This unit describes the skills and knowledge required to prepare non-complex income tax returns for individuals in line with statutory requirements. It 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 the education requirements of the Tax Practitioner Board (TPB). Refer to the FNS Financial Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on regulatory requirements.

Unit details

Study level:
Vocational and further education (TAFE)
Unit code:
FNSACC512

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 relating to the preparation of client non-complex income tax documentation; - identify client data required to calculate taxable income; - prepare client tax documentation, 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: - ethical considerations and legislative requirements required to prepare non-complex income tax documentation for individual taxpayers; - key elements of Australian tax law as they relate to income tax documentation for individual taxpayers; - key sources of information and data required to calculate taxable income; - key features of organisational policies and procedures required to prepare non-complex income tax documentation for individual taxpayers, and; - key accounting principles and practices required to prepare non-complex income tax documentation for individual taxpayers.

Where to next?

As part of a course

This unit is studied as part of the following courses. 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.