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Evidence Guide: FNSACC601A - Prepare complex tax returns

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

 

FNSACC601A - Prepare complex tax returns

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

Identify taxation requirements for complex lodgements and returns

  1. Organisational structure of the taxation entity is identified
  2. Taxation parameters of the organisation are determined
  3. Lodgement schedule requirements are established
Organisational structure of the taxation entity is identified

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Taxation parameters of the organisation are determined

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Lodgement schedule requirements are established

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Gather and analyse taxation related data

  1. Accounting reports relevant to taxation requirements are identified and collected
  2. Accounting information is analysed to determine relevant taxation elements
Accounting reports relevant to taxation requirements are identified and collected

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Accounting information is analysed to determine relevant taxation elements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Process data and prepare tax returns and lodgements

  1. Data is processed to comply with the relevant taxation format
  2. Returns and lodgements are prepared in accordance with Australian Taxation Office (ATO) requirements
Data is processed to comply with the relevant taxation format

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Returns and lodgements are prepared in accordance with Australian Taxation Office (ATO) requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review taxation lodgement compliance

  1. Lodgements and returns are submitted for authorisation by an approved person within the stated deadlines
  2. Taxation preparation procedures are reviewed to determine their efficiency and effectiveness
  3. Recommendations arising from the taxation lodgement review are made to enable more efficient organisational structures and procedures for taxation purposes
  4. Tax office enquiries are responded to and taxation audit requirements met
Lodgements and returns are submitted for authorisation by an approved person within the stated deadlines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Taxation preparation procedures are reviewed to determine their efficiency and effectiveness

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Recommendations arising from the taxation lodgement review are made to enable more efficient organisational structures and procedures for taxation purposes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Tax office enquiries are responded to and taxation audit requirements met

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:

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

Required Skills and Knowledge

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

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.

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