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

FNSACCT603B Mapping and Delivery Guide
Implement tax plans and evaluate tax compliance

Version 1.0
Issue Date: March 2024


Qualification -
Unit of Competency FNSACCT603B - Implement tax plans and evaluate tax compliance
Description This unit covers the competency to implement tax plans and evaluate tax compliance.This unit covers the competency to implement tax plans and evaluate tax compliance.
Employability Skills The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary for the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements.The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary for the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements.
Learning Outcomes and Application This unit requires the application of skills and knowledge required to implement tax plans and to evaluate organisations taxation compliance. The unit encompasses assessing taxation liabilities, optimising tax position, establishing processes and plans, evaluating tax policies and reviewing taxation compliance. The unit can be applied across the financial services sector, and is appropriate for a person with suitable qualifications and experience such as an accountant and taxation specialist that is responsible for implementing tax plans and evaluating compliance with taxation requirements. This unit requires the application of skills and knowledge required to implement tax plans and to evaluate organisations taxation compliance. The unit encompasses assessing taxation liabilities, optimising tax position, establishing processes and plans, evaluating tax policies and reviewing taxation compliance. The unit can be applied across the financial services sector, and is appropriate for a person with suitable qualifications and experience such as an accountant and taxation specialist that is responsible for implementing tax plans and evaluating compliance with taxation requirements.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites Not applicable.
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: Assess tax liabilities
  • Organisational and operational tax liabilities are identified by analysis of external and internal taxable transactions
  • History and trends in obligations arising from organisational transactions are quantified using standard accounting techniques
  • Data from transactions are analysed to resolve ambiguities and determine the nature of taxation options
  • Effects of taxes are analysed and scheduled by assessing methods of determination, tax bases and timing of incidence
       
Element: Optimise tax positions
  • Implications of obligations on operations and structures are assessed to develop a range of treatments and responses
  • Financial management strategies are developed to ensure the alignment of cash flow with incidence and schedules of tax payments
  • Trends in tax liabilities are analysed and monitored to develop a history of obligations and compliance
       
Element: Establish processes and plans
  • Management plans and record keeping systems are developed to implement financial management strategies and ensure the maintenance of an audit trail
  • Management processes are documented to ensure they promote standard application of compliance requirements
  • Taxation liabilities are derived from income and expenditure estimates using standard accounting techniques
  • Budgets are prepared in accordance with estimates and reviewed to ensure ongoing relevance of liability estimates
       
Element: Evaluate tax policies
  • Variances between liabilities and taxation plans are analysed to identify errors in tax strategies
  • Performance of tax liabilities in similar or related organisations and operations are monitored and evaluated to measure tax effectiveness and prepare benchmarks and standards
  • Data is reviewed for accuracy, completeness and reliability of assumptions in liability projections
       
Element: Review tax compliance
  • The achievement of performance indicators is assessed and reviewed against key result areas
  • Taxation preparation processes are monitored and reviewed in line with professional taxation and accounting standards requirements
  • Failures in compliance are analysed to diagnose shortcomings and to remedy processes in line with taxation authorities' requirements
       


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.

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.

Delivery/assessment relationship to other units:

Prerequisite units:

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 and/or 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 personal/financial 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.


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 KNOWLEDGE&SKILLS

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

The Range Statement relates to the unit of competency as a whole. It allows for different work environments and situations that will affect performance.

The following variables 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. If bold italicised text is shown in Performance Criteria, details of the text are provided in the Range Statement.

Tax liabilities may include:

State Government charges (eg payroll taxes)

income tax (including corporate tax and Capital Gains Tax)

Fringe Benefits Tax (FBT)

superannuation requirements

instalments

withholdings

luxury car tax

wine equalisation tax

Taxable transactions may include:

income

purchases

payments

capital gains

superannuation payments

financial adjustments (eg write-offs, revaluations)

allowable deductions

Obligations may include:

lodgement dates

supporting documentation

explanatory statements

repayment schedules

Standard accounting techniques may include:

discounted cash flows

deprival asset valuations

rates of return

pay back periods

impact statements

pro-rata and percentage apportionment

direct allocation

forecasting techniques

Data may include:

budgets and forecasts

financial statements and reports

market valuations

Australian Bureau of Statistics (ABS) economic data

financial markets monitoring services (eg Reuters)

credit ratings

revenue and sales

Methods of determination may include:

income assessment

forecasted income

superannuation contributions

fringe benefits assessments

sales receipts

investment income

Tax bases may include:

employees

revenue gathering practices

superannuation

salaries

Financial management strategies may include:

cost recoveries

budget absorption

purchases

adjustment of borrowings

asset liquidation

long term investments

Record keeping systems may include:

invoices

purchase orders

requisitions

receipts

periodic updates (eg daily, transaction based, monthly)

centralised and decentralised recording

classification by account type

classification by account performance

recording authorities

Management processes may include:

decision making authorities

expenditure authorities

signature approvals

program responsibilities

lending approvals

Variances may include:

budget expenditures

profits and losses

rate of investment returns

unit costs

Assumptions may include:

expenditure limits

productivity levels

cash and business returns

market share growth

competitors' behaviour

regulatory stability

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 and operational tax liabilities are identified by analysis of external and internal taxable transactions 
History and trends in obligations arising from organisational transactions are quantified using standard accounting techniques 
Data from transactions are analysed to resolve ambiguities and determine the nature of taxation options 
Effects of taxes are analysed and scheduled by assessing methods of determination, tax bases and timing of incidence 
Implications of obligations on operations and structures are assessed to develop a range of treatments and responses 
Financial management strategies are developed to ensure the alignment of cash flow with incidence and schedules of tax payments 
Trends in tax liabilities are analysed and monitored to develop a history of obligations and compliance 
Management plans and record keeping systems are developed to implement financial management strategies and ensure the maintenance of an audit trail 
Management processes are documented to ensure they promote standard application of compliance requirements 
Taxation liabilities are derived from income and expenditure estimates using standard accounting techniques 
Budgets are prepared in accordance with estimates and reviewed to ensure ongoing relevance of liability estimates 
Variances between liabilities and taxation plans are analysed to identify errors in tax strategies 
Performance of tax liabilities in similar or related organisations and operations are monitored and evaluated to measure tax effectiveness and prepare benchmarks and standards 
Data is reviewed for accuracy, completeness and reliability of assumptions in liability projections 
The achievement of performance indicators is assessed and reviewed against key result areas 
Taxation preparation processes are monitored and reviewed in line with professional taxation and accounting standards requirements 
Failures in compliance are analysed to diagnose shortcomings and to remedy processes in line with taxation authorities' requirements 

Forms

Assessment Cover Sheet

FNSACCT603B - Implement tax plans and evaluate tax compliance
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

FNSACCT603B - Implement tax plans and evaluate tax compliance

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: