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FNSBKG404A Carry out business activity and instalment activity statement tasks Suggested answers to activities in Learner Guide
Below are the suggested answers to activities and assessments in the Learner Guide. Due to the nature of many activities, suggested guidelines to look for in student responses are given where there is no right or wrong answer.
Chapter 1
Activity 1.1
Make a list of the ATO guides and their NAT number that might assist you with preparing and lodging your organisation’s business activity and instalment activity statements. Either find these on the website or telephone to request a list to be emailed, faxed or posted to you. Completing your activity statement Detailed checklist to assist with completing your activity*…show more content…*

Box G7 or Box G18 Activity 5.7 In Activity 5.1 you used the BAS worksheet to complete the quarterly BAS for The Nice Scent Shoppe. Now we will give you some further information for that quarter and you are to complete the BAS Summary report using Option 2 for PAYG income tax instalment. 1. The FBT instalment has been notified as $2400. The firm requires this to be varied to an annual FBT payable of $12 000. The change is due to more benefits given to employees. 2. The firm used 150 litres of petrol in business operations (generators). 3. The PAYG rate advised by the ATO as 5.94% is to be varied to 4.69%. Reason code 21. 4. Calculate the PAYG instalment income for the quarter. FBT rate varied Variation of FBT Fringe benefits ATO instalment preprinted on BAS 19 F1 2 400 Estimated total fringe benefits tax payable for year Varied fringe benefits tax instalment amount Transfer the amount at F3 to 6A on the BAS Summary F2 F3 F4 12 000 3 000 30 Reason for variation PAYG rate varied PAYG income tax instalment For the QUARTER from 1 Oct 20XX to 31 Dec 20XX Option 2: Calculate PAYG instalment using income times rate PAYG instalment income T1 $ 5 5.61 4 5 % 6*…show more content…*

Calculate the PAYG instalment income and the instalment due to the ATO. Complete the BAS Summary boxes below. Using a general journal format, explain how the payment transaction would be recorded in the accounting system. Supplies you have made Total sales & income & other supplies including capital (GST inclusive) G1 Exports Other GST-free supplies Input taxed sales & income & other supplies ADD G2 + G3 + G4 G1 minus G5 G6 Adjustments (must be total transaction value, i.e. GST inclusive) ADD G6 + G7 Divide G8 by eleven G9 66 191 728 100 G2 G3 Acquisitions you have made Capital acquisitions (GST inclusive) All other acquisitions (GST inclusive) ADD G10 + G11 Acquisitions for making input taxed sales & income & other supplies Acquisitions with no GST in the price Total estimated private use of acquisitions + non-income tax deductible acquisitions ADD G13 + G14 + G15 G7 G8 0 728 100 G12 minus G16 Adjustments (must be total transaction value, i.e. GST inclusive) ADD G17 + G18 Divide G19 by eleven Harcourt Motors ABN 40 915 311 539 G16 G17 2 597 413 244 BAS

Box G7 or Box G18 Activity 5.7 In Activity 5.1 you used the BAS worksheet to complete the quarterly BAS for The Nice Scent Shoppe. Now we will give you some further information for that quarter and you are to complete the BAS Summary report using Option 2 for PAYG income tax instalment. 1. The FBT instalment has been notified as $2400. The firm requires this to be varied to an annual FBT payable of $12 000. The change is due to more benefits given to employees. 2. The firm used 150 litres of petrol in business operations (generators). 3. The PAYG rate advised by the ATO as 5.94% is to be varied to 4.69%. Reason code 21. 4. Calculate the PAYG instalment income for the quarter. FBT rate varied Variation of FBT Fringe benefits ATO instalment preprinted on BAS 19 F1 2 400 Estimated total fringe benefits tax payable for year Varied fringe benefits tax instalment amount Transfer the amount at F3 to 6A on the BAS Summary F2 F3 F4 12 000 3 000 30 Reason for variation PAYG rate varied PAYG income tax instalment For the QUARTER from 1 Oct 20XX to 31 Dec 20XX Option 2: Calculate PAYG instalment using income times rate PAYG instalment income T1 $ 5 5.61 4 5 % 6

Calculate the PAYG instalment income and the instalment due to the ATO. Complete the BAS Summary boxes below. Using a general journal format, explain how the payment transaction would be recorded in the accounting system. Supplies you have made Total sales & income & other supplies including capital (GST inclusive) G1 Exports Other GST-free supplies Input taxed sales & income & other supplies ADD G2 + G3 + G4 G1 minus G5 G6 Adjustments (must be total transaction value, i.e. GST inclusive) ADD G6 + G7 Divide G8 by eleven G9 66 191 728 100 G2 G3 Acquisitions you have made Capital acquisitions (GST inclusive) All other acquisitions (GST inclusive) ADD G10 + G11 Acquisitions for making input taxed sales & income & other supplies Acquisitions with no GST in the price Total estimated private use of acquisitions + non-income tax deductible acquisitions ADD G13 + G14 + G15 G7 G8 0 728 100 G12 minus G16 Adjustments (must be total transaction value, i.e. GST inclusive) ADD G17 + G18 Divide G19 by eleven Harcourt Motors ABN 40 915 311 539 G16 G17 2 597 413 244 BAS

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