Course Title: Implement tax plans and evaluate tax compliance
Part B: Course Detail
Teaching Period: Term2 2011
Course Code: ACCT5267C
Course Title: Implement tax plans and evaluate tax compliance
School: 650T TAFE Business
Campus: City Campus
Program: C6072 - Advanced Diploma of Accounting
Course Contact : Thomas Scordo
Course Contact Phone: +61 3 99255462
Course Contact Email:thomas.scordo@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Bruce Phillips Thomas J. Scordo
Email: bruce.phillips@rmit.edu.au Email: thomas.scordo@rmit.edu.au
Building 108 / Level 13 / Room 11 Building 108 / Level 13 / Room 13
Phone : 99255735 Phone : 99255462
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 covers the competency to implement tax plans and evaluate tax compliance.
If you are undertaking this course in Melbourne from semester 2, 2012 onward your class will be held in a device-equipped teaching space. Each student group will have access to a laptop. It is however recommended that you have access to a mobile computing device to allow greater flexibility in terms of where you can work on campus both in and outside class times.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSACCT603B Implement tax plans and evaluate tax compliance |
Element: |
1. Assess tax liabilities |
Performance Criteria: |
1.1 Organisational and operational tax liabilities are identified by analysis of external and internal taxable transactions 1.2 history and trends in obligations arising from organisational transactions are quantified using standard accounting techniques 1.3 data from transactions are analysed to resolve ambiguities and determine the nature of taxation options 1.4 Effects of taxses are analysed and scheduled by assessing methods of determination, tax bases and timing of incidence
|
Element: |
2. Optimise tax positions |
Performance Criteria: |
2.1 Implications of obligations on operations and structure are assessed to develop a range of treatments and responses 2.2 Financial management strategies are developed to ensure the alignment of cash flow with incidence and schedules of tax payments 2.3 Trends in tax liabilities are analysed and monitored to develop a history of obligations and compliance |
Element: |
3. Establish processes and plans |
Performance Criteria: |
3.1 Management plans and record keeping systems are developed to implement financial management strategies and ensyre the maintenance of an audit trail 3.2 Management processes are documented to ensure they promote standard application of compliance requirements 3.3 Taxation liabilities are derived from income and expenditure estimates using standard accounting techniques 3.4 Budgets are prepared in accordance with estimates and reviewed to ensure ongoing relevance of liability estimates |
Element: |
4. Evaluate tax policies |
Performance Criteria: |
4.1 Variances between liabilities and taxation plans are analysed to identify errors in tax strategies 4.2 Performance of tax liabilities in similar or related organisations and operations are monitored and evaluated to measure tax effectiveness and prepare benchmarks and standards 4.3 Data is reviewed for accuracy, completeness and reliability of assumptions in liability projections |
Element: |
5. Review tax compliance |
Performance Criteria: |
5.1 The achievement of performance indicators is assessed and reviewed against key result areas 5.2 Taxation preparation processes are monitored and reviewed in line with professional taxation and accounting standards requirements 5.3 Failures in compliance are analysed to diagnose shortcomings and to remedy processes in line with taxation authorities' requirements |
Learning Outcomes
Details of Learning Activities
This course gives students the opportunity to learn about assessing tax liabilities, optimising tax positions, establish processes and plans, evaluate tax policies and review tax compliance, as the tasks prescribed are done each week, mainly in class but also as homework. The use of on-line learning resources will be substantial, in particular the Australian Tax Office (ATO) website.
Teaching Schedule
| Week | Week Beginning | Topic as per Student Learning Guide | Assessment as per Student Learning Guide |
| 1 | July 4 |
Introduction to tax planning: theory and development of the Australian tax system |
|
| 2 | 11 | Tasks 1 and 2 ( web sites ) | |
| 3 | 18 | Tasks 3, 4 and 5 ( Ruling system ) | |
| 4 | 25 |
Task 6 ( Returns, Assessments & Amendments ), Task 7 ( Audits & Self-Assessment system ), Task 8 ( Amendments Cont. ). |
|
| 5 | August 1 |
Tasks 9, 10 & 11, & Review Questions ( Payment of tax, Objections & Appeals ). |
|
| 6 | 8 |
Tasks 12 & 13 and Review Questions & Research Q’s 20 & 21 ( Penalties and Offences ). |
|
| 7 | 15 | Revision for preparation of Test 1 | |
| 8 | 22 |
TEST 1 Mid Semester Break - 29 August to 2 September |
TEST 1 Comp/Not Yet Comp - Assignment Out
|
| 9 | Sept 5 | Introduction to Fringe Benefits Tax | |
| 10 | 12 | Motor Vehicle - FBT calcs | |
| 11 | 19 | Motor Vehicle - FBT & Loan calcs | |
| 12 | 26 | FBT Superannuation - Otherwise Deductible Rule- Exemptions | |
| 13 | Oct 3 | FBT Returns- Intro. to Salary Packaging | Assignment Due - Comp/Not Yet Comp |
| 14 | 10 | FBT & Salary Packaging | |
| 15 | 17 | FBT & Salary Packaging- Revision Test 2 | |
| 16 | 24 | Test 2 | Test 2 ( C or NYC ) |
| 17 | 31 | Final Graded Test - Resits/Rasub. | Final Graded Test - 100% |
Learning Resources
Prescribed Texts
Question Book/ Answer Book " Australian Income Tax " by Alan and Garry Kirby - 2011 Ed. |
9780975844861 |
References
Apart from the prescribed text, the major references for students to access will be the Australian Tax Office ( ATO ) website, as well as tax legislation and general commentary on tax issues. |
Other Resources
Relevant learning resources will be placed on the Learning Hub ( DLS ) progressively throughout the semester. Students will need to access this site on a regular basis to obtain exercises set for practice and the weekly handouts. The first half of the unit will be spent doing research ( web based ) in the computer labs, with Test 1 being based on those tasks and your answers forming the basis for the revision for that Test.
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
Assessment will consist of: Test 1 Competent / Not Yet Competent
Test 2 Competent / Not Yet Competent
Assignment Competent / Not Yet Competent
Final Test 100 %
Assessment Matrix
Other Information
This course will give students a solid understanding of policies and procedures for the administration of the tax legislation and in particular, the Australian Tax Office oversight of the interpretation ( to some extent ) and clarification of various tax issues, as well as the collection of tax revenues.
Course Overview: Access Course Overview