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