Course Title: Prepare income tax returns
Part B: Course Detail
Teaching Period: Term1 2009
Course Code: ACCT5254C
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 99255735
Course Contact Email:bruce.phillips@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Bruce Phillips 99255735
Thomas Scordo 99255462
David P 0402 398 288
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
NIL: before attempting this unit, you need to do prepare Financial Reports; and Maintain Asset and Inventory Records
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: |
FNSACCT502B Prepare income tax returns |
Element: |
Calculate Taxable Income |
Performance Criteria: |
Liabilities for tax are calculated in accordance with current legislation and revenue gathering practices. Relevant source documentation is identified correctly. Tax returns, statements and claims take full advantage of available benefits and allowances in accordance with statutory requirements. Returns are prepared within established timelines. |
Element: |
Gather and Verify Data |
Performance Criteria: |
Current data on assessable income and allowable deductions are gathered from appropriate sources. Valuations are made, recorded and disclosed in accordance with business policies and procedures. Discrepancies, unusual features or queries are identified, resolved or referred to the appropriate authority. Accrued or prepaid income or expenditure is identified and adjustments to the value of assets and liabilities are recorded. |
Element: |
Review Compliance |
Performance Criteria: |
Relevant returns are submitted to appropriate authorities within stated deadlines. Current obligations are fulfilled and advice from taxation authorities followed and reported in accordance with statutory requirements. Statements give a clear indication of impact of taxation on individual. Tax office enquiries and income tax audit requirements are met. |
Learning Outcomes
Details of Learning Activities
Numerous short exercises will be done from materials and from textbooks. In addition case studies will be completed, sometimes drinf contact hours, other times as work outside. A large ongoing assignment will be issued which covers most of the criteria.
Teaching Schedule
| Week |
Week starting |
Topic | Assessment |
| 1 | 11 Feb | Introduction to Income Tax | |
| 2 | 18 | Assable Income & Exempt Income | Assignment out |
| 3 | 25 | Income from property: dividend imputation system etc | |
| 4 | 3 Mar | Capital Gains |
|
| 5 | 10 | Eligible Termination Payments | |
| 6 | 17 | Other lump sum payments- comprehensive exs | |
| 7 | 31 | Annuities and super pensions | |
| 8 | 7 Apr | Test 1 | Test 40%, learning elements 1,2,3 |
| 9 | 14 | Allowable deduction & specific deduction | |
| 10 | 21 | Employment Deduction, Substantiation of work expenses, motor vehicle exps | |
| 11 | 28 | Depreciation | |
| 12 | 5 May | Depreciation cont’d | Assignment due |
| 13 | 12 | Trading stock and business deduction | |
| 14 | 19 | Tax offsets | |
| 15 | 26 | Revision | |
| 16 | 2 Jun | Test 2 | Test 40%, learning elements 1,2,3 |
| 17 | 9 | Resits and resubmissions | |
| 18 | 16 | Feedback- course, tests, competencies |
Learning Resources
Prescribed Texts
Australian Income Tax Question Book by Alan & Garry Kirby 2009 edition |
References
Australian Income Tax Answer Book |
Other Resources
Notes as supplied by RMIT Uni staff involved
Overview of Assessment
A student must demonstrate a clear understanding of all elemnets of the required competencies to be deemed competent. Assessment may include a variety of methods including tests, workbooks, assignments, presentations, class exercises, etc.
Formative feedback 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 areas that they require more work to succeed. Formative feedback is not a form of assessment that contributes to the student’s final result. Test 1 40%, Test 2 40%, assignment worth 20%, these all are summative assessment.
Assessment Tasks
Test 1 weeks 1-7 40%
Test 2 weeks 9-15 40%
Assignment 20%
Assessment Matrix
Course Overview: Access Course Overview