Course Title: Implement tax plans and evaluate tax compliance
Part B: Course Detail
Teaching Period: Term2 2014
Course Code: ACCT5319C
Course Title: Implement tax plans and evaluate tax compliance
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:firstname.lastname@example.org
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
Prepare income tax returns for individuals ( FNSACC502A ).
This unit describes the performance outcomes, skills and knowledge required to assess taxation liabilities, optimise tax positions, establish processes and plans, evaluate tax policies and review tax 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.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title:
FNSACC603A Implement tax plans and evaluate tax compliance
1. Assess tax liabilities
1. Organisational and operational tax liabilities are identified by analysis of external and internal taxable transactions
2. Optimise Tax Positions
1. Implications of obligation on operations and structures are assessed to develop a range of treatments and responses
3. Establish Processes and Plans
1. Management plans and record keeping systems are developed to implement financial management strategies and ensure the maintenance of an audit trail
4. Evaluate Tax Policies
1. Variances between liabilities and taxation plans are analysed to identify errors in tax strategies
5. Review Tax Compliance
1. The achievement of performance indicators is assessed and reviewed against key result areas
Details of Learning Activities
A range of learning activities are planned for this unit, including self paced and collaborative classroom based activities. The unit covers the topics of Tax Practitioners, Partnerships, and Trusts and this is followed by the first test, which will be assessed on a competent or a not yet competent basis. Then the topic Primary Producers is covered then assessed via a assignment. The topics of companies is covered after this with lots of hands on exercises, followed by the second test, also on a competent or a not yet competent basis. Superfunds is covered next, then finally Fringe Benefits Tax (FBT) followed by the third and final test
The other classroom activities will stimulate discussion, with frequent questioning used to tease out the understanding of each student.
We will instruct the students in the processes, policies and procedures adopted by the Australian Taxation office ( ATO ), in their administration of the Tax Act, with frequent reference to the rulings and laws contained in the ATO website.
|Week||Begins Monday||FULL TIME TIMETABLE Topic (this is a guide only)||Assessment||
timetable and Assessment
|Activities and exercises (from prescribed text)|
Revision of tax principles, Tax Practitioners, Partnerships: distribution statements, tax payable
|2||14||Partnerships:advanced exs, structural changes|
|3||21||Trusts terminology, taxation S.95A(2), s.101||Trusts||23.1,2,3,4,5|
|4||28||Trusts: advanced exs, S.100, losses|
|5||Aug 4||Unearned income of minors, tax effective distributions||Trusts||23.7,8,10,12,13,15,16,17,18,21,22|
|6||11||Test 1; Squatter game (assignment)||Test 1 ( C or NYC )Assignment Out|
|7||18||Primary producers, livestock accounts, special deductions||Test 1 and squatter game||Assignment is given out today|
Special writeoffs and decline in value,
|Sept 1||NON TEACHING WEEK (start 30/8-7/9)|
|9||8||Companies: introduction, reconciliations||Assignment Due( C or NYC )||Companies||21.1,2,3,4,5,6*,12|
|10||15||Companies: losses, franking accounts|
|11||22||Companies: advanced exercises; Test 2||Test 2 ( C or NYC)||Franking a/cs; assign due||21.15,16,17,18,19,20,21,22,23,24,25*|
Superfunds, FBT introduction, cars
|13||Oct 6||Cars, FBT loans, otherwise deductible rule,||
|Test 2 ; FBT||29.1 to 8|
|15||20||FBT - Salary Packaging; Revision for Test 3||Superfunds||25.1 to 8|
|16||27||Resits, resubmissions, and feedback||Test 3 ( C or NYC)||Test 3|
: Australian Income Tax Question Book by Alan and Garry Kirby 2014 ed.
Australian Income Tax Answer Book by Alan Kirby and Garry Kirby 2014 Edition
Relevant learning resources will be placed on the Blackboard progressively throughout the semester. Students will need to access this site on a weekly basis to obtain exercises set for practice and they will also be given weekly handouts as appropriate.
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.
