FNSACC601 - Prepare and administer tax documentation for legal entities

Unit code: FNSACC601 | Study level: TAFE

Credit points

N/A

Location

Footscray Nicholson

Prerequisites

FNSACC512 - Prepare tax documentation for individuals; or

FNSACC522 - Prepare tax documentation for individuals

(Or equivalent to be determined by unit coordinator)

Overview

This unit describes the skills and knowledge required to identify taxation requirements for complex lodgements and returns for legal entities. It involves gathering, analysing and processing taxation related data to prepare tax documentation, and to review and apply compliance requirements. It applies to individuals who use specialised knowledge and systematic approaches and who follow specific guidelines to ensure compliance requirements are met. Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. This unit is designed to meet educational requirements of the Tax Practitioner Board (TPB). Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

Assessment

For Melbourne campuses

Assessment tasks will be designed to reinforce and extend knowledge and skill competence within set and controlled parameters in accordance with each unit’s learning outcomes and 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:

research and critically evaluate new or changed legislative requirements and apply where relevant to the preparation of the client's tax documentation
provide taxation advice to clients in line with individual requirements
identify legal entity tax data required to calculate taxable income
prepare tax documentation for legal entities that complies with:

Australian taxation law and Australian Taxation Office (ATO) rulings and lodgement schedules
accounting principles and practices
organisational policy and procedures

present tax documentation to the client for verification and approval.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Students will also be expected to demonstrate the following knowledge:

identify and explain ethical considerations and legislative requirements relevant to the preparation of tax documentation for legal entities, including:

conflict 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)
government tax policy documents issued by Reviews, Treasury and Board of Taxation
explanatory materials in relation to legislation
statutes
court and Administrative Appeals Tribunal decisions
Commissioner of Taxation's interpretive guidance in Rulings and Determinations

explain critical and key elements of Australian tax law as it relates to tax documentation for legal entities such as companies, trusts, partnerships and sole traders including:

the rules and principles of Australian tax law, with an understanding of the legal environment in which these principles operate, basics of the legal system, constitutional considerations and separation of powers
the key aspects of income tax law covering concepts of residence and source, related elements of international tax, assessable income, deductions, tax rebates and offsets, and tax accounting
the key aspects of taxes that extend the ordinary income tax base, including relevant principles and application of the capital gains tax (CGT) and fringe benefits tax (FBT) rules
goods and services tax (GST)
taxation aspects of superannuation law
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

describe the key sources of information and taxable transactions data required to calculate taxable income, including:

allowable deductions
capital gains
financial adjustments such as write-offs and revaluations
income
payments
purchases
superannuation payments

describe the key features of organisational policy and procedures relating to the preparation of tax documentation for legal entities
outline the key accounting principles and practices relevant to the preparation of tax documentation for the different types of legal entities.

Required reading

The qualified trainer and assessor will provide teaching and learning materials as required in the form of workbooks produced by the Polytechnic and/or via the Polytechnic 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.