Course Title: Prepare tax documentation for individuals
Part B: Course Detail
Teaching Period: Term1 2018
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: Doug Gourlay
Course Contact Phone: +61 3 9925 5944
Course Contact Email: firstname.lastname@example.org
Name and Contact Details of All Other Relevant Staff
Bruce Phillips EXT 55735 Room 80.5.30
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
There are no pre-requisites for this unit.
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
1. Gather client data and verify client, organisational and legislative requirements
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
2. Identify, record and present client's tax documentation
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
3. Lodge tax documentation
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
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.
The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete this course. This may not only include scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.
Prior to training commencement a program level induction session will be conducted that comprises the following:
- Program overview and requirements
- Overview of assessment requirements
- Pre-Training Review including:
- Recognition of Prior Learning and Credit Transfers
- Assessment of current skills and knowledge
- Competency/Grading Criteria
- Submission requirements
- Resubmission policy
- Where to get support
- Student responsibilities
The Teaching Schedule for this course is as follows but please note that it is subject to change.
The mid semester break is from 29/3/18-4/4/18. Classes resume on 5th April 2018.
|1||Feb 5||Introduction. Liability to income tax.|
|2||12||Assessable & exempt income||Assign. 1 out|
|3||19||Income from property (dividend imputation system)|
|5||Mar 5||Lump sums on termination (accrued leave arrangements)|
|8||26||Deductions generally, substantiation, car expenses|
|29||Mid Semester Break|
|9||Apr 9||Exercises on car expenses; Practice firm can start as early as this week;|
|10||16||Deductions: specific deductions (self education, clothing etc)|
|11||23||Decline in value part 1|
|12||30||Decline in value part 2||Assign. in|
|13||May 7||Practice firm; test 2 part 1||Test 2(1)|
|15||21||Practice firm; Test 2 part 2||Test 2(2)|
|16||28||Resits, 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.
Prepare Legally Compliant Tax Returns for Individuals Baker, Cliff, & Deaner 15th edition Learn Now Publications
Solutions to textbook provided on line
Notes produced by the coordinator and stored under Canvas
Overview of Assessment
In order to achieve competency in this unit, you must provide:
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.
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 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 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.
Overview of Assessment
You are required to complete 3 tasks. You must successfully complete all 3 assessment tasks to achieve competency.
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. Feedback for this assessment will be provided in the following week.
TASK 2 (Due date: End of week 13 & 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. Part 2 of this assessment requires preparing a tax return and income tax estimate on a commercial tax return software in the Practice firm; this is an open book task. Feedback for this assessment will be provided in the following week.
TASK 3 (Due Date: End of week 12)
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. Feedback for this assessment will be provided in the following week.
The assessment matrix that maps all the assessment is available on Canvas.
• 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 Canvas.
• 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.
More Information: http://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/extensions-of-time-for-submission-of-assessable-work
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.
More Information: http://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessments/special-consideration
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
Successful re-submissions will contribute a CAG (Competency Achieved Grading) only result 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/students/student-essentials/assessment-and-exams/assessment/adjustments-to-assessment
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
CA Competency Achieved – Not 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