FNSACC522 - Prepare tax documentation for individuals

Unit code: FNSACC522 | Study level: TAFE
Nominal hours:
80
Location
Footscray Nicholson
Prerequisites
N/A
Overview
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Overview

This unit describes the skills and knowledge required to prepare income tax returns for individuals in line with statutory requirements. It involves gathering and verifying data, calculating taxable income, and reviewing compliance requirements.The unit applies to individuals who use systematic approaches and follow specific guidelines to ensure compliance requirements are met.

Assessment

For Melbourne campuses

Assessment tasks will be designed to reinforce & extend knowledge and skill competence within set & controlled parameters in accordance with each units learning outcomes & performance criteria requirements, including the setting of work based practical application tasks designed to provide evidence of competence outcomes, within periodic and scheduled timelines.

Students will be expected to demonstrate the following required skills:

  • prepare income tax documentation for at least two different clients.
    In the course of the above, the candidate must:
  • comply with statutory regulations and requirements
  • provide advice to each client on at least two different tax obligations and gain client approval
  • research, critically evaluate and apply legislative requirements
  • identify client data required to prepare tax documentation
  • prepare client tax documentation that complies with Australian taxation law and Australian Taxation Office (ATO) rulings, accounting principles and practices, organisational policies and procedures.

Students will also be expected to demonstrate the following knowledge:

  • financial legislative and statutory requirements relating to taxable transactions and reporting requirements
  • ethical considerations and legislative requirements related to preparing income tax documentation for clients, including:
  • conflicts of interest
  • responsibilities of tax agents, including code of professional conduct obligations under the Tax Agent Services Act (TASA) and Tax Agent Services Regulations (TASR)
  • key elements of Australian tax law as they relate to income tax documentation for individuals, including:
  • rules and principles of Australian tax law, and the legal environment in which these principles operate
  • features of the legal system, constitutional considerations, and separation of powers relevant to preparing income tax documentation
  • key aspects of the income tax law covering concepts of:
  • residence and source
  • related elements of international tax
  • assessable income
  • deductions, including general, specific, and decline in value
  • tax rebates and offsets
  • tax accounting
  • income test definitions that include reportable superannuation and fringe benefits tax (FBT)
  • key aspects of principles and application of capital gains tax (CGT), FBT and employment termination payment (ETP) rules for individuals
  • basic concept of goods and services tax (GST) and the treatment of income tax
  • administrative aspects of the taxes identified above, including documentation, tax collection and withholding mechanisms, assessments, obligations, rulings, penalties and audits
  • specific and general anti-avoidance tax rules for individuals
  • key sources of information and data required to calculate taxable income
  • organisational policies and procedures required to prepare income tax documentation for individuals
  • key accounting principles and practices required to prepare income tax documentation for individual taxpayers.

Required reading

The qualified trainer and assessor will provide teaching and learning materials as required in the form of workbooks produced by Victoria University and/or via the Victoria University e-learning system.

As part of a course

This unit is studied as part of the following course(s):

Diploma of Accounting
FNS50222 | Diploma | Duration:
Tax Law for Tax Agents Skill Set (Tax documentation)
FNSSS00008 | Non-award course | Duration: 20 weeks

Refer to the course page for information on how to apply for the course. VU takes care to ensure the accuracy of this unit information, but reserves the right to change or withdraw courses offered at any time. Please check that unit information is current with the Student Contact Centre.

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