Course Title: Prepare complex tax returns and lodgements
Part B: Course Detail
Teaching Period: Term2 2011
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
Thomas Scordo
Ph: +61 3 9925 5462
Email: thomas.scordo@rmit.edu.au
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 |
Element: |
Identify taxation requirements for complex lodgements and returns |
Performance Criteria: |
1.1 Organisational structure of the taxation entity is identified |
Element: |
Process data and prepare tax returns and lodgements |
Performance Criteria: |
3.1 Data is processed to comply with the relevant taxation format |
Element: |
Review Taxation lodgement Compliance. |
Performance Criteria: |
4.1 Lodgements and returns are submitted for authorisation by an approved person within the stated deadlines |
Learning Outcomes
Details of Learning Activities
Students will learn complex tax returns and lodgements skills through class work on prescribed exercises including preparation of the returns themselves, research and assessment work.
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.
Teaching Schedule
The following schedule is for 17x4= 68 hrs, which is in excess of the total of nominal hours (60). In addition, students are given self-directed learning, namely homework exercises which are set after every class, and work on the assignment.
| Week | Week Commencing | TOPIC | Assessment |
| 1 | 04/07/2011 | Tax agents, partnerships | |
| 2 | 11/07/2011 | Partnerships distributions | |
| 3 | 18/07/2011 | Partnerships uncontrolled income, structural changes | |
| 4 | 25/07/2011 | Primary Producer livestock | Primary Producer Assignment out |
| 5 | 01/08/2011 | Primary Producer deduction | |
| 6 | 08/08/2011 | Primary Producer averaging tax offset | |
| 7 | 15/08/2011 | Trusts terminology | |
| 8 | 22/08/2011 | Trusts assessment rules | Primary Producer Assignment IN |
| MID SEMESTER BREAK | |||
| 9 | 05/09/2011 | Trusts, income of minors | |
| 10 | 12/09/2011 | Test 1 | Test (40%) |
| 11 | 19/09/2011 | Introduction to companies | |
| 12 | 26/09/2011 | Company reconciliations | |
| 13 | 03/10/2011 | Company reconciliations, losses & R & D expenditure | |
| 14 | 10/10/2011 | Companies franking account | |
| 15 | 17/10/2011 | Superannuation funds | |
| 16 | 24/10/2011 | Test 2 | Test (40%) |
| 17 | 31/10/2011 | Holistic test, feedback | Holistic test |
Learning Resources
Prescribed Texts
Question Book Australian Income Tax; Alan/Garry Kirby 2010 ed |
References
Notes and Exercises will be made available on DLS. |
|
Answer Book Australian Income Tax; Alan/Garry Kirby 2010 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 course contains assessment of all the learning outcomes in the two tests and the assignment. To gain a competent (pass) in this subject, you need to pass each of the three assessment items (assignment, test1 and test 2). In other words the student will have to satisfactorily complete all assessment tasks to pass.
The assignment will offer a variety of situations, with each candidate having different data in a simulation of a work environment for a tax accountant in a public practice.
The tests are closed book generally two hours and certain basic information is provided to the student eg. tax rates and depreciation rates.
Then to obtain an actual grade (percentage) you will sit the "holistic test". It is not compulsory to sit the holistic test, but if you do not or you failed it, then you will be awarded either "competent" or "not competent", without any grade. The holistic test is conducted to give those students who passed the three assessments, a grade.
The holistic test is also used to give those students who failed one of the assessments (not competent), a opportunity to become competent
Assessment Matrix
| Test 1 | Test 2 | Assignment | |
| Identify tax reqs | V | V | V |
| Gather & analyse | V | V | V |
| Process data | V | V | V |
| Review taxation | V | V | V |
Other Information
Embedded within the unit of competency is the following skills:
- Communication
- teamwork
- problem-solving
- initiative/enterprise
- planning/organising
- self-management
- learning
- technology
Special Consideration
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. http://mams.rmit.edu.au/vbi4hpp6m8on.pdf
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.
The assignment aims to give students an opportunity to demonstrate ability including wider research without a strict limitation on time. Where students are unable to submit the assignment on time, then they must seek special consideration as per above.
Course Overview: Access Course Overview