FNSACC601 - Prepare and administer tax documentation for legal entities

Unit code: FNSACC601 | Study level: TAFE

Credit points

N/A

Location

Footscray Nicholson

Prerequisites

FNSACC512 - Prepare tax documentation for individuals

(Or equivalent to be determined by unit coordinator)

Overview

This unit describes the skills and knowledge required to identify taxation requirements for complex lodgements and returns for legal entities. It involves gathering, analysing and processing taxation related data to prepare tax documentation, and to review and apply compliance requirements. It applies to individuals who use specialised knowledge and systematic approaches and who 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.

Assessment

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, and; organisational policy and procedures, and;
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;
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;
describe the key sources of information and taxable transactions data required to calculate taxable income;
describe the key features of organisational policy and procedures relating to the preparation of tax documentation for legal entities, and;
outline the key accounting principles and practices relevant to the preparation of tax documentation for the different types of legal entities.

Required reading

The qualified trainer and assessor will provide teaching and learning materials as required in the form of workbooks produced by the Polytechnic and/or via the Polytechnic e-learning system.

As part of a course

This unit is studied as part of the following course(s):

Diploma of Accounting

FNS50217

Tax Law for Tax Agents Skill Set (Tax documentation)

FNSSS00008

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.