Course Title: Prepare complex tax returns and lodgements
Part B: Course Detail
Teaching Period: Term2 2008
Course Code: ACCT5206C
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 9925 5735
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
FNSACCT502A Prepare income tax returns [ACCT 5199C]
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: |
FNSACCT601A Prepare complex tax returns and lodgements |
Element: |
Gather and analyse taxation related data |
Performance Criteria: |
1. Accounting reports relevant to taxation requirements are identified and collected |
Element: |
Identify taxation requirements for complex lodgements and returns |
Performance Criteria: |
1. Organisational structure of the taxation entity is identified |
Element: |
Process data and prepare tax returns and lodgements |
Performance Criteria: |
1. Data is processed to comply with the relevant taxation format |
Element: |
Review taxation lodgement compliance |
Performance Criteria: |
1. Lodgements and returns are submitted for authorisation by an approved person within the stated deadlines |
Learning Outcomes
On completion of this course a student should be able to demonstrate a deepter understanding of income tax return concepts affecting individuals and non-individuals including partnerships, companies, trusts and superannuation funds.
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.
Teaching Schedule
Week | Week Beginning |
Topic | Element/ Perform Criteria |
1 | July 7 | Introduction to Tax Agents Partnerships introduction |
1,2,3,4 |
2 | 14 | Partnerships distribution statements, s90 net income, reconciliations, tax liabilities | 1,2,3,4 |
3 | 21 | Partnerships uncontrolled income and structural changes | 1,2,3,4 |
4 | 28 | Trusts – Introduction, terminology, assessment rules | 1,2,3,4 |
5 | Aug 4 | Trusts - assessment rules & exercises | 1,2,3,4 |
6 | 11 | Income of Minors, Tax effective distributions to inter-vivos trusts | 1,2,3,4 |
7 | 18 | Introduction to companies | 1,2,3,4 |
8 | 25 | Test 1 | 1,2,3,4 |
Sept 1 | |||
9 | 8 | Companies and reconciliations | 1,2,3,4 |
10 | 15 | Companies and reconciliations, & Losses, R & D expenditure | 1,2,3,4 |
11 | 22 | Companies and franking accounts | 1,2,3,4 |
12 | 29 | Primary producers- livestock accounts | 1,2,3,4 |
13 | Oct 6 | Primary producers- special concessions, deductions | 1,2,3,4 |
14 | 13 | Primary producers- averaging tax offset | 1,2,3,4 |
15 | 20 | Introduction to Superannuation funds | 1,2,3,4 |
16 | 27 | Test 2 | 1,2,3,4 |
17 | Nov 3 | Resits and resubmissions | 1,2,3,4 |
18 | 10 | Feedback- course/tests/competencies | 1,2,3,41,2,3,4 |
Learning Resources
Prescribed Texts
Question Book Australian Income Tax; Alan Kirby 2008 ed |
References
Notes and Exercises will be made available on DLS. |
Other Resources
Overview of Assessment
A student must demonstrate a clear understanding of all elements of the required competencies to be deemed competent. Assessment may include a variety of methods such as tests, workbooks, assignments, presentations and class exercises.
Formative feedback is provided throughout the course. This occurs by the teacher providing information to the student to inform them how they are succeeding in the course and areas that require more work to succeed. Formative feedback is not a piece of assessment that contributes to the student’s final result.
Assessment Tasks
test 1 at 40%
test 2 at 40%
Assignment 20%
100%
The tests will be conducted in a closed book test environment.
The student will have to satisfactorily complete all assessment tasks, and to pass will have a total mark of 50% or more.
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.
Assessment Matrix
Test 1 Test 2 Assignment
FNSACCT601B/01
Identify taxation requirements for complex lodgements and returns / / /
FNSACCT601B/02
Gather and analyse taxation related data / / /
FNSACCT601B/03
Process data & prepare tax returns & lodgements / / /
FNSACCT601B/04
Review taxation lodgement compliance / /
Other Information
Employability skills:
Embedded within the unit of competency is the following skills:
Communication, teamwork, problem-solving, initiative/enterprise, planning/organising, self-management, learning, and technology
Course Overview: Access Course Overview