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

FNSACC601A Mapping and Delivery Guide
Prepare complex tax returns

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSACC601A - Prepare complex tax returns
Description This unit describes the performance outcomes, skills and knowledge required to identify taxation requirements for complex lodgements and returns, gather, analyse and process taxation related data to prepare taxation returns and lodgements, and review compliance.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 tax agents that must be met.
Employability Skills This unit contains employability skills.
Learning Outcomes and Application The unit applies to positions and job roles that are responsible for preparing complex tax returns such as accountants and tax specialists.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites FNSACC502A Prepare income tax returns for individuals
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: Identify taxation requirements for complex lodgements and returns
  • Organisational structure of the taxation entity is identified
  • Taxation parameters of the organisation are determined
  • Lodgement schedule requirements are established
       
Element: Gather and analyse taxation related data
  • Accounting reports relevant to taxation requirements are identified and collected
  • Accounting information is analysed to determine relevant taxation elements
       
Element: Process data and prepare tax returns and lodgements
  • Data is processed to comply with the relevant taxation format
  • Returns and lodgements are prepared in accordance with Australian Taxation Office (ATO) requirements
       
Element: Review taxation lodgement compliance
  • Lodgements and returns are submitted for authorisation by an approved person within the stated deadlines
  • Taxation preparation procedures are reviewed to determine their efficiency and effectiveness
  • Recommendations arising from the taxation lodgement review are made to enable more efficient organisational structures and procedures for taxation purposes
  • Tax office enquiries are responded to and taxation audit requirements met
       


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:

access, interpret and comply with ATO requirements

assess organisational structures and identify taxation requirements for complex lodgements and returns

gather and analyse complex taxation related data, process and prepare tax returns and lodgements

review taxation lodgement compliance.

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, 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

assessment requirements set by the Tax Practitioner's Board

verbal or written questioning on underpinning knowledge and skills

setting and reviewing business taxation simulations

evaluating samples of work.

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

well-developed communication skills to:

determine and confirm taxation preparation requirements and deal with clients, using questioning and active listening as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

highly developed research skills such as:

accessing and managing complex financial services information

accessing and interpreting complex taxation legislation documentation

literacy skills for analysing information needs and preparing clear written advice for clients and taxation lodgement documentation

well-developed numeracy skills for financial calculations and analysis

IT skills for developing and using integrated financial systems, spreadsheets and databases and using internet information

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

high level problem solving skills to identify any taxation issues that have the potential to impact on client services and to develop options to resolve these issues when they arise

organisational skills, including the ability to plan and sequence work and correctly schedule taxation lodgements

Required knowledge

detailed knowledge of formats required for submission of statutory returns

ethical considerations for the handling of returns such as:

conflict of interests

confidentiality

disclosure requirements

financial legislation such as:

taxable transactions

reporting requirements

income tax legislation

methods and principles of accrual accounting

options, methods and practices for deductions, benefits and depreciation

principles of internal control including statutory requirements

principles of valuation and common methods of depreciation

range of acceptable practices required to obtain deductions under relevant tax legislation such as:

Capital Gains Tax (CGT)

income tax

State and Commonwealth government taxes and charges

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 may 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.

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 may include:

capital expenditure

cash flow statements

depreciation schedules

financial expenses

payroll

statement of financial performance

statement of financial position.

Returns and lodgements may include:

annual returns

Business Activity Statement (BAS)

Fringe Benefits Tax (FBT)

payroll tax

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
Organisational structure of the taxation entity is identified 
Taxation parameters of the organisation are determined 
Lodgement schedule requirements are established 
Accounting reports relevant to taxation requirements are identified and collected 
Accounting information is analysed to determine relevant taxation elements 
Data is processed to comply with the relevant taxation format 
Returns and lodgements are prepared in accordance with Australian Taxation Office (ATO) requirements 
Lodgements and returns are submitted for authorisation by an approved person within the stated deadlines 
Taxation preparation procedures are reviewed to determine their efficiency and effectiveness 
Recommendations arising from the taxation lodgement review are made to enable more efficient organisational structures and procedures for taxation purposes 
Tax office enquiries are responded to and taxation audit requirements met 

Forms

Assessment Cover Sheet

FNSACC601A - Prepare complex tax returns
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

FNSACC601A - Prepare complex tax returns

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: