Course Title: Prepare tax documentation for individuals

Part B: Course Detail

Teaching Period: Term2 2017

Course Code: ACCT5379C

Course Title: Prepare tax documentation for individuals

School: 650T Vocational Business Education

Campus: City Campus

Program: C5374 - Diploma of Accounting

Course Contact: Ben Sethia

Course Contact Phone: +61 3 9925 5982

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


Name and Contact Details of All Other Relevant Staff

Bruce Phillips  EXT 55735 Room 80.5.30
  bruce.phillips@rmit.edu.au

Anjella Davydov  Room 80.5.30

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.

Pre-requisites and Co-requisites

None

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.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACC502 Prepare tax documentation for individuals

Element:

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

Performance Criteria:

1.1 Determine client's tax documentation preparation requirements

1.2 Conduct research to identify updates or additions to compliance requirements relevant to client circumstances, and establish recording and reporting requirements

1.3 Gather current data from appropriate sources, and identify assessable income and allowable deductions

1.4 Complete and record amounts in accordance with organisational and legislative requirements

1.5 Identify discrepancies or any unusual features and conduct research to resolve, or refer to appropriate authority

1.6 Identify accrued or prepaid income and expenditure, and record adjustments to value of assets and liabilities

Element:

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

Performance Criteria:

2.1 Calculate client's tax obligations, in accordance with legislative requirements and information gathering practices

2.2 Prepare relevant documentation within established timelines

2.3 Seek advice and guidance from specialist to evaluate and moderate decision processes

2.4 Discuss and confirm documentation with client to obtain client signature, authorisation and endorsement, ensuring legislative requirements are met

Element:

3. Lodge tax documentation

Performance Criteria:

3.1 Submit relevant documentation to Australian Taxation Office (ATO) within established timelines

3.2 Advise client of current tax obligations and that advice from taxation authorities is to be followed

3.3 Respond to tax office enquiries and meet taxation audit requirements, when applicable, in timely manner


Learning Outcomes



Details of Learning Activities

A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.

The self-paced activities will be delivered thought various technology platforms and include your contribution to wikis and discussion threads, reflective journals, quizzes and interactive sessions.

The collaborative classroom based activities will include group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment.
We expect you to participate and contribute in all scheduled learning activities.
 


Teaching Schedule

Induction Session


Prior to training commencement a program level induction session will be conducted that comprises the following:

  • Program overview and requirements
  • MyRMIT/Blackboard
  • Overview of assessment requirements
  • Pre-Training Review including:
    • Recognition of Prior Learning and Credit Transfers
    • Assessment of current skills and knowledge
  • Competency/Grading Criteria
  • Plagiarism
  • Appeals
  • Extensions
  • Feedback
  • Privacy
  • Submission requirements
  • Resubmission policy
  • Where to get support
  • Student responsibilities
  •  

With respect to the part-time(flexed) students, in-class work will account for 28 of the total nominal hours of 80, and in-class work will include a range of self-paced and collaborative learning activities such as class discussion, completion and review of set exercises, and tests and an assignment in which parts involve a simulated/real workplace environment.

The hours of self-directed learning by part-time students (52 of the 80 total nominal hours) will be taken up with reading, research, set work on exercises and the completion of an assignment outside scheduled class time. The schedule for part-time students will comprise 14 by 2-hourly classes with two , 1-hourly collaborate sessions, scheduled to be notified. With respect to the online collaborate sessions, part-time students must ensure that they have Java Script installed on their computer (can be installed from http://java.com/en/download/index.jsp ) and a headset with microphone.

The Teaching Schedule for this course is as follows but please note that it is subject to change.
The mid semester break is from 13/4/17-19/4/17. Classes resume on 20th April 2017.
Part time students will be on the same timetable as the full time students, except the classes for two weeks(evenings) will be conducted via an Collaborate session.

