This course is designed for individuals who have responsibility for preparing business activity statement (BAS), payroll and processing business tax returns such as taxation specialists, bookkeepers, tax agents, payroll officers, BAS agents and accountants.
The course also enhances the skills and knowledge required to maintain taxation accounting records and process lodgements and returns in accordance with Australian Taxation Office (ATO) requirements.
This course meets the Australian Tax Practitioners Board (TPB) educational requirements for BAS Agent registration and or renewal of registration.
After successfully completing this course, the candidate will be able to;
·apply specific Australian taxation requirements for business purposes,
·interpret taxation parameters and lodgement schedules,
·use appropriate accounting terminology,
·maintain accounting records for taxation purposes and establish and maintain an administrative process for managing business tax returns
·interpret and apply relevant payroll legislative requirements,
·calculate and input data into payroll systems and
·comply with organisational guidelines relating to security and confidentiality of information
·interpret and comply with relevant provisions in the taxation Acts and their associated regulations and interpret and comply with relevant ATO requirements,
·apply GST terminology and appropriate application to financial transactions, meet taxation requirements for business purposes and taxation parameters related to a range of business types,
·use relevant accounting terminology when maintaining accounting records for a variety of business types for taxation purposes,
·accurately complete all sections of both BAS and IAS for multiple entity types and
·lodge statements within the allocated timeframe.
This course covers the following key areas:
ØCollection and recovery of tax provisions in Part VII of the Fringe Benefits Tax Assessment Act 1986
ØThe indirect tax law (which means the goods and services tax (GST) law, the wine tax law, the luxury car tax law and the fuel tax law, as defined in section 995-1 of the Income Tax Assessment Act 1997 (ITAA 1997))
ØParts 2-5 and 2-10 of Schedule 1 to the Taxation Administration Act 1953 (TAA) (the pay as you go system)
ØRelevant Australian Taxation Office (ATO) and TPB requirements, including TPB registration requirements, the Code of Professional Conduct (Code) and the operation of the civil penalty provisions
ØRelevant privacy principles as contained in the Privacy Act 1988
ØGST terminology and appropriate application to financial transactions
ØTaxation requirements for business purposes and taxation parameters related to a range of business types
ØRelevant accounting terminology when maintaining accounting records for a variety of business types for taxation purposes
ØAll sections of both bsiness activity statements and instalment activity statements for multiple entity types, including lodging statements within the allocated timeframe
ØHow to calculate and input data into payroll systems (payroll is included in the definition of a BAS provision), includes PAYG (withholding and instalments), fringe benefits tax (FBT) relating to collection and recovery and preparation of payment summaries
ØHow to comply with organisational guidelines relating to security and confidentiality of information, (in order to be able to, or know how to, meet the Code obligations of confidentiality).