Course Title: Implement tax plans and evaluate tax obligations
Part A: Course Overview
Program: C6163 Advanced Diploma of Accounting
Course Title: Implement tax plans and evaluate tax obligations
Portfolio: Vocational Education
Nominal Hours: 60Regardless 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.
650T Vocational Business Education
Face-to-Face or Internet
Course Contact: Doug Gourlay
Course Contact Phone: +61 3 9925 5944
Course Contact Email: firstname.lastname@example.org
This unit describes the skills and knowledge required to assess taxation liabilities, optimise tax positions, establish processes and plans, evaluate tax policies and review tax compliance for legal entities.
It applies to experienced individuals who use analytical and problem-solving skills to prepare plans and strategic advice for clients.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. This unit is designed to meet educational requirements of the Tax Practitioner Board (TPB). Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Pre-requisite Courses and Assumed Knowledge and Capabilities
FNSACC512 Prepare tax documentation for individuals
National Competency Codes and Titles
National Element Code & Title:
FNSACC603 Implement tax plans and evaluate tax obligations
1. Assess legal entity's tax obligations
2. Develop tax plans
3. Evaluate and advise on tax plan
Overview of Assessment
Evidence of the ability to:
- research and critically evaluate new or changed legislative requirements and apply where relevant to the preparation of the client's tax documentation
- identify legal entity's tax data required to calculate taxable income
- provide taxation advice to clients in line with individual requirements
- prepare tax documentation and tax plans for legal entities that comply with:
- Australian taxation law and Australian Taxation Office (ATO) rulings and lodgement schedules
- accounting principles and practices
- tax entity's organisational policy and procedures
- evaluate tax plan for compliance with legislative requirements.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
To complete the unit requirements safely and effectively, the individual must:
- identify and explain ethical considerations and legislative requirements relevant to the preparation of tax documentation for legal entities, 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)
- government tax policy documents issued by Reviews, Treasury and Board of Taxation
- explanatory materials in relation to legislation
- court and Administrative Appeals Tribunal decisions
- Commissioner of Taxation's interpretive guidance in Rulings and Determinations
- explain critical and key elements of Australian taxation law as it relates to tax documentation for legal entities such as companies, trusts, partnerships and sole traders including:
- the rules and principles of Australian tax law, with an understanding of the legal environment in which these principles operate, basics of the legal system, constitutional considerations and separation of powers
- the key aspects of income tax law covering concepts of residence and source, related elements of international tax, assessable income, deductions, tax rebates and offsets, and tax accounting
- the key aspects of taxes that extend the ordinary income tax base, including relevant principles and application of the capital gains tax (CGT) and fringe benefits tax (FBT) rules
- goods and services tax (GST)
- taxation aspects of superannuation law
- 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
- describe the key sources of information and taxable transactions data required to calculate taxable income, including:
- allowable deductions
- capital gains
- financial adjustments such as write-offs and revaluations
- superannuation payments
- describe the key features of organisational policy and procedures relating to the preparation of tax documentation for legal entities
- outline the key accounting principles and practices relevant to preparation of tax documentation for the different types of legal entities
- discuss ethical considerations for the preparation of returns, including the Code of Professional Conduct's disclosure and confidentiality requirements
- outline financial management strategies used to optimise tax position.
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:
- common office equipment, technology, software and consumables
- an integrated financial software system and data.
Assessors must satisfy NVR/AQTF assessor requirements.
Note: The identification of the unit FNSACC512 Prepare tax documentation for individuals as a prerequisite does not require that it be certificated prior to this unit. This unit and its prerequisite may be delivered and assessed together.
This unit is designed to meet regulatory 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.