Course Title: Prepare complex tax returns

Part B: Course Detail

Teaching Period: Term1 2012

Course Code: ACCT5318C

Course Title: Prepare complex tax returns

School: 650T TAFE Business

Campus: City Campus

Program: C6113 - 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

None. 

Course Description

This unit describes the performance outcomes, skills and knowledge required to identify taxation requirements for complex lodgements and returns, gather, analyse and process taxation related data to prepare taxation returns and lodgements, and review compliance. This unit has application to a variety of financial services sectors and is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements. The Tax Practitioner’s Board has set specific educational and experience requirements for registration of tax agents that must be met.

If you are undertaking this course in Melbourne from semester 2, 2012 onwards your teacher will advise you if you require access to a computer for the course. It is recommended that you have access to a mobile computing device to allow greater flexibility in terms of where you can work on campus outside class times.



 


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACC601A Prepare complex tax returns

Element:

1. Identify taxation requirements for complex lodgements and returns
2. Gather and analyse taxation related data
3. Process data and prepare tax returns and lodgements
4. Review taxation lodgement compliance

Performance Criteria:

1. Identify taxation requirements for complex lodgements and returns
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


2. Gather and analyse taxation related data
2.1 Accounting reports relevant to taxation requirements are identified and collected

2.2 Accounting information is analysed to determine relevant taxation elements


3. Process data and prepare tax returns and lodgements
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


4. Review taxation lodgement compliance
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

Using the textbook, case studies and materials from the learning hub, students will be progressively introduced to the preparation of complex tax returns.
In class activities will account for the nominal hours allocated to this course and will include discussions on the requirements of the Australian Taxation Office, the needs for privacy, the requirements to provide accurate reports, the need to communicate tax payable/assessment notices to the client, the need to identify the correct type of entity.
The hours of self-directed learning by students will be taken up with work on the assignment and completion of exercises, outside scheduled class time.
Please note that the format of the class will be two hours times two per week. The learning activities described above will be covered in these classes and as prescibed above also, the hours of self directed learning will be undertaken on the assignment by students.
We expect you to participate and contribute in all scheduled learning activities.

CRITICAL ASPECTS OF EVIDENCE
Demonstrate knowledge of ATO requirements

Demonstrate knowledge of organisational structures

Ability to identify taxation requirements for complex lodgements and returns

Ability to gather and analyse taxation related data

Ability ti process data and prepare tax returns and lodgements

Ability to review taxation lodgement compliance


Teaching Schedule

The total number of scheduled hours of teaching, learning and assessment involved in this course will include all planned activities. This will incorporate face-to-face classes(four hours per week) including a two hour game involving the assignment and generating of individual transactions. Furthermore, the nominal hours associated with this course are a guide only and represent the total teaching time and student effort required to successfully complete the course. This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

 

WeekMondayTopicAssessment
1Feb 6 Introduction to Tax Agents
Partnerships introduction, difference between common law & tax law
 
213 Partnerships distribution statements, s90 net income, reconciliations, tax liabilities, Intro to losses 
320 Partnerships uncontrolled income and structural changes 
427 Primary producers- livestock accounts Primary producers Assignment out
5Mar 5 Primary producers- special concessions, deductions 
612(lab day) Primary producers- averaging tax offset
Public Holiday
 
719 Trusts – Introduction, terminology, assessment rules 
826 Trusts - assessment rules & exercises Assignment due
28 Mar
9Apr 2 Income of Minors, Tax effective distributions to inter-vivos trusts 
Split week9  
1016 Test 1 Test weeks 1-3, 7-9
1123(Anzac day) Introduction to companies 
1230 Companies, & Company Reconciliations 
13May 7 Company Reconciliations & Company Losses, R & D expenditure 
1414 Companies & Franking accounts 
1521 Introduction to Superannuation funds 
1628 Revision
Test 2
 Test 2 (40% weeks 11-15)
17Jun 4 Resits and resubmissions Whole Semester
test


Learning Resources

Prescribed Texts

Australian Income tax Question Book, by Alan Kirby and Garry Kirby, 2012 edition, self published


References

Australian Income Tax Answer Book, By Alan Kiry and Garry Kirby, 2012 edition, self published

Notes provided on the learning hub


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

Overview of Assessment

Students must demonstrate an understanding of all elements of competency to be deemed competent.
A range of assessment methods are used to assess practical skills and knowledge, for example:
a personalised assignment with transactions self generated
a test of knowledge and skills simulating a on-the -job tax agents business with a variety of scenarios
direct questioning combined with a review of their exercises representing a portfolio of evidence

CRITICAL ASPECTS OF EVIDENCE
Evidence of the following is essentail:
Demonstrate knowledge of ATO requirements

Demonstrate knowledge of organisational structures

Ability to identify taxation requirements for complex lodgements and returns

Ability to gather and analyse taxation related data

Ability to process data and prepare tax returns and lodgements

Ability to review taxation lodgement compliance

Assessment Tasks
You are required to complete 3 tasks. You must successfully complete all 3 tasks to be deemed competent in this unit.

TASK 1 (Due week 8):
The assignment will involve you playing a board game and getting transactions, including livestock movements, and preparing both a tax return manually on the required ATO stationary, and an estimate of the tax payable after offsets and credits on a client letter properly formatted as a registered tax agent would prepare. To be deemed competent you must prepare the return without significant number of errors, and provide adequate documentation for working papers and audit trail, including all cash records and reconciliations of bank and stock (Including the livestock working account).
This assignment is to be done in groups of three.

TASK 2 (Due week 10):
For this test which is of 2 hours duration, and sat under closed book conditions except students are allowed to take in a copy of the Tax Legislation provided it is not marked in any way except for highlighting and external tagging. Students are given three types of tax rates(individual, Sec 99 tax rates and Division 6AA tax rates).In addition low income and medicare levy rate and threshold are provided.
The test consists of 8 questions taking the form of calculation or problem solving.
The test covers the materials presented in weeks 1-3 on Partnership accounting and 7-9 on Trusts and UNearned Income from minors.

TASK 3(Due week 16)
For this test which is of 2 hours duration, and sat under closed book conditions except students are allowed to take in a copy of the Tax Legislation provided it is not marked in any way except for highlighting and external tagging. Students are given three types of tax rates(excess concessional contributions tax, company tax, and superannuation fund tax rates).
The test consists of 7 questions taking the form of calculation or problem solving.
The test covers the materials presented in weeks 11-15 on Company accounting and reconciliations, and franking accounts of companies. In addition it covers superannuation fund’s taxation obligations. 

Marking Guide (competency): 

Vocational Education and Training (VET) is based on current industry needs and the focus on preparing you for the workplace. Because VET courses are informed by practical application of knowledge and skills, they are based on a system known as ‘competency based training’ (CBT). So when you are assessed in VET it is about whether you are competent to do the job, as well as having a firm grasp on the knowledge and skills required to do that job, as opposed to traditional curriculum based education settings that are often based on knowledge retention.

You need to demonstrate you are competent in each element of the unit of competency you are studying.

You will receive feedback on each assessment task that will inform you whether you are competent or not and how well you are performing. Once competent in all elements of the unit you receive a competency grading.

Please refer to the Final Grades table below.

Marking Guide (Grading) 

After achieving competency we then grade your performance in the unit; this gives you the opportunity to have the level of your performance formally recognized against industry standards and employability skills.


The grading is according to the following criteria: 

1. LEVEL OF INDEPENDENCE, INITIATIVE, ENTERPRISE AND PERFORMANCE OF WORK TASK

We are looking for a high level of ability to complete all tasks independently as per the specifications as well as demonstrating a high level of initiative in your approach to preparing complex tax returns.

2. DEMONSTRATED BREADTH OF UNDERPINNING KNOWLEDGE AND A WILLINGNESS TO CONTINUE LEARNING

We are looking for depth of understanding of the key concepts and knowledge required in preparing complex tax returns. You should be able to demonstrate a thorough understanding of all applicable tax legislative requirements in all the assessment tasks.

3. TECHNIQUES & PROCESSES, TECHNOLOGY SKILLS AND PROBLEM SOLVING

We are looking for appropriate use of technology to assist in presenting all tasks clearly and suitable for the intended audience. You also need to show an understanding of the kinds of problems that can arise in preparing complex tax returns and how these might be addressed.

4. WORK ORGANISATION, PLANNING AND SELF MANAGEMENT

We expect to see working together efficiently and effectively as part of a simulated workplace team when conducting the assignment, including attending regular meetings outside of the teaching hours, including timely submission of all required assessment tasks. 

5. COMMUNICATION, PEOPLE NETWORKING, LANGUAGE AND INTERPERSONAL SKILLS AND TEAMWORK

We expect to see contributions to relevant discussions and participation in scheduled Collaborative sessions. In addition your tasks should demonstrate a very good understanding of strategies for a team approach to tax return preparation in the workplace.

Final Grades table:


CHD Competent with High Distinction
CDI Competent with Distinction
CC Competent with Credit
CAG Competency Achieved – Graded
NYC Not Yet Competent
DNS Did Not Submit for assessment


Further information regarding the application of the grading criteria will be provided by your teacher.

 


Assessment Matrix

Course Overview: Access Course Overview