BAS & Income Tax Course

BAS & INCOME TAX RETURNS PREPARATION SKILLS

Become expert with PTB specialized courses

Practical
Workshops
Face to Face Classes via Zoom
Tax & BAS
Preparation Skills
Xero Tax
Software Access

Course Description

This course is designed for bookkeepers, accountants, business owners, managers and business partners to develop the skills and knowledge required to prepare and lodge Business Activity Statements (BAS), and income tax returns for individuals and businesses including, sole traders, partnerships, trusts and companies.

  • 1st batch starts from
    Saturday, 13 February 2021
  • Finish date
    Saturday, 5 June 2021
  • Duration:
    16Weeks

Course Contents

PART 1
BAS Preparation Skills

⦁ Tax File Number (TFN)
⦁ Australian Business Number (ABN)
⦁ MYGOVID
⦁ Business Registrations
⦁ Payments you need to withhold
⦁ Calculation of PAYG(W)
⦁ How to complete your activity statement PAYG (W)labels
⦁ PAYG instalment rate calculation
⦁ Changing PAYG instalment
⦁ How to complete your activity statement PAYG (I)labels
⦁ Taxable sales / Input-taxed sales /GST-free sales
⦁ GST special rules (car and second-hand items)
⦁ Disposing of business assets
⦁ Calculation GST credits
⦁ GST adjustments and corrections
⦁ Using GST calculation worksheet
⦁ How to complete your activity statement GST labels
⦁ Types of fringe benefit
⦁ FBT calculation rules
⦁ How to complete your activity statement FBT labels
⦁ FTC Eligibility
⦁ FTC calculation rules
⦁ How to complete your activity statement FTC labels
⦁ Calculate LCT
⦁ How to complete your activity statement LCT labels
⦁ GST calculation using Excel
⦁ Completing GST calculation sheet
⦁ Calculating PAYG(W), PAYG (I), FBTand FTC
⦁ Completing BAS form

PART 2
Income Tax Preparation Skills

⦁ Income Tax Legislation and ATO Rulings
⦁ Source of income
⦁ Income and Deductions
⦁ Income Tax Rates and Tables
⦁ Tax Resident /Non-Residents
⦁ Employment income
⦁ Employment Termination Payments
⦁ Business Income including sole trader, trust, partnership and company income
⦁ Dividend Income
⦁ Interest Income
⦁ Government Allowances (e.g. Newstart allowance)
⦁ Investment property income including rental property and shares
⦁ Ride-sourcing and tax (Uber)
⦁ Capital gains
⦁ Foreign income
⦁ Vehicle and travel expenses
⦁ Overtime meal deductions
⦁ Clothing, laundry and dry-cleaning expenses
⦁ Gifts and donations
⦁ Home office expenses
⦁ Interest, dividend and other investment income deductions
⦁ Self-education expenses
⦁ Tools, equipment and other assets
⦁ Cosmetics containing sun protection
⦁ Handbags, briefcases and satchels
⦁ ATO interest – calculation and reporting
⦁ Books, periodicals and digital information
⦁ Cash shortages or client bad debts
⦁ Claiming mobile phone, internet and home phone expenses
⦁ Cost of managing tax affairs
⦁ Election expenses
⦁ Glasses and contact lenses
⦁ Income protection insurance
⦁ Interest charged by the ATO
⦁ Overtime meals
⦁ Personal super contributions
⦁ Seminars, conferences and education workshops
⦁ Union fees, subscriptions to associations and bargaining agents’ fees
⦁ Working with children check
⦁ Cost of goods sold expenses
⦁ Operational expenses
⦁ Rental property expenses (Commercial and Residential properties)
⦁ Ride-sourcing and tax (Uber) expenses
⦁ Claiming Capital assets and expenses:
⦁ General depreciation rules
⦁ Simplified depreciation rules
⦁ Other depreciation rules
⦁ Disposing of a depreciating asset
⦁ Capital works deductions
⦁ Simpler trading stock rules for small businesses
⦁ General trading stock rules
⦁ Offsetting current year losses
⦁ Claiming tax losses from previous years
⦁ Carry forward to future years
⦁ Medicare Levy
⦁ Medicare Levy Surcharge
⦁ Lowe Income Tax Offset (LITO)
⦁ Low- and Middle-Income Tax Offset (LMITO)
⦁ Private health insurance
⦁ Zone and overseas forces
⦁ Small business income tax offset
⦁ Work related expenses
⦁ Business expenses
⦁ Special rules

