Posted: April 24th, 2023

FNSTPB401 Complete business activity & instalment activity statements

Have you got an expert that can do MYOB AccoutRight Plus Version 2022? This assessment needs to be completed using this particular MYOB.
Student Name Student Number
Unit Code/s & Name/s FNSTPB401 Complete business activity & instalment activity statements
Cluster Name
If applicable N/A
Assessment Name BAS tasks using MYOB (Assessment 3) Assessment Task No. 3 of 3
Assessment Due Date Date submitted
Assessor Name
Student Declaration: I declare that this assessment is my own work. Any ideas and comments made by other people have been acknowledged as references. I understand that if this statement is found to be false, it will be regarded as misconduct and will be subject to disciplinary action as outlined in the TAFE Queensland Student Rules. I understand that by emailing or submitting this assessment electronically, I agree to this Declaration in lieu of a written signature.
Student Signature Date
Instructions to Student General Instructions:
This assessment is made up of 3 Tasks. You must be successful in all tasks to be successful in the assessment.
• The assessment is unsupervised and open book.
• Complete all questions within each task.
• Submit your assessment once you have completed all tasks.
• Instructions for what is required in each task are contained within the task.
Information / Materials provided:
o Assessment Task
o Templates within the tasks
o MYOB file for Bean There Coffee Van
o Instalment Activity Statements (IAS)
o Learning Resources
o MYOB AccountRight Version 2022 software
Information / Materials to be provided by the student:
o Computer and word processing software
o Internet access and ability to access and navigate Connect
o Blank sample BAS downloaded from the ATO website
Work, Health and Safety:
• follow TAFE Queensland Student Rules
• access TAFE Queensland Student Services for any additional support
• conduct risk assessments prior to any assessment task to ensure the safety of all participants and the environment
• ensure an ergonomically safe work environment to complete all assessment tasks
Assessment Criteria:
To achieve a satisfactory result, your assessor will be looking for your ability to demonstrate the following key skills/tasks/knowledge to an acceptable industry standard:
• research, critically evaluate and apply any changes to current or new legislative or professional conduct requirements relevant to the preparation of activity statements
• identify financial transactions required to prepare activity statements and apply goods and services tax (GST) principles and classifications
• prepare both business activity statements (BAS) and instalment activity statements (IAS) for a range of legal entities that comply with:
• Australian taxation law, Australian Taxation Office (ATO) rulings, Tax Practitioner Board (TPB) requirements and any lodgement schedules
• accounting principles and practices
• organisational policy and procedures
• present activity statements for verification and approval.
Number of Attempts:
You will receive up to two (2) attempts at this assessment task. Should your 1st attempt be unsatisfactory (U), your teacher will provide feedback and discuss the relevant sections / questions with you and will arrange a due date for the submission of your 2nd attempt. If your 2nd submission is unsatisfactory (U), or you fail to submit a 2nd attempt, you will receive an overall unsatisfactory result for this assessment task. Only one re-assessment attempt may be granted for each assessment task. For more information, refer to the Student Rules.
Submission details
(if relevant) Insert your details on page 1 and sign the Student Declaration. Include this template with your submission.
Due Dates: Refer to Unit Study Guide
Assessment to be submitted via:
• TAFE Queensland Learning Management System: Connect url: https://connect.tafeqld.edu.au/d2l/login
• Username; 9 digit student number
• For Password: Reset password go to https://passwordreset.tafeqld.edu.au/default.aspx
Instructions to Assessor Students are to:
• Satisfactorily complete all tasks
• Provide their own computers/devices, software and internet facilities to produce the assessment task.
• professionally present their responses in the assessment task
• completed all tasks in their own time and space, no time restrictions applied
• refer to notes and resources and seek clarification on tasks and questions
Assessors are to:
• ensure the safety of all assessment activities by conducting and supporting risk assessments and ensuring all follow TAFE Queensland Student Rules
• provide feedback on all assessment attempts and identify additional learning and/or practice required by the student before their second attempt.
• use the Benchmark Answers and Marking Criteria to record their assessment and feedback.
• negotiate to complete assessment tasks and/or resubmissions verbally, where the opportunity presents:
o scribe the student’s response verbatim on the assessment task/marking criteria, and note the questions verbally addressed as reasonable adjustment on the coversheet.
o initial and date additional comments
Note to Student An overview of all Assessment Tasks relevant to this unit is located in the Unit Study Guide.

