Required skills

welldeveloped communication skills to

determine and confirm taxation preparation requirements and deal with clients using questioning and active listening as required

liaise with others share information listen and understand

use language and concepts appropriate to cultural differences

highly developed research skills such as

accessing and managing complex financial services information

accessing and interpreting complex taxation legislation documentation

literacy skills for analysing information needs and preparing clear written advice for clients and taxation lodgement documentation

welldeveloped numeracy skills for financial calculations and analysis

IT skills for developing and using integrated financial systems spreadsheets and databases and using internet information

learning skills to maintain knowledge of changes to taxation legislation and requirements

high level problem solving skills to identify any taxation issues that have the potential to impact on client services and to develop options to resolve these issues when they arise

organisational skills including the ability to plan and sequence work and correctly schedule taxation lodgements

Required knowledge

detailed knowledge of formats required for submission of statutory returns

ethical considerations for the handling of returns such as

conflict of interests

confidentiality

disclosure requirements

financial legislation such as

taxable transactions

reporting requirements

income tax legislation

methods and principles of accrual accounting

options methods and practices for deductions benefits and depreciation

principles of internal control including statutory requirements

principles of valuation and common methods of depreciation

range of acceptable practices required to obtain deductions under relevant tax legislation such as

Capital Gains Tax CGT

income tax

State and Commonwealth government taxes and charges

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria required skills and knowledge range statement and the Assessment Guidelines for the Training Package

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to

access interpret and comply with ATO requirements

assess organisational structures and identify taxation requirements for complex lodgements and returns

gather and analyse complex taxation related data process and prepare tax returns and lodgements

review taxation lodgement compliance

Context of and specific resources for assessment

Assessment must ensure

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment technology software and consumables

access to an integrated financial software system and data

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge The following examples in combination are appropriate for this unit

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

assessment requirements set by the Tax Practitioners Board

verbal or written questioning on underpinning knowledge and skills

setting and reviewing business taxation simulations

evaluating samples of work

Guidance information for assessment

Organisational structures may include:

Taxation parameters may include:

Lodgement schedules may include:

Accounting reports relevant to taxation requirements may include:

Returns and lodgements may include: