Course Title: Prepare complex tax returns and lodgements

Part B: Course Detail

Teaching Period: Term1 2010

Course Code: ACCT5266C

Course Title: Prepare complex tax returns and lodgements

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 Email:bruce.phillips@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

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 competency to analyse taxation related data and prepare complex tax returns and lodgements.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACCT601B Prepare complex tax returns and lodgements

Element:

Gather and Analyse Taxation Related Data

Performance Criteria:

2.1 Accounting reports relevant to taxation requirements are identified and collected

2.2 Accounting information is analysed to determine relevant taxation elements

Element:

Identify taxation requirements for complex lodgements and returns

Performance Criteria:

1.1 Organisational structure of the taxation entity is identified

1.2 Taxation parameters of the organisation are determined

1.3 Lodgement schedule requirements are established

Element:

Process data and prepare tax returns and lodgements

Performance Criteria:

3.1 Data is processed to comply with the relevant taxation format

3.2 Returns and lodgements are prepared in accordance with Australian Taxation Office (ATO) requirements

Element:

Review Taxation lodgement Compliance.

Performance Criteria:

4.1 Lodgements and returns are submitted for authorisation by an approved person within the stated deadlines

4.2 Taxation preparation procedures are reviewed to determine their efficiency and effectiveness

4.3 Recommendations arising from the review are made to enable more efficient organisational structures and procedures for taxation purposes

4.4 Tax office enquiries and taxation audit requirements are met


Learning Outcomes



Details of Learning Activities

The activities centre around doing problems, problem solving, doing assignments, working in teams, developing a broad understanding of how to prepare tax returns for partnerships, trusts, companies , and superannuation funds. There are important time management skills involved in lodging assignments by due dates, thus learning the skills required in tax return lodgement.


Teaching Schedule

Week

 Week
Beginning

 Topic

 Assessment

Item

 
 1 Feb 8 Intro to Tax Agents. Partnership introduction, difference between common law & tax Law  
 2 15 Partnership distribution statements, reconciliations  
 3 22 Partnerships uncontrolled income, & structural changes  
 4 Mar 1 Trusts-introduction, terminology, assessment rules  
 5 8 Trusts-assessment rules,& exercises  
 6 15 Income of minors, tax-effective distributions to inter-vivos trusts  
 7 22 Introduction to companies, revision for test  
 8 29 Test 1 Test 1 40% 
     
 9   Apr 12  Companies & reconciliations  
 10 19 Companies  reconciliations & company losses  
 11 26 Companies & Franking accounts

 Primary producers
assignment out

 
 12 May 3 Primary producers- livestock accounts  
 13 10 Primary producers- special concessions  
 14 17 Primary producers- averaging tax offset  
 15 24 Introduction to superannuation funds Assignment due
20%
 
 16 31 Test 2 Test 2    40% 
 17 Jun 7 Resits and resubmissions  
     
     


Learning Resources

Prescribed Texts

Australian Income Tax Question  Book  2009     Alan Kirby & Garry Kirby


References

Australian Income Tax  Answer Book  2009 By Alan Kirby & Garry Kirby


Other Resources

Notes as supplied by instructor


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                           40%

Test 2                           40%

Assignment                20%

                                    ---------

                                      100%
                                   ----------


Assessment Matrix

Course Overview: Access Course Overview