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Assessment Task 1 Part A: In this part you will be required to research and describe; 1. Briefly describe taxation legislations that covers provisions of GST and related services; in particular; o Tax...

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Assessment Task 1

Part A:
In this part you will be required to research and describe;
1. Briefly describe taxation legislations that covers provisions of GST and related services; in particular;
o Tax Agent Services Act 2009 (TASA 2009)
o Fringe Benefits Tax Assessment Act 1986
o Superannuation Guarantee (Administration) Act 1992
o Superannuation Guarantee Charge Act 1992
o A New Tax System (Goods and Services Tax) Act 1999
o Income Tax Assessment Act 1997
o Income Tax Assessment Act 1936
o Taxation Administration Act 1953
o Privacy Act 198

2. Regulatory requirements for preparation and lodgement of BAS for (for comparison purpose);
a) Sole traders
b) Companies
c) Not-for-Profit organisations
d) Discretionary trusts

Part B:
1) Obtain a sample BAS calculation worksheet from ATO website (www.ato.gov.au) and;
Describe each code used by ATO under Sales, Purchase, and GST Adjustment (Example: G3 – Tax Free Sales). List codes in a tabular format with a separate column for each of the above areas
2) Describe and provide examples of;
▪ Taxable Sales
▪ GST free Sales
▪ Input Taxed Sales
▪ Out of Scope Sales

Assessment Task 2
Part A: BAS and Instalment Exercises

Assessment Task 2: Part B: BAS Summary Report

Answered 34 days AfterNov 23, 2017

Solution

David answered on Dec 27 2017
27 Votes
FNS40615 Certificate IV in Accounting
Task 1
Part A
Answer 1
Tax Agent Service Act 2009 (TASA 2009)
This act provides that you must have to register as a tax service agents in order to provide the tax services. The person once registered under this act can work as a tax service agent and ca
y out the relating activities. Part 3 of this act laid down certain rules that are considered as the code of conduct of the tax service agents and they should operate within these guidelines. The registration of the tax service agents can be terminated under such circumstances as laid down in the part 4 of this Act. The main purpose of setting this Act is to ensure that the tax service is ca
ied out in the professional manner. A separate national board has been registered by the government of Australia to register the tax service agent and BAS agents.
Fringe Benefits Tax Assessment Act 1986
The legal guidelines state that the tax calculated on the fringe benefit services availed by the employee will be paid by the employer. If any laws or provision is laid down before the commencement of this act that will reduce the liability of the person to pay fringe benefit tax or exempt the person from such payment will not be considered while calculating the fringe benefit tax.
As per the GST all the goods and services will be taxed by the government even the imported ones. However the fringe benefit tax system implies that the services are given frees of cost to the employees and therefore should not be taxed by the government. But as these are in the course of ca
ying out the business therefore these will be taxed as per GST system
Superannuation Guarantee (Administration) Act 1992
Every entity that is operating in the Australia will have to pay GST on the goods and services provided by it to its client in the course of ca
ying out the business activities. But the when the recipient which required to pay superannuation support contribution to the entity in addition to the amount paid by it for the services or goods rendered by the entity under the superannuation Guarantee ( administration ) Act 1992 (Goverment, 2012). Later on the decision was passed by the government of Australia that the superannuation support contribution paid by the client to the business entity in addition to the amount of the service will not form part of the taxable goods or services and will not be covered under the provision of GST.
Superannuation Guarantee Charge Act 1992
The employer is obliged by the rules to pay a nominal amount to the employees as the superannuation support. If the employer does not comply with that condition that the employer has to face some legal actions (Goverment, 2012). GST system requires that this payment made by the employer should be taxed under the GST system. This payment is above the taxable amount that is paid by the employer to the employs for rendering their services therefore will be exempt from the criteria of GST (goverment, 2017).
A New Tax System (Goods and Services Tax) Act 1999
This act is mainly about the provision that is contained in the Goods and Service Act 1999. The goods and service Tax Act will be applicable on all the Goods and services sold for money in Australia and the rate of tax that will be applied on the goods and service rendered. These acts contain the information about the areas in which the liability of GST arises. When will be the input Tax credit will be entitled to the trader or manufacturer (goverment, A New Tax System (Goods and Services Tax) Act 1999, 2014). The procedure of payment of the GST liability and how the total GST liability will be calculated under this Act
Income Tax Assessment Act 1997
The income tax assessment act deal with the income tax assessed by the taxpayer for the calculation of tax. The matter that conflicted with the GST provision is that the expenses incu
ed on entertainment by the company and the GST paid by the company on the entertainment of the employees is not no eligible for Input Tax credit under the GST provision. But entrepreneurs are demanding for the input tax credit on the GST paid on such services (ATO, 2005). Later on decision is passed by the government that such tax paid on entertainment will not be included in the input tax credit that will be deducted from the total tax liability. It is denied by section 69-5 of the A New Tax System (Goods and Services Tax) Act 1999 (GST Act).
Income Tax Assessment Act 1936
This Income Tax Assessment...
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