NOTE: Current tax rates and thresholds are to be used throughout this assessment unless otherwise specified.
Task 1 – Theory
1. Fringe Benefits Tax instalments are payable by employers who had an FBT liability over what amount in the previous year?
2. Who can claim Fuel Tax Credits?
3. Jerry has a landscaping business and uses unleaded petrol in his ute and various gardening equipment. For the quarter ended 30th June he used a total of 273 litres, 182 litres in the ute and the rest in the equipment. How much fuel tax credit can Jerry claim for the June quarter?
4. Petro’s Pastoral Company Ltd runs a dairy farm. It operated a tractor and 4WD vehicle which are used only on the property, both of which use diesel fuel. For the June quarter 816 litres of diesel was used, 267 litres in the tractor and the rest in the 4WD. How much fuel tax credit can Petro’s Pastoral Company claim for the June quarter?
5. When is Wine Equalisation Tax paid in Australia and by whom?
6. Valley Vineyards is a wine producer who is registered for GST. They sell bottled wine to The Local Bottle Shop Ltd, a retailer who sells direct to the public. Valley Vineyards is preparing an invoice for $1650.00 worth of wine before adding WET and GST.
a) Who will collect WET and pay it too the ATO?
b) Calculate how much WET and GST should be charged on this sale.
7. When is Luxury Car Tax (LCT) payable?
8. Monty’s Motor Sales is a car dealer who sells new cars. Monty sells a vehicle with a new price of $89,500 including GST. The car is not rated as fuel-efficient.
a) Calculate the LCT to be charged
b) Calculate the GST to be charged
c) Calculate the total selling price of the vehicle
d) If the buyer is registered for GST and uses the vehicle 100% for business purposes what input tax credit (GST paid) will they be able to claim? Explain your answer.
9. For an entity with a turnover of more than 1 million but less than $20 million:
a) On what dates are Business Activity Statements (BAS) due to be lodged and paid?
b) What penalties could apply if a BAS or IAS is lodged after the due date?
Task 2 – Practical Exercise – computerised
Introduction
Bean There Coffee Van is a mobile food vendor that provides coffee and snack foods to various commercial premises each day at morning tea, lunch and afternoon tea time. The business is registered for GST and PAYG withholding on an accrual basis and reports monthly.
The business has 2 employees: Jack a part time barista who claims the tax free threshold; and Heidi a casual barista who does not claim the tax free threshold for this job. Wages are reported to the ATO through separate Single Touch Payroll (STP) software. The owner Jane is the authorised signatory for all documentation and must approve any payments made by the business.
A cash register records sales and prints a summary each day of the sales broken down into GST and GST free categories.
Step 1
The following is a practical exercise requires you to access the MYOB file for Bean There Coffee Van 2022 Template.myox which has been provided.
Note: This exercise is to be done in MYOB AccoutRight Plus Version 2022 as supplied within the Learning Resources in Unit 7. Do not use a different version of MYOB.
Download a copy of this file to your MYOB library and open the file. The username is “Administrator” and there is no password.

Step 2
Check your chart of accounts and edit where necessary to ensure that you have the following accounts with the correct GST codes:
Account name Account type GST code
Your Bank Account Asset (Bank account) N-T
Trade Creditors Liability N-T
GST Collected Liability N-T
GST Paid Liability N-T
ABN Withholding Payable Liability N-T
Superannuation Payable Liability N-T
PAYG Withholding Payable Liability N-T
Owners Capital Equity N-T
Owners Drawings Equity N-T
Sales Coffee Income GST
Sales Other drinks Income GST
Sales Fruit Income GST Free
Sales Snacks Income GST
Purchases coffee & Milk Cost of goods sold GST Free
Purchases Other drinks Cost of goods sold GST
Purchases Fruit Cost of goods sold GST Free
Purchases Snacks Cost of goods sold GST
Advertising Expense GST
Bank Charges Expense FRE
Bookkeeping Fees Expense GST
Coffee Van Fuel Expense GST
Coffee Van Lease Expense GST
Coffee Van registration Expense GST Free
Coffee Van insurance Expense GST
Telephone Expense GST
Coffee Van Stamp Duty Expense GST Free
Wages Expense N-T
Superannuation Expense N-T
Step 3
Process the following transactions:
Receipt from Jane – on 01.07.22 Jane deposited $5000.00 from her personal funds into the business bank account. Record this transaction in the accounting system.
Other receipts are all in cash and a cash register total is printed on Sunday each week. Cash on hand is reconciled to this then banked. Record the following receipts for July 2022.

Bean There Coffee Van Bean There Coffee Van
3/07/2022 10/07/2022

Sales Coffee GST 1255.50 Sales Coffee GST 1189.50
Sales Softdrinks GST 322.20 Sales Softdrinks GST 381.80
Sales Fruit Free 62.35 Sales Fruit Free 52.50
Sales Snacks GST 831.10 Sales Snacks GST 756.95

Total (incl GST $218.98) $ 2471.15 Total (incl GST $211.66) $ 2380.75

Bean There Coffee Van Bean There Coffee Van
17/07/2022 24/07/2022

Sales Coffee GST 1240.70 Sales Coffee GST 1520.40
Sales Softdrinks GST 318.45 Sales Softdrinks GST 510.25
Sales Fruit Free 70.50 Sales Fruit Free 81.60
Sales Snacks GST 910.55 Sales Snacks GST 946.50

Total (incl GST $224.52) $ 2540.20 Total (incl GST $270.65) $ 3058.75

Bean There Coffee Van
31/07/2022
Sales Coffee GST 1006.20
Sales Softdrinks GST 296.30
Sales Fruit Free 45.00
Sales Snacks GST 690.40

Total (incl GST $181.17) $ 2037.90

Payments are usually made by cheque and you need record the following cheques for June:
Date Cheque no. Amount Details
01.07.22 1201 500.00 Purchases – Stock from previous owner (Coffee $150.00, Softdrinks $120.00, Milk $50.00 and Snacks $180.00) Previous owner not registered for GST.(Use tax code GNR)
03.07.22 1202 318.00 Purchases – coffee beans
06.07.22 1203 200.70 Purchases – Softdrinks $122.50, Plain milk $78.20
13.07.22 1204 232.00 Purchases – Plain milk
13.07.22 1205 189.65 Purchases – snack foods
15.07.22 1206 89.95 Telephone account
17.07.22 1207 435.00 Purchases – coffee beans
20.07.22 1208 240.00
(net of tax) Concept Advertising (Tax withheld for no ABN on invoice) Use tax code ABN.
20.07.22 1209 150.00 Budget Bookkeeping (Not registered for GST)
30.07.22 1210 340.95 Purchases – snack foods $84.45, Plain milk $256.50
30.07.22 1211 200.00 Drawings – Jane
30.07.22 1212 720.00 Qld Transport Van Registration (including $340.40 for Registration $370.60 for CTP Insurance $9.00 Stamp Duty
30.07.22 1213 348.75 Purchases – Softdrinks
Step 4
Record the following outstanding creditors at 31st July 2022:
28.07.22 $376.54 Invoice no. 8436 Coffee Van fuel owed to Local Service Station Ltd (Includes GST)
31.07.22 $158.40 Invoice no. D00732 Purchases – Snack foods owed to Allen’s Confectioners (Includes GST)
Step 5
Reconcile the bank account – The following bank statement has been received from Your Bank Ltd. Reconcile the bank account and print a Bank Reconciliation Report as at 31 July 2022.

