Course Title: Prepare income tax returns
Part B: Course Detail
Teaching Period: Term2 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
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.
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: |
2.1 Liabilities for tax are calculated in accordance with current legislation and revenue gathering practices 2.2 Relevant source documentation is identified correctly 2.3 tax returns, statements and claims take full advantage of available benefits and allowances in accordance with statutory requirements 2.4 Returns are prepared within established timelines |
Element: |
Gather and Verify Data |
Performance Criteria: |
1.1 Current data on assessable income and allowable deductions are gathered from appropriate sources 1.2 Valuations are made, recorded and disclosed in accordance with business policies and procedures 1.3 Discrepancies, unusual features or queries are identified, resolved or referred to the appropriate authority 1.4 Accrued or prepaid income and expenditure is identified and adjustments to the value of assets and liabilities are recorded |
Element: |
Review Compliance |
Performance Criteria: |
3.1 Relevant returns are submitted to appropriate authorities within stated deadlines 3.2 Current obligations are fulfilled and advice from taxation authorities followed and reported in accordance with statutory requirements 3.3 Statements give a clear indication of impact of taxation on individual 3.4 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 | 6 July | Introduction to Income Tax | |
2 | 13 | Assessable Income & Exempt Income | |
3 | 20 | Income from property: dividend imputation system etc | Assignment out |
4 | 27 | Capital Gains |
|
5 | 3 Aug | Superannuation Lump Sums | |
6 | 10 | Lump sum payments -comprehensive exs. | |
7 | 17 | Lump sum payments- continued | |
8 |
24
|
Test 1 Mid Semester Break - Monday 31 Aug. to Friday 4 Sept. |
Test 40%, learning elements 1,2,3 |
9 | 7 Sept | Superannuation pensions and Allowable deductions | |
10 | 14 | Employment Deduction, Substantiation of work expenses, motor vehicle exps | |
11 | 21 | Specific deduction sections | |
12 | 28 | Depreciation | Assignment due |
13 | 5 Oct | Tax offsets | |
14 | 12 | Trading stock and business deduction | |
15 | 19 | Revision | |
16 | 26 | Test 2 | Test 40%, learning elements 1,2,3 |
17 | 2 Nov | Resits and resubmissions - Public Holiday Tuesday 3 Nov. | |
18 | 9 | 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
Assessment may incorporate a variety of methods including technical requirements documentation, homework, assignments, group and/or individual projects, in class exercises, written and practical tests, problem solving exercises, presentations, direct observation of actual and simulated work practice, presentation of a portfolio of evidence which may comprise documents, and/or photographs and/or video and audio files, review of products produced through work-based or course activities.
Students are advised that they are likely to be asked to personally demonstrate their assessment work to their teacher to ensure that the relevant competency standards are being met. Students will be provided with feedback throughout the course to check their progress.
Assessment Tasks
Test 1 weeks 1-7 40%
Test 2 weeks 9-15 40%
Assignment 20%
Assessment Matrix
Course Overview: Access Course Overview