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Evidence Guide: FNSACC401 - Process business tax requirements

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSACC401 - Process business tax requirements

What evidence can you provide to prove your understanding of each of the following citeria?

Maintain accounting records for taxation purposes

  1. Access and correctly interpret taxation accounting system
  2. Establish and maintain adequate records to support taxation accounting system
  3. Comply with specific taxation requirements for business documents
Access and correctly interpret taxation accounting system

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish and maintain adequate records to support taxation accounting system

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Comply with specific taxation requirements for business documents

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish and maintain process for managing business tax returns

  1. Establish accounting process to manage taxation lodgements process
  2. Maintain sufficient and current records to comply with lodgement requirements
  3. Establish and meet lodgement schedule requirements
Establish accounting process to manage taxation lodgements process

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain sufficient and current records to comply with lodgement requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish and meet lodgement schedule requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Process business tax returns and lodgements

  1. Identify and appropriately use required returns and lodgements
  2. Process accounting data to comply with taxation reporting requirements
  3. Draft returns and lodgements for review by authorised personnel
Identify and appropriately use required returns and lodgements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Process accounting data to comply with taxation reporting requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Draft returns and lodgements for review by authorised personnel

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Maintain accounting records for taxation purposes

1.1 Access and correctly interpret taxation accounting system

1.2 Establish and maintain adequate records to support taxation accounting system

1.3 Comply with specific taxation requirements for business documents

2. Establish and maintain process for managing business tax returns

2.1 Establish accounting process to manage taxation lodgements process

2.2 Maintain sufficient and current records to comply with lodgement requirements

2.3 Establish and meet lodgement schedule requirements

3. Process business tax returns and lodgements

3.1 Identify and appropriately use required returns and lodgements

3.2 Process accounting data to comply with taxation reporting requirements

3.3 Draft returns and lodgements for review by authorised personnel

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Maintain accounting records for taxation purposes

1.1 Access and correctly interpret taxation accounting system

1.2 Establish and maintain adequate records to support taxation accounting system

1.3 Comply with specific taxation requirements for business documents

2. Establish and maintain process for managing business tax returns

2.1 Establish accounting process to manage taxation lodgements process

2.2 Maintain sufficient and current records to comply with lodgement requirements

2.3 Establish and meet lodgement schedule requirements

3. Process business tax returns and lodgements

3.1 Identify and appropriately use required returns and lodgements

3.2 Process accounting data to comply with taxation reporting requirements

3.3 Draft returns and lodgements for review by authorised personnel

Evidence of the ability to:

maintain accounting records for taxation purposes

establish and maintain an administrative process for managing business taxation returns

prepare and process business taxation returns according to Australian taxation requirements.

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 describe the key Australian Taxation Office (ATO) and legislative requirements for business taxation returns

identify and accurately explain a range of accounting terminology

outline requirements for lodgement schedules

describe the key administrative procedures in a financial services organisation or business unit.