Your Bank Ltd Account Number 00123456
Bank Statement for July 2022
Opening Balance Withdrawals Deposits Balance
01.07.22 Opening Balance 2000.00
01.07.22 Deposit 5000.00 7000.00 Cr
03.07.22 EFT – Wages 150.00 6850.00 Cr
03.07.22 Cheque 1201 500.00 6350.00 Cr
03.07.22 Deposit 2471.15 8821.15 Cr
08.07.22 Cheque 1202 318.00 8503.15 Cr
10.07.22 EFT – Wages 675.00 7828.15 Cr
10.07.22 Deposit 2380.75 10208.90 Cr
14.07.22 Cheque 1204 232.00 9976.90 Cr
15.07.22 Cheque 1205 189.65 9787.25 Cr
17.07.22 Deposit 2540.20 12327.45 Cr
17.07.22 EFT – Wages 675.00 11652.45 Cr
17.07.22 Cheque 1206 89.95 11562.50 Cr
21.07.22 Bpay – ATO July BAS 1289.00 10273.50
20.07.22 Cheque 1207 435.00 9838.50 Cr
24.07.22 Deposit 3058.75 12897.25 Cr
24.07.22 Cheque 1209 150.00 12747.25 Cr
24.07.22 EFT – Wages 675.00 12072.25 Cr
26.07.22 Direct debit – Your Bank Ltd – coffee van lease 748.00 11324.25 Cr
30.07.22 Cheque 1208 240.00 11084.25 Cr
30.07.22 Cheque 1212 720.00 10364.25 Cr
31.07.22 Bank fee 25.00 10339.25 Cr
31.07.22 Merchant fees 35.20 $10304.05 Cr
Step 6
The weekly wages for Bean There Coffee Van are reported through complying Single Touch Payroll (STP) software each pay day. The following report from the STP software summarises the wages and other amounts reported for the month of July:

BEAN THERE COFFEE VAN
Payroll Register Report
01 July 2022 to 31 July 2022
Employee name Salary & wages Deductions PAYG W/H Net Pay Superannuation Guarantee
Jack 1620 0 75 1545 170.1
Heidi 810 0 180 630 85.05
Totals 2430 0 255 2175 255.15
a) Reconcile the monthly wages with the payments made from the bank account in the table below:
Net wages paid from bank account $
Add PAYG withheld $
Total gross wages in MYOB $ *

Wages & salaries from STP report $ *

* These 2 figures must match

a) Record journal entries in MYOB to account for the amounts shown in the STP report above for:
– the PAYG withholding
– the Superannuation Guarantee

Step 7
Print the following reports:
– Profit & Loss (Accrual) for July 2022
– Balance Sheet as at 31 July 2022
– Trial Balance for July 2022
– GST (Detail Accrual) for July 2022
Step 8
From the information in your reports complete the BAS for Bean There Coffee Van for July 2022, to be approved and signed by the authorised person. A blank sample BAS form (G – Monthly BAS) is attached.
Who is required to authorise the lodgement of the BAS?