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:
• direct questioning combined with review of portfolios of evidence and third party workplace reports of on-the-job performance by the candidate
• review of authenticated documents from the workplace or training environment
• demonstration of techniques
Critical aspects of assessment
Evidence of the following is essential:
Demonstrate knowledge and understanding of Australian taxation laws such that it can be applied to taxation affairs
Access, interpret and comply with information on relevant legislation, statutes, regulation and ATO rulings
Provide taxation advice having regard to the relevant facts and law
Develop organisational procedures to meet compliance requirements
Gather and verify data to calculate taxable income and review for compliance
Apply organisational policies and procedures and accounting principles and practices
Prepare tax returns for business
You are required to complete 4 tasks. You must successfully complete all 4 tasks to be deemed competent in this unit.
Task 1 ( Due week 6 )
For this assessment, you sit a open book test which covers the material presented in weeks 1 to 5 of the semester, namely partnerships and trusts. The test will be of 2 hours duration. The assessment will be based on a competent or not yet competent basis. You must pass this test to pass the semester.
Task 2 ( Due week 9 ).
This task is an assignment which students are requested to undertake in groups of 3, with each student making their own contribution to the overall effort. The assignment stars Dave Rudd a sheep farmer, who owns a large property in outback Australia. Playing the boardgame Squatter creates transactions which, when analysed, enables the students to prepare a tax return for one year,and estimate tax payable after offsets. The students are also required to produce completed accounting records. The assessment will be based on a competent or not yet competent basis. You must pass this assignment to pass the semester
Task 3 ( Due week 11 ).
This task is an open book test which will be based on the material presented in weeks 7 to 11. The assessment will be based on a competent or not yet competent basis.
Task 4 (Due week15)
This task is the final test, also open book, which will be based on the material presented in weeks 12 to 15. The assessment will be based on a competent or not yet competent basis.
Students who are not deemed competent in the tasks 1, 2, 3 and 4 assessments, will be given the opportunity to resit or resubmit the assessment concerned. This will be conducted at a time suitable to both student and teacher. It is your responsibility to ensure that you have checked gradebook for the ontcome of each assessment, and if not competent, that you find out when the resit or resubmission is taking place.
Assessment tasks need to be submitted as follows:
Test 1 and Test 2 and final Test 3 ( will be presented and submitted during your normal weekly scheduled classes ).
The Assignment is to be submitted via Blackboard with a cover sheet containing all appropriate details.
• Ensure that you submit assessments on or before the due date. If your performance in the assessment is affected by unexpected circumstances, you should consider applying for Special Consideration. Information on the process and application forms is available at http://rmit.edu.au/browse;ID=ls0ydfokry9rz website.
• Always retain a copy of your assessment tasks. (hard copy and soft copy)
• When you submit work for assessment at RMIT University you need to use a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of work for assessment is available on blackboard.
• Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers.
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. This will be recorded in the gradebook. 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 undertaking and completing the work assigned.
2. DEMONSTRATED BREADTH OF UNDERPINNING KNOWLEDGE AND A WILLINGNESS TO CONTINUE LEARNING
We are looking for depth of understanding of the key concepts. You should be able to demonstrate a thorough understanding of all applicable principles and concepts 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.
4. WORK ORGANISATION, PLANNING AND SELF MANAGEMENT
We expect to see ongoing uploading of information into Pebble Pad that is relevant to the unit, full utilisation of Pebble Pad and Blackboard as per course requirements and 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 scheduled Collaborate sessions.
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.
Late Submission Procedures
You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.
If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days.
More Information: http://www.rmit.edu.au/students/assessment/extension
Form to use: http://mams.rmit.edu.au/seca86tti4g4z.pdf
Where an extension of greater than seven days is needed, you must apply for special consideration. Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination.
More Information: http://www.rmit.edu.au/browse;ID=g43abm17hc9w
Form to use: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf
Resubmissions (VET Programs):
If you are found to be Not Yet Competent in a Course Assessment Task you will be allowed one resubmission only. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. The highest grade you will receive if your resubmission is successful is “CAG”.
If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.
Adjustments to Assessment
In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website:
More Information: http://rmit.edu.au/browse;ID=7usdbki1fjf31
Course Overview: Access Course Overview