REQUIRED KNOWLEDGEampSKILLS

Knowledge requirements include

NOTE As stipulated by the Tax Agents Registration Board the taxation knowledge components only of this accounting unit of competency must be tested through written examination All other components can be assessed as advised in the Assessment Guidelines section of this package

current financial legislation eg taxable transactions reporting requirements

range of acceptable practices required to obtain deductions under relevant tax legislation eg Capital Gains Tax CGT income tax

principles of internal control including statutory requirements

principles of valuation and common methods of depreciation

detailed knowledge of formats required for submission of statutory returns

methods and principles of accrual accounting

ethical considerations for preparation of returns eg disclosure

Skills requirements include

forecasting techniques

interpersonal skills and communication skills eg liaising listening consulting

report writing and preparation

numeracy skills for calculation of revenues and payments

research skills to identify valuations and applicable professional standards

capacity to troubleshoot information technology systems

EVIDENCE GUIDE

Assessment of performance requirements in the unit should be undertaken in an industry context The Evidence Guide identifies the critical aspects knowledge and skills to be demonstrated to confirm competency for the unit Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the workplace

Overview of assessment requirements

To achieve competency in this unit a person must be able to demonstrate

knowledge of standard accounting techniques

knowledge of organisational policies and procedures

ability to assess tax liabilities

ability to optimise tax position

ability to establish processes and plans

ability to evaluate tax policies

ability to review tax compliance

Critical aspects of evidence

Evidence required for demonstration of consistent performance

Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment

Deliveryassessment relationship to other units

Prerequisite units

FNSACCTB Prepare income tax returns

FNSACCT502B Prepare income tax returns.

Assessment requirements

Method of assessment

For valid and reliable assessment of this unit evidence should be gathered through a range of methods to indicate consistent performance

Assessment of this unit of competence will usually include observation of processes and procedures oral andor written questioning on underpinning knowledge and skills and other methods as required

Context of assessment

Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personalfinancial responsibility and accountability

Aspects of competency including the attainment of relevant knowledge and skills may be assessed in a relevant workplace a closely simulated work environment or other appropriate means that clearly meet industry competency requirements

Resources required for assessment

Assessment of this unit of competence requires access to suitable resources to demonstrate competence

Assessment instruments including personal planner and assessment record book

Access to registered provider of assessment services

Tax liabilities may include:

Taxable transactions may include:

Obligations may include:

Standard accounting techniques may include:

Data may include:

Methods of determination may include:

Tax bases may include:

Financial management strategies may include:

Record keeping systems may include:

Management processes may include:

Variances may include:

Assumptions may include: