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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Explain and discuss role of taxation in the Australian economy
   • Identify and discuss purpose of taxation in the Australian economy at local, state and federal levels, and how this compares with other countries
   • Explain various ways and groups from whom tax is collected
   • Describe role of Australian Taxation Office
   • Explain what taxation revenue is used for and relate to wellbeing and lifestyle of Australian citizens
2. Explain personal tax
   • Identify and define key terminology used in personal taxation
   • Examine tax declaration forms, Tax File Number requirements and rates of personal tax
   • Describe how personal tax is assessed and how tax returns are completed and paid
   • Identify, access and discuss sources of ongoing information about personal tax in Australia
3. Explain business tax
   • Identify and define key terminology used in business taxation
   • Identify and describe different business structures and how this affects taxation
   • Describe how business tax is assessed and paid
   • Describe how superannuation contributions for employees are assessed and paid
   • Identify, access and discuss sources of ongoing information about business tax in Australia
4. Discuss tax liability
   • Identify and discuss how individuals can determine their tax liability
   • Describe how small business operators pay tax
   • Discuss underpayment or overpayment of tax and its implications

Performance Evidence

Evidence of the ability to:

clearly explain the role of taxation for individuals and small business in Australia

discuss taxation responsibilities and their impact on personal financial management

demonstrate knowledge to manage taxation liabilities.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

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Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

describe the purpose of taxation

list ways tax is collected

describe the role of the Australian Tax Office

identify what taxation revenue may be used to provide

define key terminology used in personal taxation

list sources of information about rates of personal taxation and ongoing information

describe ways for completing taxation returns

list and describe different types of business structures

describe how business tax is assessed

explain how individuals can determine their tax liability by assessing income and deductions

describe how small business operators pay tax

list issues relating to underpayment or overpayment of tax.

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