Question
Assessment Task 3 Prepare a BAS Summary Report Task Instructions: You are required to prepare a BAS Summary Report Brief description: In this assessment task,
Assessment Task 3
Prepare a BAS Summary Report
Task Instructions:
You are required to prepare a BAS Summary Report
Brief description:
In this assessment task, you will be required to complete the Bean's Coffee's Business Activity Statement (BAS)
ready for Mr Beans' to sign and lodge.
You will be provided with a separate Excel data file with the relevant information; and beginning and end of
quarter trial balances.
Task details:
Part A: As a Company
Specific organisational requirements need you to (in order of);
1. Calculate and prepare end of the quarter cash position of the company
2. Discuss and confirm the trial balance data with your Trainer to ensure that company has the required cash
flow to pay its BAS instalment
3. You will see that the Trial Balance as at 30 June is not balanced. Find and fix the errors and show the
corrected copy to your Trainer for approval before proceeding
4. Save your data file as a new version on your USB or a designated location
5. Complete general journal
6. Post final entries to the general ledger
7. Prepare an Income (Profit & Loss) Statement in the given data sheet
8. Complete the GST summary reports (accrual) and expected payment/refund
9. Download and complete BAS Calculation Worksheet from ATO website (www.ato.gov.au)
10. Download and complete a sample BAS from ATO website
11. Verify the data between GST summary reports created in Excel (data file) and the BAS Calculation
Worksheet
12. Reconcile the BAS form to journal entries, profit and loss statement, and GST summary
13. Correct errors, if any and make note of the corrections
14. In the data file, complete the lodgement schedule and process according to ATO requirements
15. Submit the final BAS with accompanying worksheet for signature to your Trainer
Note: If an online BAS statement is not available for download, create one in Excel with the required fields and
codes as in official form.
Part b: As a Discretionary Trust
On advice of their accountant and financial planner, Mr and Mrs Bean have decided to move their business
under a family trust (discretionary trust) structure. For this purpose, the accountant has set up the required
trust and the existing company Bean's Coffee Pty Ltd has been appointed as the registered entity to conduct
the business for the trust.
Assuming that the company structure is a trust, you will use same data provided earlier, to prepare GST
summary reports for Bean's Coffee with the following additional information;
Other information:
Purchase of new computer
3 300
PAYG tax withheld
18 750
Annual FBT now estimated at
8 000
Used 917.6 litres of petrol for business
operations
175
credit per litre
0.190715
PAYG instalment rate
3.75%
Variation of FBT
Fringe benefits ATO instalment pre
printed on BAS
F1
3 000
Estimated total fringe benefits tax
payable for year
F2
8 000
Varied fringe benefits tax instalment
amount
F3
Transfer the amount at F3 to 6A on the BAS Summary
Reason for variation
F4
Current business structure not continuing
Adjustments prior BAS
Dr
Cr
Increasing adjustment
22
Decreasing adjustment
220
Total adjustments
220
22
Follow the same order of instructions as in Use the given tab in the same data sheet to complete the second
BAS;
1. Copy and create new journal and ledger tabs/worksheets
2. Process all the additional information
3. Prepare a NEW Trial Balance
4. Discuss and confirm the trial balance data with your manger (trainer/assessor role play) to ensure that
company has the required cash flow to pay its BAS instalment
5. Download and complete BAS Calculation Worksheet from ATO website (www.ato.gov.au)
6. Download and complete a sample BAS from ATO website
7. Verify the data between GST summary reports created in Excel (data file) and the BAS Calculation
Worksheet
8. Reconcile the BAS form to journal entries, profit and loss statement, and GST summary
9. Correct errors, if any and make note of the corrections
10. In the data file, complete the lodgement schedule and process according to ATO requirements
11. Submit the final BAS with accompanying worksheet for signature to your manager (trainer/assessor role
play) - assuming/simulating a lodgement procedure
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started