Course Title: Prepare tax documentation for individuals
Part B: Course Detail
Teaching Period: Term2 2021
Course Code: ACCT5425C
Course Title: Prepare tax documentation for individuals
School: 650T Vocational Business Education
Campus: City Campus
Program: C5390 - Diploma of Accounting
Course Contact: Doug Gourlay
Course Contact Phone: +61 3 9925 5944
Course Contact Email: email@example.com
Name and Contact Details of All Other Relevant Staff
Nominal Hours: 80
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
This unit describes the skills and knowledge required to prepare non-complex income tax returns for individuals in line with statutory requirements. It encompasses gathering and verifying data, calculating taxable income, and reviewing compliance requirements.
It applies to individuals who use systematic approaches and follow specific guidelines to ensure compliance requirements are met.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. This unit is designed to meet the education requirements of the Tax Practitioner Board (TPB). Refer to the FNS Financial Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on regulatory requirements.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title:
FNSACC512 Prepare tax documentation for individuals
1. Gather client income data and verify client, organisational and legislative requirements
1.1 Consult with client to determine tax documentation preparation requirements
1.2 Conduct research to identify updates or additions to compliance requirements relevant to client circumstances, and establish recording and reporting requirements
1.3 Gather current data from authoritative sources, and identify and resolve outstanding information requirements through consultation with client
1.4 Identify assessable income and allowable deductions
1.5 Complete and record amounts according to organisational and legislative requirements
1.6 Identify discrepancies or unusual features and conduct research to resolve, or refer to designated authority
1.7 Identify accrued or prepaid income and expenditure, and record adjustments to value of assets and liabilities
2. Identify, record and present client's non-complex income tax documentation
2.1 Calculate client’s tax obligations according to legislative requirements and industry-accepted information gathering practices
2.2 Prepare required documentation within established timeframes
2.3 Seek advice and guidance from specialists to evaluate and moderate decision processes as required
2.4 Discuss and confirm documentation with client to obtain client signature, authorisation and endorsement, ensuring legislative requirements are met
3. Manage lodgement of client's non-complex income tax documentation
3.1 Submit required documentation to Australian Taxation Office (ATO) within established timeframes
3.2 Advise client of current tax obligations and information regarding expected future taxation authority advice
3.3 Respond to tax office enquiries and meet taxation audit requirements, when applicable, in timely manner
Details of Learning Activities
A range of learning activities is planned for this course including self-paced and collaborative classroom-based activities.
The self-paced activities will be delivered throughout various technology platforms and include your contribution to exercises and interactive sessions.
The collaborative classroom-based activities will include group discussion, group problem-solving activities and opportunities to practice your skills in a simulated/real workplace environment.
We expect you to participate and contribute to all scheduled learning activities.
Prior to training commencement a program level induction session will be conducted that comprises the following:
- Program overview and requirements
- Overview of assessment requirements
- Pre-Training Review including:
- Recognition of Prior Learning and Credit Transfers
- Assessment of current skills and knowledge
- Competency Criteria
- Submission requirements
- Resubmission policy
- Where to get support
- Student responsibilities
The Teaching Schedule for this course is as follows but please note that it is subject to change.
The mid semester break is from 1 April to 7 April.
The nominal hours associated with this 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.
Introduction. Liability to income tax.
Assessable & exempt income
Income from property (dividend imputation system)
Basic exercise (Not assessable)
Capital Gains tax
Lump sums on termination (accrued leave arrangements, Superannuation lump sums)
Deductions general, substantiation, car exps
Exercises on car expenses; Practice firm can start as early as this week
Mid semester break (Apr 9 to 15)
Deductions: specific deductions (self-education, clothing etc)
Depreciation part 1
Depreciation part 2
Practice firm; Depreciation test
Resits, resubmissions, feedback
Resit test 2
Prepare Tax Documentation For Individuals by Peter Baker, Geoff Cliff & Sonia Deaner 17th Edition (January, 2020)
Notes produced by the coordinator and stored on Canvas
Overview of Assessment
Evidence of the ability to:
- research, critically evaluate, and apply new or changed legislative requirements relating to the preparation of client non-complex income tax documentation
- identify client data required to calculate taxable income
- prepare client tax documentation that complies with:
- Australian taxation law and Australian Taxation Office (ATO) rulings
- accounting principles and practices
- organisational policies and procedures
- provide advice to client on tax documentation presented and obtain verification and approval.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.
- Ethical considerations and legislative requirements required to prepare non-complex income tax documentation for individual taxpayers, including:
- conflict of interest
- responsibilities of tax agents, including code of professional conduct obligations under the Tax Agent Services Act (TASA) and Tax Agent Services Regulations (TASR)
- Key elements of Australian tax law as they relate to income tax documentation for individual taxpayers, including:
- rules and principles of Australian tax law, and the legal environment in which these principles operate
- basics of the legal system, constitutional considerations, and separation of powers that relate to preparing non-complex income tax documentation
- key aspects of the income tax law covering concepts of:
- residence and source
- related elements of international tax
- assessable income
- deductions, including general, specific, and decline in value
- tax rebates and offsets
- tax accounting
- income test definitions that include reportable superannuation and fringe benefits tax (FBT)
- key aspects of principles and application of capital gains tax (CGT), FBT and employment termination payment (ETP) rules for individual taxpayers
- basic concept of goods and services tax (GST)
- administrative aspects of the taxes identified above, including documentation, tax collection and withholding mechanisms, assessments, obligations, rulings, penalties and audits
- specific and general anti-avoidance tax rules for individuals
- Key sources of information and data required to calculate taxable income
- Key features of organisational policies and procedures required to prepare non-complex income tax documentation for individual taxpayers
- Key accounting principles and practices required to prepare non-complex income tax documentation for individual taxpayers
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:
- office equipment, technology, software and consumables required to prepare non-complex income tax documentation for individuals, including:
- access to the internet
- digital systems and programs for preparing and lodging tax returns.
Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.
This unit is designed to meet the education requirements of the Tax Practitioner Board (TPB). Where registration with the TPB is sought, assessment must reflect the conditions described by the regulator which stipulate that a significant amount (at least 40%) must be completed under some form of independent supervision. Where recognition of prior learning (RPL) is used, it must also meet the requirements of the Board s policy on RPL.
Details of requirements can be accessed on the TPB website at: http://www.tpb.gov.au.
You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.
Feedback will be provided throughout the semester in class and/or online discussions. You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.
You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course.
Overview of Assessment
The assessments for this course have been designed to allow participants to apply their learning to particular simulated work scenarios and demonstrate their competence in a variety of ways.
TASK 1 (Due date: Week 7)
Test 1 is a closed book test, written and paper based, covering topics that are covered during Weeks 1 to 5 that is on assessable income. The students will be provided with the tax rates sheet, and are expected to bring along a calculator. It is for competency based only.
TASK 2 (Due date: Week 12)
You are required to prepare a written income tax return addressing both the client’s needs and the statutory requirements. There will be preparation of estimates of taxable income and tax payable, including a letter to the client of relevant advice.
This is a written assignment that is to be done using Tax Office forms, and must comply with legislation and regulations. There is also an element of research involved in this assignment. There is also some interview techniques required. You must successfully complete all assessment tasks to achieve competency.
TASK 3 (Due date: Week 14)
Test 2 is also a closed book test, written and paper based, covering topics that are covered Weeks 8 to 13, being on deductions , depreciation and offsets. The students will be provided with the flowchart of depreciation rules and cut-offs, and are expected to bring along a calculator. It is for competency only.
The Teacher or Course Coordinator may at any time ask students to demonstrate and/or reproduce assessments to validate their authenticity.
Students must satisfactorily complete all assessment tasks in order to obtain competency in this course.
The assessment matrix that maps all the assessment is available on CANVAS under Assignments.
All assessments will utilise a competency-based model and will be deemed as either Satisfactory or Not Yet Satisfactory.
• Ensure that you submit assessments on or before the due date.
• 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 each assessment task 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. For example, Doug Gourlay, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.
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. <check links are still current>
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. <check links are still current>
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 unsuccessful in a particular Course Assessment Task (or you do not submit/attend) you will be allowed one resubmission . Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission.
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.
Grading & re-submissions
Re-submissions do not contribute to your overall grade for the course.
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: <check link is still current>
More Information: http://rmit.edu.au/browse;ID=7usdbki1fjf31
Marking Guide (Competency):
You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.
You will receive feedback on each assessment task that will inform you about your progress and how well you are performing.
Course Overview: Access Course Overview