FNSBKG404 Assessment Task 2

ASSESSMENT TASK
Pupil ID
Pupil Identify
Assessor
Identify of Unit FNSBKG404 Perform BAS and IAS duties
Unit Code & Identify
Evaluation Quantity/Title Evaluation Activity 2

1. I’ve learn this evaluation exercise and perceive the evaluation necessities.
2. I perceive my proper to be re-assessed and that I could attraction the evaluation determination.
three. I declare that each one materials on this task is my very own work besides the place there may be clear acknowledgement or reference to the work of others. I’ll make a copy of this task till the tip of the semester.
Signed: Dated:
STATEMENT OF ASSESSMENT READINESS
Tick at the least one
 I’m able to be assessed.
 I would love a possibility to talk confidentially to somebody about making allowable changes to the evaluation course of to fulfill particular wants previous to being assessed.
 I would love the chance for additional studying/apply previous to being assessed.
Assessor’s feedback and end result for try 1

Assessor’s feedback and end result for try 2

Assessor Signature

Query 1

Australis Logistics is a sole dealer that’s registered for GST. The entity prepares a Enterprise Exercise Assertion quarterly on a money foundation.
Quarterly tax obligations of Australis Logistics are
• GST (Choice 1)
• PAYG Instalment Tax (Choice 2)
• FBT and
• PAYG Withheld
• The enterprise additionally claims a gas tax credit score for diesel utilized in its working plant.

Australis Logistics supplies the next info for the September quarter; figures are GST-inclusive the place relevant.

Receipts
$

Gross sales of products 506,000
Gross sales of providers 19,910
Residential hire obtained 15,800
Business hire obtained 10,670
Proceeds from Sale of Property 17,996
Export gross sales 12,600
Curiosity obtained 440
Proprietor contribution 5,000
Funds
$
Promoting three,542
Financial institution charges 500
Business hire bills 10,505
Electrical energy 5,500
Insurance coverage premiums enterprise four,675
Curiosity paid eight,000
Motorized vehicle working prices 15,499
Buy of buying and selling items 107,998
Charges – Council and Water three,600
Residential hire bills 2,880
Superannuation paid 19,475
Subscriptions 1,815
Phone 2,640
Wage & Salaries (internet) 155,000

Capital Property Bought
Buy of Gear 33,242

Different Info:
Commissioner’s PAYG Instalment Tax Price 5.00%
Litres of diesel gas utilized in working plant 2,000
Gas Tax Credit score charges for diesel: 14.5cpl Heavy Automobiles, 40.3cpl all different enterprise makes use of
FBT Instalment four,000
Gross Wages – solely deduction is PAYG Withheld
PAYG tax withheld 50,000
Depreciation 12,300

Required:

Because the newly appointed BAS Agent, the corporate asks that you just put together and lodge their Enterprise Exercise Assertion (BAS) for the September quarter, which is due on the 28th October.
For the interval 1 July to 30 September, full the next:

(a) Money Receipts and Money Funds books
(b) GST calculation worksheet for the BAS
(c) Enterprise Exercise Assertion

Query 2

You’re required to finish the Instalment Exercise Assertion (IAS) for the September quarter for Van Nguyen, an organization director.
The present IAS kind permits choice of both Choice 1 or Choice 2 for PAGY Instalments, because the September quarter is the primary quarter of the monetary yr. Van has determined to make use of Choice 2.
His revenue for the quarter consists of:
 Gross wages $20,000
 Gross rental revenue of $11,000
 Financial institution curiosity of $5,000
 Franked dividends obtained $9,000.

The ATO Instalment Price for Van Nguyen is four.5%.

Required

Put together the IAS for Van Nguyen for the September quarter.

Query 1

Money Receipts Ebook

DATE DETAILS TOTAL RECEIPTS TOTAL SALES
(INC. GST)
TAXABLE SALES EXPORT
SALES GST FREE SALES INPUT TAXED SALES OTHER
– out of scope
GST COLLECTED
(1A & G20) NON- CAPITAL SALES
(Revenues excl GST) CAPITAL SALES
(Sale of belongings excl GST)
G1 1A, G9 – – G2 G3 G4 N-T
Gross sales of products 506,000
Gross sales of providers 19,910
Residential hire obtained 15,800
Business hire obtained 10,670
Export gross sales 12,600
Sale of Property 17,996
Curiosity Acquired 440
Proprietor contribution 5,000
TOTALS
Don’t add in cross-balancing

Money Funds Ebook

Date Particulars Whole Fee TOTAL NON-CAPITAL PURCHASE (GST INC.) TOTAL CAPITAL PURCHASE (GST INC.) GST Paid Buying and selling Items Purchases for enter taxed gross sales GST-free bills Asset Purchases Gross Wages PAYG Withheld Different Bills
G11 G10 1B G13 G14 W1 W2
Promoting paid three,542
Financial institution charges 500
Business hire expense 10,505
Electrical energy 5,500
Insurance coverage premiums enterprise four,675
Curiosity paid eight,000
Motorized vehicle working prices 15,499
Buy buying and selling items 107,998
Charges Council and water three,600
Residential hire bills 2,880
Superannuation paid 19,475
Subscriptions 1,815
Phone 2,640
Web Wages & salaries 155,000
Gear 33,242

TOTAL PAYMENTS
Don’t add in cross balancing

Query 2 Van Nguyen

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