Course Title: Prepare and administer compliant tax returns for legal entities
Part B: Course Detail
Teaching Period: Term1 2014
Course Code: ACCT5349C
Course Title: Prepare and administer compliant tax returns for legal entities
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: 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
Prepare Legally Compliant Tax Returns for Individuals FNSACC502B
Course Description
This unit explores the more difficult tax returns including Partnerships, Trusts, primary producers, Companies and Superannuation funds. The student will broaden their understanding of the principles developing in the unit Prepare Legally Compliant Tax Returns for Individuals
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSACC601B Prepare and administer compliant tax returns for legal entities |
Element: |
1. Identify taxation requirements for complex lodgements and returns |
Performance Criteria: |
1.1 Client taxation preparation requirements are determined 1.2 Organisational structure of the taxation entity is identified 1.3 Taxation parameters of the organisation are determined in accordance with legislation, regulation and Australian Taxation Office (ATO) rulings 1.4 Lodgement schedule requirements are established |
Element: |
2. Gather and analyse taxation related data |
Performance Criteria: |
2.1 Accounting reports relevant to taxation requirements are identified and collected 2.2 Accounting information is analysed to determine relevant taxation elements 2.3 Advice and guidance is sought to evaluate and moderate decision processes 2.4 Determinations are confirmed with client |
Element: |
3. Process data and prepare tax returns and lodgements |
Performance Criteria: |
3.1 Data is processed to comply with the relevant taxation format 3.2 Returns and lodgements are prepared in accordance with ATO requirements 3.3 Returns are discussed and agreed with clients and statutory requirements are confirmed |
Element: |
4. Review taxation lodgement compliance |
Performance Criteria: |
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 taxation lodgement review are made to enable more efficient organisational structures and procedures for taxation purposes 4.4 Tax office enquiries are responded to and taxation audit requirements are met |
Learning Outcomes
At the conclusion of this unit a student should be able to identify the different legal entities and specify the main provisions of the income tax that apply and how they apply to those entities.
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 an 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.
Teaching Schedule
| Week | Begins Monday | FULL TIME TIMETABLE Topic (this is a guide only) | Assessment |
Part-time timetable and Assessment: there will be no parttime group this semester |
Activities and exercises (from prescribed text) |
| 1 | Feb 10 | Revision of tax principles, Tax Practitioners, Partnerships: distribution statements, tax payable |
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| 2 | Feb 17 | Partnerships:advanced exs, structural changes | |||
| 3 | Feb 24 | Trusts terminology, taxation S.95A(2), s.101 | |||
| 4 | Mar 3 | Trusts: advanced exs, S.100, losses | |||
| 5 | Mar 10 | Unearned income of minors, tax effective distributions | |||
| 6 | Mar 17 | Test 1; Squatter game (assignment) | Test 1 ( C or NYC )Assignment Out | ||
| 7 | Mar 24 | Primary producers, livestock accounts, special deductions | |||
| 8 | Mar 31 | Special writeoffs and decline in value, |
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| 9 | Apr 7 | Companies: introduction, reconciliations | Assignment due (C or NYC) | ||
| 10 | Apr 14 | Companies: losses, franking accounts | |||
| NON TEACHING WEEK (start 18/4-23/4) | |||||
| 11 | Apr 28 | Companies: advanced exercises; Test 2 | Test 2 ( C or NYC) | ||
| 12 | May 5 | Superfunds, FBT introduction, cars |
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| 13 | May 12 | FBT loans, otherwise deductible rule, FBT returns |
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| 14 | May 19 | FBT - Salary Packaging; Revision for Test 3 | |||
| 15 | May 26 | Test 3 | Test 3 ( C or NYC) | ||
| 16 | Jun 2 | Resits, resubmissions, and feedback | |||
| PART TIME TIMETABLE | |||||
| 1 | Partnerships, Trusts introduction | ||||
| 4 | Test 1 Companies introduction | ||||
| 8 | Companies | ||||
| 12 | Test 2 Superfunds, intro to FBT (fringe benefits) | ||||
| 15 | Test 3 (any resits are the following week) |
Learning Resources
Prescribed Texts
: Australian Income Tax Question Book by Alan and Garry Kirby 2013 ed. |
References
Australian Income Tax Answer Book by Alan Kirby and Garry Kirby 2013 Edition |
Other Resources
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.
FOR ONLINE COLLABORATE SESSION, PLEASE ENSURE YOU HAVE JAVE INSTALLED ON YOUR COMPUTER https://java.com/en/download/index.jsp AND A HEADSET AND MICROPHONE
Overview of Assessment
Three tests and one assignment are required to be submitted to a competent level.
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:
• 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
Assessment Tasks
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 a open book test which will be based on the material presented in weeks 7 to 11, namely companies, losses carried forward and franking accounts. 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 14. This tests the superannuation and fringe benefits and salary packaging topics. 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 outcome of each assessment, and if not competent, that you find out when the resit or resubmission is taking place.
Submission Requirements
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.
You should:
• 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.
Assessment Matrix
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
Other Information
Course Overview: Access Course Overview