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

FNSACC601 Mapping and Delivery Guide
Prepare and administer tax documentation for legal entities

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSACC601 - Prepare and administer tax documentation for legal entities
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to identify taxation requirements for complex lodgements and returns for legal entities. It involves gathering, analysing and processing taxation related data to prepare tax documentation, and to review and apply compliance requirements.It applies to individuals who use specialised knowledge and systematic approaches and who follow specific guidelines to ensure compliance requirements are met.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. This unit is designed to meet educational requirements of the Tax Practitioner Board (TPB). Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:

common office equipment, technology, software and consumables

an integrated financial software system and data.

Assessors must satisfy NVR/AQTF assessor requirements.

Note: The identification of the unit FNSACC502 Prepare tax documentation 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.

This unit is designed to meet regulatory requirements of the Tax Practitioner Board (TPB). Where registration with the TPB is sought, assessment must reflect the conditions described by the regulator which stipulate that a significant amount (at least 40%) must be completed under some form of independent supervision. Where recognition of prior learning (RPL) is used, it must also meet the requirements of the Board’s policy on RPL.

Details of requirements can be accessed on the TPB website at: http://www.tpb.gov.au
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: Gather and analyse data relevant to client’s tax position
  • Identify and collect client data relevant to tax documentation requirements
  • Analyse data to extract relevant tax information and identify any discrepancies requiring verification or research for resolution
  • Obtain advice and guidance from specialist to evaluate and moderate decision processes
       
Element: Identify taxation requirements for complex lodgements and returns
  • Identify and confirm suitability of legal entities within client's organisational structure
  • Conduct research to identify updates or additions to compliance requirements relevant to client's circumstances, and establish recording and reporting requirements
  • Determine client's tax documentation preparation requirements
       
Element: Gather and analyse data relevant to client’s tax position
  • Identify and collect client data relevant to tax documentation requirements
  • Analyse data to extract relevant tax information and identify any discrepancies requiring verification or research for resolution
  • Obtain advice and guidance from specialist to evaluate and moderate decision processes
       
Element: Prepare and present tax documentation
  • Calculate client's tax obligations, in accordance with legislative requirements and information gathering practices
  • Prepare tax documentation to comply with relevant Australian Taxation Office (ATO), legislative and organisational recording and reporting requirements
  • Present and confirm documentation with clients to obtain client signature, authorisation and endorsement, ensuring legislative requirements are met
       
Element: Lodge tax documentation
  • Submit relevant tax documentation to the ATO within established timelines
  • Advise client of current tax obligations and that any advice from taxation authorities is to be followed
  • Respond to tax office enquiries and meet taxation audit requirements, when applicable, in timely manner
       


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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify taxation requirements for complex lodgements and returns

1.1 Identify and confirm suitability of legal entities within client's organisational structure

1.2 Conduct research to identify updates or additions to compliance requirements relevant to client's circumstances, and establish recording and reporting requirements

1.3 Determine client's tax documentation preparation requirements

2. Gather and analyse data relevant to client’s tax position

2.1 Identify and collect client data relevant to tax documentation requirements

2.2 Analyse data to extract relevant tax information and identify any discrepancies requiring verification or research for resolution

2.3 Obtain advice and guidance from specialist to evaluate and moderate decision processes

3. Prepare and present tax documentation

3.1 Calculate client's tax obligations, in accordance with legislative requirements and information gathering practices

3.2 Prepare tax documentation to comply with relevant Australian Taxation Office (ATO), legislative and organisational recording and reporting requirements

3.3 Present and confirm documentation with clients to obtain client signature, authorisation and endorsement, ensuring legislative requirements are met

4. Lodge tax documentation

4.1 Submit relevant tax documentation to the ATO within established timelines

4.2 Advise client of current tax obligations and that any advice from taxation authorities is to be followed

4.3 Respond to tax office enquiries and meet taxation audit requirements, when applicable, in timely manner

Evidence of the ability to:

research and critically evaluate new or changed legislative requirements and apply where relevant to the preparation of the client's tax documentation

provide taxation advice to clients in line with individual requirements

identify legal entity tax data required to calculate taxable income

prepare tax documentation for legal entities that complies with:

Australian taxation law and Australian Taxation Office (ATO) rulings and lodgement schedules

accounting principles and practices

organisational policy and procedures

present tax documentation to the client for verification and approval.

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

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

identify and explain ethical considerations and legislative requirements relevant to the preparation of tax documentation for legal entities, including:

conflict of interest

responsibilities of tax agents including Code of Professional Conduct obligations under the Tax Agent Services Act (TASA) and Tax Agent Services Regulations (TASR)

government tax policy documents issued by Reviews, Treasury and Board of Taxation

explanatory materials in relation to legislation

statutes

court and Administrative Appeals Tribunal decisions

Commissioner of Taxation's interpretive guidance in Rulings and Determinations

explain critical and key elements of Australian tax law as it relates to tax documentation for legal entities such as companies, trusts, partnerships and sole traders including:

the rules and principles of Australian tax law, with an understanding of the legal environment in which these principles operate, basics of the legal system, constitutional considerations and separation of powers

the key aspects of income tax law covering concepts of residence and source, related elements of international tax, assessable income, deductions, tax rebates and offsets, and tax accounting

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

goods and services tax (GST)

taxation aspects of superannuation law

administrative aspects of the taxes identified above including documentation, tax collection and withholding mechanisms, assessments, obligations, rulings, penalties and audits

specific and general anti-avoidance tax rules

describe the key sources of information and taxable transactions data required to calculate taxable income, including:

allowable deductions

capital gains

financial adjustments such as write-offs and revaluations

income

payments

purchases

superannuation payments

describe the key features of organisational policy and procedures relating to the preparation of tax documentation for legal entities

outline the key accounting principles and practices relevant to the preparation of tax documentation for the different types of legal entities.

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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify taxation requirements for complex lodgements and returns

1.1 Identify and confirm suitability of legal entities within client's organisational structure

1.2 Conduct research to identify updates or additions to compliance requirements relevant to client's circumstances, and establish recording and reporting requirements

1.3 Determine client's tax documentation preparation requirements

2. Gather and analyse data relevant to client’s tax position

2.1 Identify and collect client data relevant to tax documentation requirements

2.2 Analyse data to extract relevant tax information and identify any discrepancies requiring verification or research for resolution

2.3 Obtain advice and guidance from specialist to evaluate and moderate decision processes

3. Prepare and present tax documentation

3.1 Calculate client's tax obligations, in accordance with legislative requirements and information gathering practices

3.2 Prepare tax documentation to comply with relevant Australian Taxation Office (ATO), legislative and organisational recording and reporting requirements

3.3 Present and confirm documentation with clients to obtain client signature, authorisation and endorsement, ensuring legislative requirements are met

4. Lodge tax documentation

4.1 Submit relevant tax documentation to the ATO within established timelines

4.2 Advise client of current tax obligations and that any advice from taxation authorities is to be followed

4.3 Respond to tax office enquiries and meet taxation audit requirements, when applicable, in timely manner

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
Identify and collect client data relevant to tax documentation requirements 
Analyse data to extract relevant tax information and identify any discrepancies requiring verification or research for resolution 
Obtain advice and guidance from specialist to evaluate and moderate decision processes 
Identify and confirm suitability of legal entities within client's organisational structure 
Conduct research to identify updates or additions to compliance requirements relevant to client's circumstances, and establish recording and reporting requirements 
Determine client's tax documentation preparation requirements 
Identify and collect client data relevant to tax documentation requirements 
Analyse data to extract relevant tax information and identify any discrepancies requiring verification or research for resolution 
Obtain advice and guidance from specialist to evaluate and moderate decision processes 
Calculate client's tax obligations, in accordance with legislative requirements and information gathering practices 
Prepare tax documentation to comply with relevant Australian Taxation Office (ATO), legislative and organisational recording and reporting requirements 
Present and confirm documentation with clients to obtain client signature, authorisation and endorsement, ensuring legislative requirements are met 
Submit relevant tax documentation to the ATO within established timelines 
Advise client of current tax obligations and that any advice from taxation authorities is to be followed 
Respond to tax office enquiries and meet taxation audit requirements, when applicable, in timely manner 

Forms

Assessment Cover Sheet

FNSACC601 - Prepare and administer tax documentation for legal entities
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

FNSACC601 - Prepare and administer tax documentation for legal entities

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: