This unit describes the skills and knowledge required to prepare non-complex income tax returns for individuals in accordance with statutory requirements, and encompasses gathering and verifying data, calculating taxable income and reviewing compliance requirements.  It 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 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.

Unit details

Study level:
Vocational and further education (TAFE)
Unit code:
FNSACC502

Assessment

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, critically evaluate and apply new or changed legislative requirements and apply where relevant to the preparation of the client's tax documentation; - identify client data required to calculate taxable income; - prepare tax documentation for an individual that complies with: Australian taxation law and Australian Taxation Office (ATO) rulings; accounting principles and practices, and; organisational policy and procedures, and; - provide advice to client on tax documentation presented and obtain 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 individual taxpayers; - identify and explain the following key elements of Australian tax law as it relates to tax documentation for individual taxpayers: the rules and principles of Australian tax law including an understanding of the legal environment in which these principles operate, basics of the legal system, constitutional considerations and separation of powers, and; key aspects of the income tax law; - describe the key sources of information and data required to calculate taxable income; - describe the key features of organisational policy and procedures relating to the preparation of tax documentation for individual taxpayers, and; - outline the key accounting principles and practices relevant to the preparation of tax documentation for individual taxpayers.

Where to next?

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