Course Title: Prepare tax documentation for individuals
Part A: Course Overview
Program: C5390 Diploma of Accounting
Course Title: Prepare tax documentation for individuals
Portfolio: BUS Portfolio Office
Nominal Hours: 80Regardless 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.
650T Vocational Business Education
Face-to-Face or Internet
Course Contact: Doug Gourlay
Course Contact Phone: +61 3 9925 5944
Course Contact Email: firstname.lastname@example.org
This unit describes the skills and knowledge required to prepare non-complex income tax returns for individuals in line with statutory requirements. It 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 the education requirements of the Tax Practitioner Board (TPB). Refer to the FNS Financial Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on regulatory requirements.
Pre-requisite Courses and Assumed Knowledge and Capabilities
National Competency Codes and Titles
National Element Code & Title:
FNSACC512 Prepare tax documentation for individuals
1. Gather client income data and verify client, organisational and legislative requirements
2. Identify, record and present client's non-complex income tax documentation
3. Manage lodgement of client's non-complex income tax documentation
Overview of Assessment
Evidence of the ability to:
- research, critically evaluate, and apply new or changed legislative requirements relating to the preparation of client non-complex income tax documentation
- identify client data required to calculate taxable income
- prepare client tax documentation that complies with:
- Australian taxation law and Australian Taxation Office (ATO) rulings
- accounting principles and practices
- organisational policies and procedures
- provide advice to client on tax documentation presented and obtain verification and approval.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.
- Ethical considerations and legislative requirements required to prepare non-complex income 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)
- Key elements of Australian tax law as they relate to income tax documentation for individual taxpayers, including:
- rules and principles of Australian tax law, and the legal environment in which these principles operate
- basics of the legal system, constitutional considerations, and separation of powers that relate to preparing non-complex income tax documentation
- 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 principles and application of capital gains tax (CGT), FBT and employment termination payment (ETP) 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
- Key sources of information and data required to calculate taxable income
- Key features of organisational policies and procedures required to prepare non-complex income tax documentation for individual taxpayers
- Key accounting principles and practices required to prepare non-complex income tax documentation for individual taxpayers
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:
- office equipment, technology, software and consumables required to prepare non-complex income tax documentation for individuals, including:
- access to the internet
- digital systems and programs for preparing and lodging tax returns.
Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.
This unit is designed to meet the education requirements of the Tax Practitioner Board (TPB). Where registration with the TPB is sought, assessment must reflect the conditions described by the regulator which stipulate that a significant amount (at least 40%) must be completed under some form of independent supervision. Where recognition of prior learning (RPL) is used, it must also meet the requirements of the Board s policy on RPL.
Details of requirements can be accessed on the TPB website at: http://www.tpb.gov.au.
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.