1. Maintain the required accounting records for taxation purposes through completion of the

following steps:

a. Access the taxation accounting system requirements which are specific to your own

role, and interpret these, including the specific taxation requirements you are required

to comply with for business documents. Document the information relevant to your role.

b. Establish and maintain the records which are required to support the taxation

accounting system, ensuring these are in compliance with the identified specific taxation

requirements.

2. Establish and maintain a process for managing the business tax returns:

a. Establish the accounting process to manage process for taxation lodgements. Document

the process established.

b. Establish the lodgement schedule requirements and maintain sufficient and current

records in a manner which is compliant with the lodgement requirements and is in

accordance with the organisational policies and procedures.

3. Process the business tax returns and lodgements through completion of the following

actions:

a. Identify and use the required returns and lodgements, in line with organisational

procedures. Provide copies of required returns and lodgements.

b. Accurately process validated accounting data to comply with taxation reporting

requirements. Provide evidence of the validation and taxation data processing.

c. Draft the returns and lodgements for review by authorised personnel.

9

FNSACC411 Process business tax requirements Assessment Guide v1.0

Copyright Mentor Education Pty Ltd RTO 21683

Task 1 - Scenario

A business activity statement allows a business to calculate obligations, allowing a single

payment or refund for each reporting/ payment period, across the taxes. If in a quarterly

reporting/ payment period, a business had:

i. a GST credit of $15 000

ii. a PAYG instalment liability of $6000,

iii. a PAYG withholding liability of $1500, and

iv. an FBT liability of $1000

a. Would the business need to make any payments?

Task 2 - Scenario

A business purchases 10 digital televisions for use in its offices. When the televisions arrive at

the workplace the owner of the business decides that one will be taken home. The total cost of

the acquisition was $26 500 (inc GST).

a. Explain how you would process this to comply with taxation reporting requirements.

b. How much input tax credit could be claimed?

c. What would be the BAS code for the acquisition?

d. Why would you code it there?