Course Title: Prepare income tax returns

Part B: Course Detail

Teaching Period: Term1 2010

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

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:

FNSACCT502B Prepare income tax returns


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 Tax returns are prepared within established timelines


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


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

Weekly Program and Assessment Guide



 Topic Assessment
1 Feb 8Introduction to Income Tax 
215Assessable Income & Exempt Income 
322Income from property: dividend imputation system etc Assignment out
4Mar 1

Capital Gains

58Superannuation Lump Sums  
615Lump sum payments -comprehensive exs. 
722Lump sum payments- continued 



Test 1
Mid Semester Break - Thursday April 1st  to Wednes Apr 7th.

 Test 40%, learning
elements 1,2,3
97 SeptResit tests and feedback on tests 
1014Employment Deduction, Substantiation of work expenses, car exps 
1121Exercises on car expenses 
1228Specific deduction sections Assignment due
135 OctDepreciation part 1 
1412Depreciation part 2  
1519Business and offsets 
1626Test 2 Test 40%, learning
elements 1,2,3
172 NovResits and resubmissions . 
189Feedback- course, tests, competencies 

Learning Resources

Prescribed Texts

Australian Income Tax Question Book by Alan & Garry Kirby    2010 edition


Australian Income Tax Answer Book
by Alan & Garry Kirby    2010 edition

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