Course Title: Prepare tax documentation for individuals

Part A: Course Overview

Program: C5424 Diploma of Accounting

Course Title: Prepare tax documentation for individuals

Portfolio: Vocational Education

Nominal Hours: 80

Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

Terms

Course Code

Campus

Career

School

Learning Mode

Teaching Period(s)

ACCT5440C

City Campus

TAFE

525T Business & Enterprise

Face-to-Face or Internet

 Term2 2023,
Term1 2024

Course Contact: Doug Gourlay

Course Contact Phone: +61 3 9925 5944

Course Contact Email: doug.gourlay@rmit.edu.au



Course Description

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.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. This unit is designed to meet the education requirements of the Tax Practitioners Board (TPB). Users are advised to check with the relevant regulatory authorities to confirm those requirements.

Pre-requisite Courses and Assumed Knowledge and Capabilities

There is no pre-requisite for this unit.



National Competency Codes and Titles

National Element Code & Title:

FNSACC522 Prepare tax documentation for individuals

Elements:

1. Gather client income data and verify client, organisational and legislative requirements

2. Identify, record and present client's income tax documentation

3. Manage client's income tax documentation

Learning Outcomes


Overview of Assessment

In order to achieve competency in this unit, you must provide:

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

  • 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.

Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

  • 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.

Assessment Conditions

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

  • office equipment, technology, software and consumables required to prepare income tax documentation for individuals.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

This unit is designed to meet the education requirements of the Tax Practitioners Board (TPB). Where registration with the TPB is sought, assessment must reflect the conditions described by the regulator. Where recognition of prior learning (RPL) is used, it must also meet the requirements of the Board’s policy on RPL.

Details of requirements can be accessed on the TPB website at (http://www.tpb.gov.au) .

You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.

Feedback

Feedback will be provided throughout the semester in class and/or online discussions.  You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.

You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course.