Course Title: Prepare income tax returns

Part B: Course Detail

Teaching Period: Term2 2011

Course Code: ACCT5254C

Course Title: Prepare income tax returns

School: 650T TAFE Business

Campus: City Campus

Program: C6072 - Advanced 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                                                                                                                                    Thomas J. Scordo

Building 108, Level 13, Room 11                                                                                                   Building  108,  Level  13,  Room 13

Phone : 99255735                                                                                                                             Phone :  99255462

Email :                                                                                                Email :

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


1. 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


2. 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 


3. 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

Students will learn skills in relation to the preparation of income tax returns through:

  • information sessions
  • prescribed exercises
  • research
  • assignment work

The teaching schedule is for 17x3= 51 hrs, while the balance of nominal hours (9) are made up of self-directed learning, namely homework exercises which are set after every class, and work on the assignment.

Teaching Schedule

The total number of scheduled hours of teaching, learning and assessment involved in this course will include all planned activities. This may incorporate face-to-face classes, lectures, workshops and seminars; wherever possible workplace visits, online learning and other forms of structured teaching and learning. The total scheduled hours includes the amount of effort required to undertake, evaluate and complete all assessment requirements, including observation of work performance, discussions with supervisors and others providing third party evidence and one on one and group assessment sessions with students.

 Week Week Commencing Topic Assessment
 1 July                  4 Liability to income tax  
 2                         11 Assessable & exempt income 
 3                         18 Income from property
(dividend imputation system)
 4                          25   Capital gains tax (CGT) Assignment Out

 August               1

 Lump sums on termination (accrued leave payments) 
 6                             8 Lump sums on termination (superannuation funds) 
 7                            15 Revision  
 8                             22 Test 1 Test  (40%)
   Mid  Semester Break - Aug 29 -  Sept 2 
9 September         5Deductions general, substantiation, car exps 
10                             12Exercises on car expenses 
11                            19Exercises on car expenses 


Deductions part 2 
13 October               3Depreciation part 1Assignment In 20% 
14                             10 Depreciation part 2 
15                             17Business and offsets 
16                             24Test 2Test (40%)
17                             31Feedback on tests, resit tests 

Learning Resources

Prescribed Texts

Question Book Australian Income Tax by Alan & Garry Kirby 2011 ed


Notes and Exercises will be made available on DLS

Answer Book Australian Income Tax by Alan & Garry Kirby 2011 ed

Other Resources

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

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 unit, a student must satisfactorily complete all assessment work and have a total mark of 50% or more.

Assessment Matrix

Gather & verify data Test 1 Test 2Assignment
Calculate taxable income Test 1 Test 2Assignment
Review compliance  Test 2Assignment

Other Information

Embedded within the unit of competency are the following skills:

  • Communication
  • teamwork
  • problem-solving
  • initiative/enterprise
  • planning/organising
  • self-management
  • learning
  • technology

Students may apply for Special Consideration on a range of medical or compassionate grounds where they experience unexpected or extenuating circumstances during or at end of a semester which:

  • Prevented them from submitting assessable work; or,
  • Prevented them from attending an examination; or,
  • Substantially affected their performance in the above.

Examples of unexpected or extenuating circumstances normally considered include:

  • Serious illness or psychological condition – e.g. hospital admission, serious injury, severe asthma, severe anxiety or depression. Does not include minor illness such as a cold.
  • Loss or bereavement – e.g. death of a close family member, family/relationship breakdown.
  • Hardship/trauma – e.g. victim of crime, sudden loss of income or employment, severe disruption to domestic arrangements.

Students should not presume that special consideration is automatically granted for any missed assessment. Special Consideration must be applied for and the procedures for application must be followed. For details relating to formal application click on the following link.
Where a student misses an assessment without reason they will be given an opportunity to redo the assessment as scheduled. Under these circumstances the maximum marks available will be 50% of the total marks for the assessment.
Where a student fails any assessment, they will be given an opportunity to resubmit the assignment, or resit the test. Where any assessment is resubmitted/resat, the maximum marks available will be 50% of the available marks.

Course Overview: Access Course Overview