PART 3
Xero Practice Manager Application

Accessing Australian Tax Office (ATO) Tax agent portal

Creating new client in XPM

Create new job and invoice in XPM

Create tax returns and BAS in XPM

Uploading substantiation documents in XPM

Pre-fill income tax and BAS information from ATO

Prepare and lodge tax return and BAS in XPM for Individuals and businesses including sole trader, partnership, trust and companies.

Amend tax returns in XPM

Course Outcome

Entry Requirements

The course is only available for current and prospective Premier Tax & Bookkeeping (PTB) independent contractors to develop the skills and knowledge required to prepare income tax returns and BAS.

To undertake the course, good computer skills, access to a computer with a reliable internet connection and a sufficient level of literacy and numeracy are required

For this a part time blended mode course attendance at one 2-hour per week video conferencing lecture for a period of 12 weeks is required. An additional 4 hours per week of study outside of your video conferencing lecture is necessary for skill development to complete practical exercises using XPM.

The workshops are delivered by highly experienced Professional Accountants, and Registered Tax Agents, who have over 25 years of experience in the bookkeeping industry. The lecturers’ profile can be accessed by clicking on Peter Lennox, Shan Pasupathy and Elisabeth Nance.

This course is designed to develop independent learning skills and requires the reading materials, XPM Help Sections and relevant ATO websites to be used before attempting the learning and development exercises.

On completion of the exercises you can check for the correct answers provided in your online course portal. If you have difficulty understanding answers you can contact the tutors for support.

$330 including GST

16 Weeks

Xero Practice Manager (XPM) tax preparation software access is provided until 30 June 2021.

Electronic reading materials are included in the course fee and course content is accessed via our online student portal. Additional resources, learning materials and classroom recordings are also available at no cost.

In this course you will be provided with real life business transactions and scenarios and asked to complete and submit the following using XPM.

  • Business Activity Statements (1 BAS)
  • Income tax returns for individual, sole traders, partnership, trust and Company (one tax return for each business type – Total 4 Returns)

This is a competency-based assessment and for successful completion you must demonstrate the ability to competently prepare income tax returns ad BAS. There is no theory assessment.

The final assessment is a take home assessment you are given one week to complete. If your final assessment is assessed as not satisfactory, you will have one week to review and resubmit your assessment.

 

On satisfactory completion of the workshops, you will be provided with a Workshop Completion Certificate. This Certificate outlines all components covered in the workshops.

PTB is not a Registered Training Organisation and this is an industry based practical skills course with no links to nationally accredited units and/or qualifications.  

Timeable

Workshops of two hours per week are delivered by experienced Registered Tax Agents and
Public Accountants using video conferencing technology. There are 6 workshops
options are available in morning, afternoon and evening sessions and you can attend the workshops from your home or office.
BatchStart dateStart dateClass Time
BITPS 1Saturday, 13 February 2021Saturday, 5 June 2021 9.00am- 11.00am
BITPS 2Saturday, 13 February 2021Saturday, 5 June 20211.00pm -3.00pm
BITPS 3Saturday, 13 February 2021Saturday, 5 June 20215.00pm- 7.00pm
BITPS 4Sunday, 14 February 2021Sunday, 6 June 2021 9.00am- 11.00am
BITPS 5Sunday, 14 February 2021Sunday, 6 June 20211.00pm -3.00pm
BITPS 6Sunday, 14 February 2021Sunday, 6 June 20215.00pm- 7.00pm