List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Maintain accounting records for taxation purposes | 1.1 Access and correctly interpret taxation accounting system 1.2 Establish and maintain adequate records to support taxation accounting system 1.3 Comply with specific taxation requirements for business documents |
2. Establish and maintain process for managing business tax returns | 2.1 Establish accounting process to manage taxation lodgements process 2.2 Maintain sufficient and current records to comply with lodgement requirements 2.3 Establish and meet lodgement schedule requirements |
3. Process business tax returns and lodgements | 3.1 Identify and appropriately use required returns and lodgements 3.2 Process accounting data to comply with taxation reporting requirements 3.3 Draft returns and lodgements for review by authorised personnel |
Evidence of the ability to:
maintain accounting records for taxation purposes
establish and maintain an administrative process for managing business taxation returns
prepare and process business taxation returns according to Australian taxation 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 describe the key Australian Taxation Office (ATO) and legislative requirements for business taxation returns
identify and accurately explain a range of accounting terminology
outline requirements for lodgement schedules
describe the key administrative procedures in a financial services organisation or business unit.
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.
Assessors must satisfy NVR/AQTF assessor requirements.