Required skills
communication skills to:
determine and confirm taxation preparation requirements and deal with clients
liaise with others, share information, provide advice and guidance
use language and concepts appropriate to cultural differences
research skills to:
access and manage financial services
access and interpret taxation legislation, regulation and precedent
identify any taxation related matters that have the potential to impact on client services
identify client related transactions that are relevant to taxation matters
literacy skills to analyse information needs and prepare clear written advice, for clients and taxation lodgement documentation
numeracy skills to perform financial calculations and analysis
IT skills to develop and use spreadsheets and databases and using internet information
learning skills to maintain knowledge of changes to taxation legislation and requirements
problem solving skills to:
apply statute, regulation and precedent to a client’s circumstances
develop options to resolve client related taxation matters when they arise
organisational skills, including the ability to plan and sequence work and correctly schedule taxation lodgements
Required knowledge
ethical considerations relevant to the handling of taxation returns including:
conflict of interest
confidentiality
disclosure requirements
key elements of Australian taxation law, as it relates to taxation returns for individuals:
the rules and principles of Australian tax law including an understanding of the legal environment in which these principles operate
key aspects of the income tax law covering concepts of residence and source, related elements of international tax, assessable income, deductions (including general, specific and decline in value), tax rebates/offsets and tax accounting, income test (e.g. reportable superannuation and fringe benefits tax), and other reporting requirements
key aspects of taxes that extend the ordinary statutory income tax base including relevant principles and application of the capital gains tax and termination payment rules
goods and services tax
taxation of individuals
administrative aspects of the taxes identified above including returns, tax collection and withholding mechanisms, assessments, obligations, rulings, penalties and audits
rules addressing specific and general anti tax avoidance for individuals
ethical and professional responsibilities of tax agents including obligations under the Tax Agent Services Act 2009 (TASA) and Tax Agent Services Regulations 2009 (TASR).