Updated in March 2022, this course covers the essentials of preparing business activity statements (BAS).
Description
Updated in March 2022, this course covers the essentials of preparing business activity statements (BAS). Starting with the basics you will work through the various information required to complete a BAS, before practising your skills by completing sample BAS paperwork.
Key topics:
- Basics of GST
- Working with a BAS form
- Calculation options for GST
- PAYG withholding
- PAYG instalment
- Fringe benefits tax instalment
- Other labels on the BAS
- Calculate net liability
- Tips and traps
- Completing the BAS form – group or individual
This course consists of one interactive online course, one downloadable PDF learning manual and one online assessment.
Learning objectives
A. Monthly GST payer and quarterly GST payer – reporting quarterly
Using the information supplied for a monthly or quarterly GST payer reporting quarterly, you should be able to:
- Calculate total sales for a business in a tax period.
- Calculate GST collected on supplies and GST paid on purchases.
- Calculate export supplies and other GST-free supplies (if applicable)
- Calculate capital acquisitions and other acquisitions (if applicable)
B. Quarterly or annual GST payer – reporting annually
Using the information supplied, you should be able to:
- Calculate total sales for a business in a tax period.
- Calculate the GST collected on supplies and GST paid on purchases.
C. Quarterly GST instalment method
Using the information supplied, you should be able to:
- State how the ATO will calculate the GST instalment to be paid each quarter.
- Calculate a varied instalment from information supplied.
D. Other BAS or IAS information
Using the information supplied, you should be able to:
- Include PAYG withholding information on the BAS or IAS.
- Calculate a PAYG instalment using the ATO instalment rate method or a varied rate.
- Calculate a PAYG instalment using a GDP-adjusted PAYG instalment amount.
- Calculate a varied PAYG instalment amount.
- Calculate a varied FBT instalment.
Audience
This course is designed for those in tax accounting roles with responsibility of preparing income tax returns and BAS statements whether for an organisation or client.