Course Title: Prepare tax documentation for individuals

Part A: Course Overview

Program: C5374 Diploma of Accounting

Course Title: Prepare tax documentation for individuals

Portfolio: BUS Portfolio Office

Nominal Hours: 80

Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

Course Code

Campus

Career

School

Learning Mode

Teaching Period(s)

ACCT5379C

City Campus

TAFE

650T Vocational Business Education

Face-to-Face or Internet

Term1 2017

Course Contact: Ben Sethia

Course Contact Phone: +61 3 9925 5982

Course Contact Email: ben.sethia@rmit.edu.au



Course Description

This unit describes the skills and knowledge required to prepare non-complex income tax returns for individuals in accordance with statutory requirements, and encompasses gathering and verifying data, calculating taxable income and reviewing compliance requirements.

It applies to individuals who use systematic approaches and follow specific guidelines to ensure compliance requirements are met.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. This unit is designed to meet educational requirements of the Tax Practitioner Board (TPB). Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

Pre-requisite Courses and Assumed Knowledge and Capabilities

None



National Competency Codes and Titles

National Element Code & Title:

FNSACC502 Prepare tax documentation for individuals

Elements:

1. Gather client data and verify client, organisational and legislative requirements

2. Identify, record and present client's tax documentation

3. Lodge tax documentation


Learning Outcomes


Overview of Assessment

In order to achieve competency in this unit, you must provide:

Performance Evidence

Evidence of the ability to:

  • research, critically evaluate and apply new or changed legislative requirements and apply where relevant to the preparation of the client’s tax documentation
  • identify client data required to calculate taxable income
  • prepare tax documentation for an individual that complies with:
    • Australian taxation law and Australian Taxation Office (ATO) rulings
    • accounting principles and practices
    • organisational policy and procedures
  • provide advice to client on tax documentation presented and obtain verification and approval. 

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

  • identify and explain ethical considerations and legislative requirements relevant to the preparation of tax documentation for individual taxpayers, including:
    • conflict of interest
    • responsibilities of tax agents including Code of Professional Conduct obligations under the Tax Agent Services Act (TASA) and Tax Agent Services Regulations (TASR)
  • identify and explain the following key elements of Australian tax law as it relates to tax documentation for individual taxpayers:
    • the rules and principles of Australian tax law including an understanding of the legal environment in which these principles operate, basics of the legal system, constitutional considerations and separation of powers
  • key aspects of the income tax law covering concepts of:
    • residence and source
    • related elements of international tax
    • assessable income
    • deductions (including general, specific and decline in value)
    • tax rebates and offsets
    • tax accounting
    • income test definitions that include reportable superannuation and fringe benefits tax (FBT)
  • key aspects of relevant principles ad application of the capital gains tax (CGT), FBT and termination payment rules for individual taxpayers
  • basic concept of goods and services tax (GST)
  • administrative aspects of the taxes identified above including documentation, tax collection and withholding mechanisms, assessments, obligations, rulings, penalties and audits
  • specific and general anti-avoidance tax rules for individuals
  • describe the key sources of information and data required to calculate taxable income
  • describe the key features of organisational policy and procedures relating to the preparation of tax documentation for individual taxpayers
  • outline the key accounting principles and practices relevant to the preparation of tax documentation for individual taxpayers

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:

  • common office equipment, technology, software and consumables

You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.

Feedback

Feedback will be provided throughout the semester in class and/or online discussions.  You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.

You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course.