This unit describes the skills and knowledge required to assess taxation liabilities, optimise tax positions, establish processes and plans, evaluate tax policies and review tax compliance for legal entities.  It applies to experienced individuals who use analytical and problem-solving skills to prepare plans and strategic advice for clients.

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:
FNSACC603

Prerequisites

FNSACC512 - Prepare tax documentation for individuals

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 and critically evaluate new or changed legislative requirements and apply where relevant to the preparation of the client's tax documentation; - identify legal entity's tax data required to calculate taxable income; - provide taxation advice to clients in line with individual requirements; - prepare tax documentation and tax plans for legal entities, and; - evaluate tax plan for compliance with legislative requirements.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 taxation 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; - outline the key accounting principles and practices relevant to preparation of tax documentation for the different types of legal entities; - discuss ethical considerations for the preparation of returns, including the Code of Professional Conduct's disclosure and confidentiality requirements, and; - outline financial management strategies used to optimise tax position.

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.