FNSTPB401 - Complete Business Activity and Instalment Activity Statements - Management Assignment Help

Assignment Task

For each legal entity, complete the following steps to identify the compliance and other requirements applicable to business activity:

1. Identify and document the lodgement schedule requirements

2. Assess the cash flow and payment options and arrangements and initiate a discussion with management to ensure there are sufficient funds are available to meet the statutory requirements. Document the options and arrangements and the discussion.

Review and apply the GST implications and code transactions for each entity through completion of the following steps, using an appropriate integrated financial software system:

3. Identify, interpret and apply and record the GST principles

4. Identify and code the purchases and/or payments, as per the GST classifications. Document this step.

5. Identify and code the sales and/or receipts, as per GST classifications. Document this step.

6. Process the accounting data to comply with tax and GST reporting requirements For each entity, complete the following steps to report on the payroll activities and on the amounts withheld, using the appropriate integrated financial software system:

7. For the required reporting period, calculate and reconcile total salaries, wages and other payments to enter onto the BAS. Provide the calculations.

8. Verify or calculate PAYGI amount, or calculate for other payments, where applicable. Provide the verification/calculations

Use the appropriate integrated financial software system to reconcile and prepare the activity statement for each entity by completing the following steps:

9. Prepare and reconcile the activity statement reports, identifying and correcting statement errors, and amending bookkeeping entries as required

10. Review any extraordinary transactions in the accounting system, including transactions involving capital acquisitions and imports. Document the review of these extraordinary transactions.

11. Where necessary according to legislative guidelines, make adjustments for previous quarters, months or year-end. Record these adjustments, including the reasoning.

12. Complete the BAS and IAS return according to current statutory, legislative, regulatory and organisational schedule

13. Reconcile the figures completed on the BAS and IAS form with the journal entries, financial statements, GST and other control accounts. Document this reconciliation.

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