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:
- maintain accounting records for taxation purposes;
- establish and maintain an administrative process for managing business taxation returns, excluding income tax, and;
- prepare and process business taxation returns using validated data according to Australian taxation requirements.Students will also be expected to demonstrate the following knowledge:
- key requirements of Australian Taxation Office (ATO) and legislation relating to business taxation returns;
- accounting terminology used when processing business taxation requirements, including terminology found in: business activity statements; fringe benefits tax (FBT); pay as you go (PAYG) tax; company tax; wine equalisation tax; luxury car tax; payroll tax and stamp duty;
- key ATO and organisational requirements for tax lodgement schedules;
- key administrative procedures in a financial services organisation or business unit relating to taxation accounting, and;
- records, and lodgements and returns.