Course Title: Prepare income tax returns

Part B: Course Detail

Teaching Period: Term1 2008

Course Code: ACCT5199C

Course Title: Prepare income tax returns

School: 650T TAFE Business

Campus: City Campus

Program: C5178 - Diploma of Accounting

Course Contact : Bruce Phillips

Course Contact Phone: +61 3 9925 5735

Course Contact

Name and Contact Details of All Other Relevant Staff

Nominal Hours: 60

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


Course Description

This unit covers the preparation of income tax returns for individuals in accordance with statutory requirements.

National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACCT502A Prepare income tax returns


Calculate taxable income

Performance Criteria:

1. Liabilities for tax are calculated in accordance with current legislation and revenue gathering practices

2. Relevant source documentation is identified correctly

3. Tax returns, statements and claims take full advantage of available benefits and allowances in accordance with statutory requirements

4. Returns are prepared within established timelines


Gather and verify data

Performance Criteria:

1. Current data on assessable income and allowable deductions are gathered from appropriate sources

2. Valuations are made, recorded and disclosed in accordance with business policies and procedures

3. Discrepancies, unusual features or queries are identified, resolved or referred to the appropriate authority

4. Accrued or prepaid income and expenditure is identified and adjustments to the value of assets and liabilities are recorded


Review compliance

Performance Criteria:

1. Relevant returns are submitted to appropriate authorities within stated deadlines

2. Current obligations are fulfilled and advice from taxation authorities followed and reported in accordance with statutory requirements
3. Statements give a clear indication of impact of taxation on individual
4. Tax office enquiries and income tax audit requirements are met

Learning Outcomes

On completion of this course a student should be able to demonstrate an understanding of income tax return concepts and procedures affecting individual taxpayers. This inlcudes inter-alia assessable income, allowable deductions, taxable income, tax offsets and credits and compliance requirements.

Details of Learning Activities

Students will learn skills in relation to the preparation of income tax returns via information sessions, through prescribed exercises, research and assignment work.

Teaching Schedule

TOPIC    and Public HolidaysAssessmentElement
1 11 Feb
Introduction to Income Tax  1,2,3
2 18Assessable Income + Exempt incomeAssignment out 1,2,3
3 25Income from property: dividend imputation system etc  1,2,3
4 3 Mar
Capital Gains  1,2,3
5 10Eligible Termination Payments         Lab Day(Monday)  1,2,3
6 17Other lump sum payments-Comprehensive exs  1,2,3
7 31Annuities and super pensions  1,2,3
8 7 Apr
Test 1Test 40% 1,2,3
9 14Allowable Deduction + Specific Deduction  1,2,3
10 21Employment Deduction, Substantiation of Work
Expenses Motor Vehicle Expenses            Anzac Day(Friday)
11 28Depreciation  1,2,3
12 5 May
Depreciation continued…Assignment due 1,2,3
13 12Trading Stock and Business Deduction  1,2,3
14 19Tax Offsets  1,2,3
15 26Revision  1,2,3
16 2 jun
Test 2Test 40% 1,2,3
17 9Resits and resubmissions Queen’s BDay(Monday)  1,2,3
18 16Feedback- courses, tests, competencies  1,2,3

Learning Resources

Prescribed Texts

Question Book Australian Income Tax by Alan Kirby 2008 ed


Answer Book Australian Income Tax by Alan Kirby 2008 ed

Other Resources

DLS site for materials supplied by teachers

Overview of Assessment

A student must deomonstrate a clear understanding of all elements of the required competencies to be deemed competent. Assessment may include a variety of methods including tests, workbooks, assignments, presentations, class exercises etc.

Formative feedbak is provided throughout the course. This occurs by the teacher providing information to the student to inform them how they are succeeding in the course and the areas that require more work to succeed. Formative feedback is not a piece of assessment that contributes to the student’s final result.

Assessment Tasks

The tests focus on a student’s ability to solve problems to a practical range of questions. The tests are closed book, conducted under examination conditions. The assignment requires students to research, revise and apply the principles to preparing an actual tax return for an employee, who has various other income and deductions.

To pass this course, a student must satisfactorily complete all assessment work and have a total mark of 50% or more.

Test 1       40%
Test 2       40%
Assign      20%

Assessment Matrix

ELEMENT:Test 1Test 2Assign-
Gather & verify dataXXX
Calculate taxable incomeXXX
Review complianceXXX

Course Overview: Access Course Overview