Unit of competency Outline

Date retreived
22/07/2026 12:46 PM AWST

Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.

Complete business activity and instalment activity statements

Complete business activity and instalment activity statements

Unit of competency
National Code
FNSTPB401
State Code
BBH92
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
13/02/2018
View on TGA
State Implementation and Classification
Approved Date
09/05/2018
Field of Education
081199 - Banking, Finance And Related Fields, N.e.c.
Original Release Date
09/05/2018
Nominal Hours
40
Description
This unit describes the skills and knowledge required to identify and apply compliance requirements to effectively process and complete business activity statements (BAS), instalment activity statements (IAS), and other required reports.It applies to individuals who use a range of organisational and analytical techniques to work in organisations or to supply specific bookkeeping services as a small business owner or contractor.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. This unit is designed to meet the education requirements of the Tax Practitioner Board (TPB). Refer to the FNS Financial Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on regulatory requirements.
Notes
Elements and Performance Criteria
1. Identify compliance and other requirements applicable to business activity
  • 1.1 Research and document legislative, regulatory, industry and organisational requirements relating to activity statements and seek expert advice to clarify issues where applicable
  • 1.2 Review, interpret and apply legislation relating to taxes reported on activity statements
  • 1.3 Identify, document and apply policies in relation to compliance with code of professional conduct as stipulated in legislation relevant to activity
  • 1.4 Identify scope of services that can be provided by a Registered BAS Agent under the Tax Agent Services Act, including limitations of services compared to those of a Tax Agent
  • 1.5 Identify and access information, advice and services outside own scope of operation; establishing and using networks where necessary
  • 1.6 Identify and document lodgement schedule requirements
  • 1.7 Assess entity’s cash flow and payment options and arrangements, and initiate discussion with management to ensure sufficient funds are available to meet statutory requirements
2. Analyse and apply industry codes of conduct associated with work activities
  • 2.1 Review, interpret and apply relevant industry codes of conduct and identify the applicable governing bodies
  • 2.2 Document and apply relevant policies and procedures to ensure compliance with code of conduct requirements
  • 2.3 Identify and document own competency development requirements relating to changes in legislation
3. Review and apply goods and services tax (GST) implications and code transactions
  • 3.1 Identify, interpret and apply and record GST principles
  • 3.2 Identify and code purchases and/or payments as per GST classifications
  • 3.3 Identify and code sales and/or receipts as per GST classifications
  • 3.4 Process accounting data to comply with tax and GST reporting requirements
4. Report on payroll activities and amounts withheld
  • 4.1 Calculate and reconcile total salaries, wages and other payments for a reporting period to enter onto a BAS
  • 4.2 Verify or calculate pay as you go instalment (PAYGI) amount where applicable, or calculate for other payments where applicable
5. Reconcile and prepare activity statement
  • 5.1 Prepare and reconcile activity statement reports, identify and correct statement errors, and amend bookkeeping entries as required
  • 5.2 Review extraordinary transactions in the accounting system, including transactions involving capital acquisitions and imports
  • 5.3 Make adjustments for previous quarters, months or year-end where necessary according to legislative guidelines
  • 5.4 Complete BAS and/or IAS return according to current statutory, legislative, regulatory and organisational schedule
  • 5.5 Reconcile figures completed on BAS and/or IAS form with journal entries, financial statements, GST and other control accounts
6. Lodge activity statement
  • 6.1 Check activity statement and ensure sign-off by authorising person required by statutory, legislative and regulatory requirements
  • 6.2 Lodge activity statement according to statutory, legislative and regulatory requirements
No information
No information
Replaces
State Code National Code Title Type
AUQ58 FNSBKG404 Carry out business activity and instalment activity statement tasks Unit of competency
Replaced By
State Code National Code Title Type
OEB76 FNSTPB411 Complete business activity and instalment activity statements Unit of competency