Step 9
Reconcile the completed BAS with financial statements by completing the following table:
Sales from GST (Detail – Accrual): Purchase Value from GST (Detail Accrual)
– GST Free $ – ABN $
– GST $ – FRE $
Less Tax collected in sales $ – GNR $
Equals Net sales *$ – GST $
Sales from Profit & Loss Statement *$ Add tax withheld no ABN $
Less Tax Paid in purchases $
* These two figures should match
Add Gross wages and super expenses + any business expenses coded to N-T $
** These two figures should match **Net Purchases $
**Purchases from Profit and Loss statement (Cost of Sales plus Total Expenses) $
Liabilities outstanding on Balance Sheet: BAS Labels
GST Collected $ 1A $
Less GST Paid $ 1B $
PAYG Withholding payable $ W2 $
ABN Tax Withheld $ W4 $
Total $ 9 $
Step 10
From your file print a GST (Detail cash) report. Explain why the GST collected and GST paid amounts on this report are different to those on the GST (Detail accrual) report printed to prepare the BAS.
Step 11
Prepare a brief letter to Jane, the owner, enclosing the BAS for approval and signing. The letter should include:
1. Amount owed
2. Due date and payment options
3. Note if there are currently sufficient funds in the bank account to make the payment (check the current bank statement balance and compare this to amount owing on the BAS). Enquire if Jane anticipates any cash flow difficulties with making the payment by the due date.
4. Advice to contact you regarding a payment arrangement if there could be a payment problem
5. A section at the bottom of the letter, to be signed by Jane, that is her declaration that:
– she authorises you to lodge the BAS on her behalf and
– the information it contains is true and correct.

Task 3 – Oral presentation
In Task 2 you prepared a letter to “Jane”, the business manager. In this task you are required to present your letter to “Jane” and explain the information it contains. In order to demonstrate your competence in doing this you are required to use a smart phone or similar device to record a short video (including sound and approximately 3 to 4 minutes) of you performing this task while a friend/associate plays the part of Jane. The video recording must include:
– Your full explanation to Jane of the information in the letter
– An explanation of why you consider it important to consider the cash flow situation of the business
– At least one question from Jane that requires you to provide further explanation to her
– Jane needs to sign the authorisation at the bottom of your letter once it has been explained to her.
Note: This is a simulated business meeting so you should not be simply reading information prepared beforehand. You need to demonstrate active listening and communication skills. The video file should be submitted as evidence of completion of this task.

Task 4 – Amending a BAS
Aussie Replica Engines Limited (ABN 12 345 678 910) is registered for GST on an accrual basis. The company has already lodged their BAS for the quarter ended 30 September 2021 and paid the outstanding liability of $36,480. The following month an error was discovered in which the following invoice was found to have the wrong tax code used:
15.09.21 Sale to New Zealand Train Tours 1 steam engine $220,000 GST
As this was an export sale there was no GST on this sale and the correct code should have been EXP. GST collected on the invoice was actually nil not $20,000 as recorded in the MYOB reports.
Aussie Replica Engines Limited wishes to lodge an amended BAS immediately to recover the overpaid GST. Listed below are the original values at the various labels on the September BAS.
a) Complete the third column to indicate what the new amended figures should be at each label when the amended BAS is prepared for lodgement.
BAS Label September BAS lodged Amended September BAS
G1 1760000
G2 0
G10 55000
G11 1358720
1A 160000
8A 160000
1B 123520
8B 123520
9 36480
b) Complete an amended paper BAS for Aussie Replica Engines Limited for the September 2021 quarter. A blank sample BAS form (C – Quarterly BAS) is attached.

Assessment Submission:
Follow organisational procedures to develop and submit your documents, including:
• Use of technology and word processing software
• Professional presentation – spelling, grammar, formatting
• Clear, industry relevant language and terminology
• Naming convention and version control
• Storing, security and uploading/submitting
To be submitted:
Task 1 – Theory
Answers to nine (9) questions
Task 2 – Practical Exercise – computerised
a) Bank reconciliation report as at 31/07/22
b) Profit & Loss (Accrual) for July 2022
c) Balance Sheet as at 31 July 2022
d) Trial Balance for July 2022
e) GST (Detail Accrual) for July 2022
f) GST (Detail Cash) for July 2022
g) Completed reconciliation from Step 6
h) Completed Business Activity Statement BAS G and written question response in Step 8
i) Completed reconciliations from Step 9
j) Written response to question in Step 10
k) Completed letter from Step 11
Task 3 – Oral presentation
a) Recording of interview with Jane
b) Signed letter
Task 4 – Amending a BAS
a) Amended September BAS table
b) Amended paper BAS C
End of assessment.

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