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Evidence Guide: FNSACC401A - 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

 

FNSACC401A - 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. The accounting system for taxation is accessed and correctly interpreted
  2. Adequate records to support the taxation accounting system are established and maintained
  3. Specific taxation requirements for business documents are complied with
The accounting system for taxation is accessed and correctly interpreted

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Adequate records to support the taxation accounting system are established and maintained

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Specific taxation requirements for business documents are complied with

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish and maintain a process for managing business tax returns

  1. An accounting system is established to manage taxation lodgements process
  2. Sufficient and current records are maintained to comply with lodgement requirements
  3. Lodgement schedule requirements are established and met
An accounting system is established to manage taxation lodgements process

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Sufficient and current records are maintained to comply with lodgement requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Lodgement schedule requirements are established and met

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Process business tax returns and lodgements

  1. Required returns and lodgements are identified and used appropriately
  2. Accounting data is processed to comply with taxation reporting requirements
  3. Returns and lodgements are drafted for review by authorised personnel
Required returns and lodgements are identified and used appropriately

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Accounting data is processed to comply with taxation reporting requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Returns and lodgements are drafted for review by authorised personnel

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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

Required Skills and Knowledge

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

Range Statement

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.