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

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


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.


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.


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

Weekly Program and Assessment Guide



 Topic Assessment
111 FebIntroduction to Income Tax 
218Assable Income & Exempt Income Assignment out
325Income from property: dividend imputation system etc 
43 Mar

Capital Gains

510Eligible Termination Payments  
617Other lump sum payments- comprehensive exs 
731Annuities and super pensions 
87 AprTest 1 Test 40%, learning
elements 1,2,3
914Allowable deduction & specific deduction 
1021Employment Deduction, Substantiation of work expenses, motor vehicle exps 
125 MayDepreciation cont’d Assignment due
1312Trading stock and business deduction 
1419Tax offsets 
162 JunTest 2 Test 40%, learning
elements 1,2,3
179Resits and resubmissions 
1816Feedback- course, tests, competencies 

Learning Resources

Prescribed Texts

Australian Income Tax Question Book by Alan & Garry Kirby    2009 edition


Australian Income Tax Answer Book
by Alan & Garry Kirby    2009 edition

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