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FNSACC401A Process Business Tax Requirements

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These questions address the elements of competency for the units FNSACC401A Process Business Tax Requirements and FNSBKG404A Carry out Business Activity and Instalment Activity Tasks as listed below:

  • Identify individual compliance and other requirements
  • Establish and maintain a process for managing business tax returns
  • Recognise and apply GST implications and code transactions
  • Report on other amounts withheld, PAYG instalments and taxes
  • Process business tax returns and lodgements
  • Maintain accounting records for taxation purposes

Description of Assessment

The assessment questions must be answered and uploaded in moodle. Please attempt all questions. The questions will be a combination of short answers and practical tasks.


Marks Allotted

Marks Obtained

Question 1



Question 2



Question 3



Question 4



Question 5



Question 6



Question 7



Question 8






Question 1. What is a fringe benefit and provide an example?

Question 2. What criteria need to be satisfied for something to be deemed a fringe benefit?

Question 3. Explain what general deductions for tax purposes are and provide at least 5 examples

Question 4. Type 1 and Type 2 Fringe Benefits 

The Brokman Architecture & Associates provides their employees with the following benefits during the year ended 31 March 2017. The employer is registered for GST and able to claim input tax credits.

Description of Benefit

Taxable Value of Benefits

Audi car (purchased January 2011)


Expense Payment benefit – medical costs (GST-free)

$ 4,800

Loan Benefit

$ 5,100

Expense Payment benefit – overseas travel

$ 5,000

Toyota Astina (purchased April 1999)

$ 4,200

Required: Calculate FBT payable by Brokman Architecture & Associates for the year March 2017.

Type 1 Benefits

Type 2 Benefits

FBT Payable




Question 5. What are the record keeping requirements so as to be compliant with the ATO?

Question6. For payroll tax purposes, wages are defined as payments or payments due for remuneration to an employee. Provide 5 forms of payments that would be included for payroll tax calculations. 

Question 7. 

Peta’s group certificate shows the following information relating to 2016-2017.

Gross salary


Reportable Fringe Benefits


Tax Instalment Deductions


Tax preparation costs


Peta has the following other receipts

Other Receipts

Lotto winnings


Birthday money


Interest Received




Board paid to mum


Train fares to and from work


Briefcase for work purposes


Gifts to charities approved by the Tax Office


Entertaining friends


Peta does not have any private hospital insurance. She estimates that one half of her entertainment costs are work related.

You are required to calculate:

  1. Assessable income
  2. Deductions
  3. Taxable income
  4. Medicare levy
  5. Refund or Amount owing
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Cite This Work

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My Assignment Help (2021) Process Business Tax Requirements [Online]. Available from: https://myassignmenthelp.com/free-samples/fnsacc401a-process-business-tax-requirements/complexity-e-journal-of-tax-research.html
[Accessed 22 October 2021].

My Assignment Help. 'Process Business Tax Requirements' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/fnsacc401a-process-business-tax-requirements/complexity-e-journal-of-tax-research.html> accessed 22 October 2021.

My Assignment Help. Process Business Tax Requirements [Internet]. My Assignment Help. 2021 [cited 22 October 2021]. Available from: https://myassignmenthelp.com/free-samples/fnsacc401a-process-business-tax-requirements/complexity-e-journal-of-tax-research.html.

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