Course Title: Prepare and administer tax documentation for legal entities

Part B: Course Detail

Teaching Period: Term2 2020

Course Code: ACCT5387C

Course Title: Prepare and administer tax documentation for legal entities

School: 650T Vocational Business Education

Campus: City Campus

Program: C6163 - Advanced Diploma of Accounting

Course Contact: Doug Gourlay

Course Contact Phone: +61 3 9925 5944

Course Contact Email: doug.gourlay@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Archana Gilhotra
archana.gilhotra@rmit.edu.au

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

FNSACC512 Prepare tax documentation for individuals

Course Description

This unit describes the skills and knowledge required to identify taxation requirements for complex lodgements and returns for legal entities. It involves gathering, analysing and processing taxation related data to prepare tax documentation, and to review and apply compliance requirements.

 

It applies to individuals who use specialised knowledge and systematic approaches and who 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 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.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACC601 Prepare and administer tax documentation for legal entities

Element:

1. Identify taxation requirements for complex lodgements and returns

Performance Criteria:

1.1 Identify and confirm suitability of legal entities within client's organisational structure 1.2 Conduct research to identify updates or additions to compliance requirements relevant to client's circumstances, and establish recording and reporting requirements 1.3 Determine client's tax documentation preparation requirements

Element:

2. Gather and analyse data relevant to client s tax position

Performance Criteria:

2.1 Identify and collect client data relevant to tax documentation requirements 2.2 Analyse data to extract relevant tax information and identify any discrepancies requiring verification or research for resolution 2.3 Obtain advice and guidance from specialist to evaluate and moderate decision processes

Element:

3. Prepare and present tax documentation

Performance Criteria:

3.1 Calculate client's tax obligations, in accordance with legislative requirements and information gathering practices 3.2 Prepare tax documentation to comply with relevant Australian Taxation Office (ATO), legislative and organisational recording and reporting requirements 3.3 Present and confirm documentation with clients to obtain client signature, authorisation and endorsement, ensuring legislative requirements are met

Element:

4. Lodge tax documentation

Performance Criteria:

4.1 Submit relevant tax documentation to the ATO within established timelines 4.2 Advise client of current tax obligations and that any advice from taxation authorities is to be followed 4.3 Respond to tax office enquiries and meet taxation audit requirements, when applicable, in timely manner

Learning Outcomes



Details of Learning Activities

A range of learning activities are 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 paper based 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 in all scheduled learning activities.
 


Teaching Schedule

Induction Session

Note that this unit is clustered (co-delivered and co-assessed) with ACCT5389C Implement Tax Plans and Evaluate Tax Obligations.
Prior to training commencement a program level induction session will be conducted that comprises the following:

  • Program overview and requirements
  • MyRMIT/Canvas
  • Overview of assessment requirements
  • Pre-Training Review including:
    • Recognition of Prior Learning and Credit Transfers
    • Assessment of current skills and knowledge
  • Competency Criteria
  • Plagiarism
  • Appeals
  • Extensions
  • Feedback
  • Privacy
  • 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.
Between 29 Aug and 6 Sept is the mid semester break. Classes resume on 7 Sept 2020.

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 bit also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

 

Week

Topics

Assessment

1

Revision of tax principles, Tax Practitioners,

Partnerships: distribution statements, tax payable

 

2

Partnerships: advanced exercises

 

3

Intro to trusts, Trust distribution statements taxation S.95A(2), S.101

 

4

Trusts exercises, Unearned income of minors

 

5

Primary producers & livestock accounts

Task 1
(Test covering weeks 1-4)

 

6

Assignment Squatter game played

Primary producers, & special elections

Case study out

7

Special deductions, intro to the average offset

 

8

Primary producers exercises

 

Assignment out

Knowledge evidence test out
 

Mid semester break (one week)

 

9

Companies introduction: work on case study

 

10

Work on case study

 

11

Companies, franking accounts

Task 2
Case study due

12

Superannuation funds

 

13

Payments of tax (PAYG)

 

14

FBT cars, Work on assignment

Task 3
Assignment due

15

Salary packaging

 

Task 4
Knowledge evidence test due

16

Resit tests, feedback

 


Learning Resources

Prescribed Texts


References

Advanced Income Tax Law by Baker, Cliff, Deaner 16th ed

9781760730031

Other Resources

Materials are posted regularly into MyRMIT (Canvas)


Overview of Assessment

Performance Evidence

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
  • provide taxation advice to clients in line with individual requirements
  • identify legal entity tax data required to calculate taxable income
  • prepare tax documentation for legal entities that complies with:
  • Australian taxation law and Australian Taxation Office (ATO) rulings and lodgement schedules
  • accounting principles and practices
  • organisational policy and procedures
  • present tax documentation to the client for verification and approval.

 

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

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
  • statutes
  • court and Administrative Appeals Tribunal decisions
  • Commissioner of Taxation's interpretive guidance in Rulings and Determinations
  • explain critical and key elements of Australian tax 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
  • income
  • payments
  • purchases
  • 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 the preparation of tax documentation for the different types of legal entities.

 

Assessment Conditions

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

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.


Assessment Tasks

Overview of Assessment

This course  ACCT5387C Prepare & Administer Tax Documentation for Individuals is co-delivered and co-assessed with the  ACCT5389C Implement Tax Plans & Evaluate Tax Obligation.

You are required to satisfactorily complete all assessment requirements to be deemed competent in this course.

The Teacher or Course Coordinator may at anytime ask students to demonstrate and/or reproduce assessments to validate authenticity. 

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: Test (Due Date: Week 5 )

For this Assessment Task you are doing an open book test on topics partnerships and trusts and unearned income of minors. The test requires you to apply your learning to practical situations. Most questions are calculation based including finding the net income and tax payable by a partner or a trustee. Feedback for this assessment will be provided the following week.

Task 2: Case study (Due Date: Week 11)

For this assessment task you are required to do an assignment based on the transactions from the board game Squatter, starring Dave and Mabel Rudd sheep farmers, who owns a large property in outback Australia. Students undertake the assignment in groups of three, with each making their own contribution to the overall effort. The students are required to prepare the  tax returns for one year, and estimate tax payable after offsets, and to produce certain accounting records. Each student hands in a copy of their group's assignment.

Feedback for this assessment will be provided the following week.

Task 3: Assignment (Due Date: Week 14)

For this assessment task you are doing exercises for a company involving expenses, particularly tax expense, for a budgeted period in the future. Things change and the budget is not exactly the same as actual expenses, particularly the tax expense. This assignment involves knowing and applying the PAYG instalments system. It also involves the franking account of the company. 

Feedback for this assessment will be provided the following week.

Task 4: Knowledge evidence test (Due Date: Week 15)

Various questions concern the laws as they relate to partnerships, companies, and trusts. Compliance measure of the ATO are covered, as are various other matters dealing with administration of tax laws, and compliance strategies.

You must successfully complete all assessment tasks to achieve competency.


Assessment Matrix

The assessment matrix that maps all the assessment is available on Canvas.

Other Information

Submission Requirements

You should:

• 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 Canvas.
• 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, Callie Harvey, 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/student-essentials/assessment-and-exams/assessment/extensions-of-time-for-submission-of-assessable-work

 


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/students/student-essentials/assessment-and-exams/assessment/special-consideration


Form to use: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf


Resubmissions (VET Programs):


If you are found to be unsuccessful in a 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.


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/students/student-essentials/assessment-and-exams/assessment/adjustments-to-assessment

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