FNSACC601 - Prepare and administer tax documentation for legal entities

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.