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Elements and Performance Criteria

Required Skills

Required skills

communication skills to

determine and confirm taxation preparation requirements and deal with clients

liaise with others share information and provide advice and guidance

use language and concepts appropriate to cultural differences

research skills to

access and manage financial services information

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 integrated financial systems spreadsheets and databases and 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 clients 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 for the handling of returns such as

conflict of interest

confidentiality

disclosure requirements

key elements of Australian taxation law as it relates to taxation returns for companies trusts partnerships and sole traders including

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 tax rebatesoffsets and tax accounting

key aspects of taxes that extend the ordinary income tax base including relevant principles and application of the capital gains tax and fringe benefits tax rules

goods and services tax

taxation of individuals and basic entities including partnerships trusts and companies

taxation aspects of superannuation law

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

ethical and professional responsibilities of tax agents including obligations under the Tax Agent Services Act TASA and Tax Agent Services Regulations TASR

Evidence Required

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

demonstrate knowledge and understanding of Australian taxation law such that it can be applied to taxation affairs

access interpret and comply with information on relevant legislation statutes regulation and ATO rulings

provide taxation advice having regard to the facts and relevant law

develop organisational procedures to meet compliance requirements

gather and verify data to calculate taxable income and review for compliance

apply organisational policies and procedures and accounting principles and practices

prepare tax returns for business entities

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 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

conducting a summative assessment

Guidance information for assessment

Where assessment of this unit is designed to meet regulatory requirements users should refer to the appropriate regulator or current guidelines published on the IBSA website wwwibsaorgau under training packagesfinancial services

Note The identification of the unit FNSACCB Prepare legally compliant income tax returns 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

Note: The identification of the unit FNSACC502B Prepare legally compliant income tax returns for individuals as a pre-requisite does not require that it be certificated prior to this unit. This unit and its pre-requisite may be delivered and assessed together.

Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Organisational structures include:	companies non-complex superannuation funds partnerships sole traders trusts
Taxation parameters may include:	cash or non-cash accounting lodgement schedules tables, calculations and schedules tax rates
Legislation includes:	Australian commercial law Australian taxation law consumer credit legislation Financial Transactions Reports Act Privacy Act Sale of Goods Acts Stamp Duties Act other commercial and taxation legislation relevant to the service being delivered
Lodgement schedules may include:	Fringe Benefits Tax (FBT) fuel tax credits Goods and Services Tax (GST) instalments Luxury Car Tax Pay-As-You-Go (PAYG) tax withheld PAYG income tax instalments payroll tax wine equalisation tax withholdings
Accounting reports relevant to taxation requirements include:	capital expenditure cash flow statements depreciation schedules financial expenses payroll statement of financial performance statement of financial position other reports that relate to assessable income and allowable deductions
Returns and lodgements may include:	annual returns Business Activity Statement (BAS) Fringe Benefits Tax (FBT) payroll tax
Taxation preparation procedures include but are not limited to:	accessing information related to: allowable deductions annuities assessable income capital allowances capital gains tax capital works compliance and penalties eligible termination payments (ETPs) exempt income foreign income inventory valuation levies and surcharges offsets/rebates small business entities superannuation taxable income tax payables and refunds