Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSACC401A Mapping and Delivery Guide
Process business tax requirements

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSACC401A - Process business tax requirements
Description This unit describes the performance outcomes, skills and knowledge required to maintain taxation accounting records and process lodgements and returns in accordance with Australian Taxation Office (ATO) requirements, excluding income tax. Documentation for Business Activity Statements (BAS) must be authorised by a registered BAS agent.This unit has application to a variety of financial services sectors and is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements. The Tax Practitioner's Board has set specific educational and experience requirements for registration of BAS and tax agents that must be met.
Employability Skills This unit contains employability skills.
Learning Outcomes and Application This unit applies to those job functions that have responsibility for processing business tax returns such as taxation specialists and accountants.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Maintain accounting records for taxation purposes
  • The accounting system for taxation is accessed and correctly interpreted
  • Adequate records to support the taxation accounting system are established and maintained
  • Specific taxation requirements for business documents are complied with
       
Element: Establish and maintain a process for managing business tax returns
  • An accounting system is established to manage taxation lodgements process
  • Sufficient and current records are maintained to comply with lodgement requirements
  • Lodgement schedule requirements are established and met
       
Element: Process business tax returns and lodgements
  • Required returns and lodgements are identified and used appropriately
  • Accounting data is processed to comply with taxation reporting requirements
  • Returns and lodgements are drafted for review by authorised personnel
       


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

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:

apply specific Australian taxation requirements for business purposes

interpret taxation parameters and lodgement schedules

use appropriate accounting terminology

maintain accounting records for taxation purposes

establish and maintain an administrative process for managing business tax returns.

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.

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

verbal or written questioning on underpinning knowledge and skills which may include formal examinations

setting and reviewing workplace projects and business simulations for taxation reporting

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

Required skills

communication skills to:

determine and confirm work requirements, using questioning and active listening as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

numeracy skills to accurately calculate financial data and record and store this in accordance with organisational and legislative requirements

literacy skills to read and interpret documentation from a variety of sources and recording, gathering and consolidating financial information

IT skills for accessing and using appropriate software such as spreadsheets and databases and using internet information

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

teamwork skills

Required knowledge

Australian Taxation Office (ATO) requirements for taxation returns

accounting terminology

administrative procedures in a financial services organisation or business unit

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.

Specific taxation requirements for business documents may include:

dating

format of invoices

Goods and Services Tax (GST)

inclusive

separate

Fringe Benefits Tax (FBT)

fuel tax credits.

instalments

luxury car tax

Pay-As-You Go (PAYG) tax withheld

PAYG income tax instalments

payroll tax

wine equalisation tax

withholdings.

Lodgement schedules may include:

Fringe Benefits Tax (FBT)

GST

Higher Education Contribution Scheme (HECS)

instalments

payroll tax reconciliation

State taxes

Superannuation Guarantee Levy

Tax File Numbers

withholdings.

Required returns and lodgements may include:

Instalment Activity Statement (IAS)

payment advice.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
The accounting system for taxation is accessed and correctly interpreted 
Adequate records to support the taxation accounting system are established and maintained 
Specific taxation requirements for business documents are complied with 
An accounting system is established to manage taxation lodgements process 
Sufficient and current records are maintained to comply with lodgement requirements 
Lodgement schedule requirements are established and met 
Required returns and lodgements are identified and used appropriately 
Accounting data is processed to comply with taxation reporting requirements 
Returns and lodgements are drafted for review by authorised personnel 

Forms

Assessment Cover Sheet

FNSACC401A - Process business tax requirements
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSACC401A - Process business tax requirements

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: