This unit (FNSACC601) 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.
Unit details
Location:
Study level:
Vocational and further education (TAFE)
Unit code:
FNSACC601
Prerequisites
FNSACC512 - Prepare tax documentation for individuals
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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;
- 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.
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.
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