     Week Week CommencingTopics                                                             Assessment   
 1 3/7/2017Introduction. Liability to income tax. 
 210/7/17Assessable & exempt income Assign. 1 out
 317/7/17Income from property (dividend imputation system) 
 4 24/7/17 Capital Gains 
 5 31/7/17Lump sums on termination (accrued leave arrangements) 
 6 7/8/17Revision 
 7 14/8/17 TestTest 1
 8 21/8/17 Deductions generally, substantiation, car expenses  
 28/8/17Mid Semester Break 
  94/9/17Exercises on car expenses; Practice firm can start as early as this week; 
 10 11/9/17Deductions: specific deductions (self education, clothing etc) 
 1118/9/17Practice firm; Decline in value part 1 
 1225/9/17Practice firm; Decline in value part 2 
 132/10/17Practice firm; Decline in value exercises Assign. in
 149/10/17Revision 
 1516/10/17Test 2 Test 2
 1623/10/17Resits, resubmissions, feedback 

The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete the course. This may include not only scheduled classes bit also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.


Learning Resources

Prescribed Texts

Prepare Legally Compliant Tax Returns for Individuals  Baker, Cliff, & Deaner 14th edition Learn Now Publications

9781876124540


References

Solutions to textbook provided on line


Other Resources

Notes produced by the coordinator and stored under Blackboard


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. 


Assessment Tasks

Overview of Assessment

The assessments for this course have been designed to allow participants to apply their learning to particular simulated work scenarios and demonstrate their competence in a variety of ways.

TASK 1 (Due Date: End of  Week 7 )

Test 1 is a closed book test, written and paper based, covering topics that are covered during weeks 1 to 5 that is on assessable income. The students will be provided with the tax rates sheet, and are expected to bring along a calculator.

TASK 2 (Due date: End of week 15)

Test 2 is also a closed book test, written and paper based, covering topics that are covered weeks 8 to 13, being on deductions , depreciation and offsets. The students will be provided with the flowchart of depreciation rules and cut-offs, and are expected to bring along a calculator.

TASK 3 (Due Date: End of week 13)

You are required to prepare a written income tax return addressing both the client’s needs and the statutory requirements.There will be preparation of estimates of taxable income and tax payable, including a letter to the client of relevant advice.
This is a written assignment that is to be done using Tax Office forms, and must comply with legislation and regulations. There is also an element of research involved in this assignment. You must successfully complete all assessment tasks to achieve competency.


Assessment Matrix

The assessment matrix that maps all the assessment is available on Blackboard.

 

Other Information

 

Submission Requirements

You should:

• Ensure that you submit assessments on or before the due date.
• Always retain a copy of your assessment tasks. (hard copy and soft copy)
• When you submit work for assessment at RMIT University you need to use a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of each assessment task is available on blackboard.
• Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers. For example, Callie Harvey, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.


Late Submission Procedures


You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.


If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days. <check links are still current>


More Information: http://www.rmit.edu.au/students/assessment/extension


Form to use: http://mams.rmit.edu.au/seca86tti4g4z.pdf


Where an extension of greater than seven days is needed, you must apply for special consideration. Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination. <check links are still current>
 

More Information: http://www.rmit.edu.au/browse;ID=g43abm17hc9w


Form to use: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf


Resubmissions (VET Programs):


If you are found to be unsuccessful in a particular Course Assessment Task (or you do not submit/attend) you will be allowed one resubmission . Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission.


If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.

Grading & re-submissions

Re-submissions do not contribute to your overall grade for the course.


Adjustments to Assessment


In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website: <check link is still current>
More Information: http://rmit.edu.au/browse;ID=7usdbki1fjf31

Marking Guide (Competency):

You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.

You will receive feedback on each assessment task that will inform you about your progress and how well you are performing.


Marking Guide (Grading)

After achieving competency we then grade your performance in the unit and you will achieve one of the following grades:

Final Grades table:

CHD Competent with High Distinction
CDI Competent with Distinction
CC Competent with Credit
CAG Competency Achieved – Graded
NYC Not Yet Competent
DNS Did Not Submit for assessment


Further information regarding the application of the grading criteria will be provided by your teacher.
 

Course Overview: Access Course Overview