry out Business Activity and Instalment Activity Statement tasks course in order to apply for registration as a BAS Agent.

Where to take a class

You can take this course at our South Brisbane campus which is at 1407 Logan Road in Mt. Gravatt Central, ideally situated for both Brisbane CBD and Gold Coast students. There is plenty of free parking in the streets surrounding us.

STOP PRESS: In addition to our training center at Mt Gravatt in South Brisbane, BIA Training now has a campus in North Brisbane - at 292 Anzac Avenue, Kippa Ring - if you wish to take the Certificate IV course in the classroom.

This course is also available as a classroom course at our Perth campus in WA. Please contact Cheryl Knight of WiseClick Training for further details.

Alternatively this course may be taken by distance learning. Just click on the Book A Course menu option at left and then select the the course name from the drop down menu list that will appear. You will be taken to a booking page where you can enroll and claim a discount for distance learning.