Task 3 - Privacy Act 1988

The Privacy Act (1988) only applies to 'personal information'. Jenny creates a Yahoo account for herself and chooses a meaningless nickname as her username. She signs up to a fashion retailer's email newsletter but does not give them any other information about herself. Has Jenny disclosed personal information to the retailer? Please provide reasons for your answer.

Task 4 - Scope of BAS Agent Services

Refer to http://tpb.gov.au to answer the following questions:

a)Define BAS Services as per the Tax Agent Services Act 2009 (TASA).

BAS service is defined in theTax Agent Services Act 2009(TASA) as:

• ascertaining or advising about the liabilities, obligations or entitlements of a client under aBAS provision; or
• representing a client in their dealings with the Commissioner of Taxation in relation to a BAS provision; and
• where it is reasonable to expect a client will rely on the service to satisfy liabilities or obligations or to claim entitlements under a BAS provision.

b)Define the term 'BAS provision' as per the Income Tax Assessment Act 1997.

The term 'BAS provision' is defined inIncome Tax Assessment Act 1997as:

• Part VII (collection and recovery only) of theFringe Benefits Tax Assessment Act 1986
• the indirect tax laws, including
• the goods and services tax (GST) law
• the wine tax law
• the luxury car tax law
• the fuel tax law, and
• Parts 2-5 and 2-10 in schedule 1 of theTax Administration Act 1953, which are about the pay as you go (PAYG) system.

The TASA also provides that the Tax Practitioners Board (TPB) may, by legislative instrument, specify that another service is a BAS service.

There are significant civil penalties for anyone providing BAS services for a fee or reward, or advertising BAS services, while unregistered.

For detailed information about the meaning of BAS service, refer to section 90-10 of theTASA.

c)Explain the consequences for an entity contravening a civil penalty provision under the TASA.

CH 2E are civil penalty provisions - if a court is satisfied that a person has contravened a civil penalty provision, it must make a declaration of contravention: section 1317E(1)

All of the following are civil penalty provisions:

Duty of care and diligence - s 180(1)

Duty to act in good faith and for proper purposes - s 181(1)

Misuse of position - s 182

Misuse of information - s 183

Give benefit to the related pa.

Related party transactions - s 209(2)

Insolvent trading - s 588G(2)

Dirc allow the co to conti trading if they knew that co is near or is insolvent.

ASIC can then seek a pecuniary penalty order (section 1317G), a disqualification order (section 206C), or compensation order (s 1317H) on behalf of the co.

Co can seek compensation but nor other two orders.

No one apart from ASIC/co effected can seek those order

d)The legislative instrument allows BAS agents to provide certain services that extend beyond the legislative definition of BAS provision without the requirement to be a registered tax agent. What are these additional services? Write any three.

Task 5 - Sign-off and Lodgement of Activity Statement

You are the assistant accountant and it is your role to prepare the BAS for the business. You are not an authorised person to lodge the BAS. However, your immediate manager is the financial controller who is also the public officer of the company. You have prepared the BAS statement and it is ready for lodgement.

a)Can you sign off the BAS? Give a reason(s) to support your answer.

b)Assume today is 26 February. You have been informed that your manager will be leaving for overseas on 27 February and BAS for the second quarter is due on 28 February. What will be your advice about signing off the due Business Activity Statements? Give a reason for your answer.

c)Assume that the business has a GST turnover of $15million. Identify and document the lodgement schedule requirements for the business by listing the required reporting periods and due dates for lodgement for the financial year 2019-2020:.

Task 14 - Competency Development

Scenario: You are a registered BAS agent working for a large accounting firm NSW Tax Specialists P/L

a)Identify and list three continuing professional education (CPE) activities that you could undertake in the year ahead to ensure you stay up to date with any changes in legislation.

b)You are preparing to renew your registration with the Tax Practitioners Board and you are required to submit a log of your continuing professional education. You have undertaken the following professional development activities over 2021:

A partner at your firm who specialises in FBT gave a one-hour presentation on 13 April to staff regarding the changes to FBT legislation, followed by a one-hour interactive discussion and consideration of a complex hypothetical case study. This session was advertised internally on your PD calendar and you received a certificate of attendance.

A two-hour online webinar delivered by the Australian Bookkeepers Association Ltd on Tax Assistance for North Queensland floods, including fringe benefits tax (FBT) exemptions apply to employers who assist their employees in emergencies, such as natural disasters. You have a receipt for the payment and a certificate of completion. You completed the course over two days - 15-16 July.

The NSW Annual Tax Forum, a two-day event hosted by The Tax Institute on September 20-21 which provides 14 structured CPD hours. You have a receipt for the payment, a registration ticket and a certificate of attendance. You attended the keynotes on Superannuation and Estate Planning, Property Investments and Uncommon Transactions in SMSFs, CGT Concessions, and Potential Changes to Tax Laws with a Change of Government.

Update your CPE Log to document these activities.

Task 15 - Luxury Car Tax (LCT)

Extravagance Limos Pty Ltd is in the business of selling motor vehicles. A luxury motor vehicle is made available for sale and is priced initially at $99,000 (GST Inclusive).

Based on the 2020/2021 luxury car tax threshold of $67,525 and LCT rate of 33% calculate the Luxury Car Tax (LCT) amount.

Task 16 - Wine Equalisation Tax (WET)

Vintage Wine Wholesalers is a wholesaler wine. For the 4th quarter of 2020/2021 financial year, Vintage Wine Wholesalers' 'assessable dealings' from the sale of its taxable wine supplies was $100,835 (Including GST and WET).

Calculate the WET payable for the quarter (no cents).

Task 17 - Fuel Tax Credit (FTC)

Eastern Landscaping Supplies Pty Ltd mines sand and have a GST turnover of more than 20 million dollars. They must report and pay GST monthly.

Eastern Landscaping's records show that they used $512,005 of diesel at $1.30 per litre for the month of June 2021. The diesel they use in their excavators is eligible for fuel tax credits. The relevant Fuel Tax Credit rate for the mining industry is 42.70 cents per litre.

Calculate the Fuel Tax Credit for Eastern Landscaping Supplies Pty Ltd. Show all calculations.

Task 18 - FBT and TPAR annual reporting

Part III - Fringe benefits from the Fringe Benefits Tax Assessment Act 1986 describes the different types of FBT from division 1 to 14.

a)List any two types of FBT.

b)Taxable payments annual reporting (TPAR)

i)For the 2021 tax year, identify one business in which industry is required to complete a taxable payments annual report?

ii)By which date is this report to be lodged with the ATO?

Task 19 - Computerised accounting system

Waterlou Pty Ltd is registered for GST and all supplies and purchases have GST. Using MYOB 2020.3.1 open the MYOB data file FNSTPB401_AE_Pro_1of3_SR_GST and complete the following:

a)Add your name to the Company Address in the Setup Menu - Company Information: replace "STUDENT NAME" with your name.

b)Generate a GST [Detail - Accrual] report for 1/7/2021 to 30/09/2021. Save this report as a PDF and submit with your assessment.

c)Generate a Balance Sheet report as of 30/09/2021. Save this report as a PDF and submit with your assessment.

d)Reconcile the GST Liabilities from the Balance Sheet and the GST [Detail - Accrual] report.

NB: the business has no previous GST liabilities payable to ATO.

Task 20 - Lodging Activity Statement

a)Explain what a registered BAS agent must obtain from their client each time they lodge an activity statement on behalf of a client?

b)What authority does the primary contact have?

c)List 4 methods of lodgement of activity statements with the ATO?