FNSACC601 Prepare and administer tax

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ASSESSMENT INFORMATION for students

Throughout your training we are committed to your learning by providing a training and assessment framework that ensures the knowledge gained through training is translated into practical on the job improvements.

You are going to be assessed for:

• Your skills and knowledge using written and observation activities that apply to the workplace.
• Your ability to apply your learning.
• Your ability to recognise common principles and actively use these on the job.

All of your assessment and training is provided as a positive learning tool. Your assessor will guide your learning and provide feedback on your responses to the assessment materials until you have been deemed competent in this unit.

HOW YOU WILL BE ASSESSED

The process we follow is known as competency-based assessment. This means that evidence of your current skills and knowledge will be measured against national standards of best practice, not against the learning you have undertaken either recently or in the past. Some of the assessment will be concerned with how you apply your skills and knowledge in the workplace, and some in the training room as required by each unit.

The assessment tasks have been designed to enable you to demonstrate the required skills and knowledge and produce the critical evidence to successfully demonstrate competency at the required standard.

Your assessor will ensure that you are ready for assessment and will explain the assessment process. Your assessment tasks will outline the evidence to be collected and how it will be collected, for example; a written activity, case study, or demonstration and observation.

The assessor will also have determined if you have any special needs to be considered during assessment. Changes can be made to the way assessment is undertaken to account for special needs and this is called making Reasonable Adjustment.

What happens if your result is ‘Not Yet Competent’ for one or more assessment tasks?

Our assessment process is designed to answer the question “has the desired learning outcome been achieved yet?” If the answer is “Not yet”, then we work with you to see how we can get there.

In the case that one or more of your assessments has been marked ‘NYC’, your trainer will provide you with the necessary feedback and guidance, in order for you to resubmit your responses.

What if you disagree on the assessment outcome?

You can appeal against a decision made in regard to your assessment. An appeal should only be made if you have been assessed as ‘Not Yet Competent’ against a specific unit and you feel you have sufficient grounds to believe that you are entitled to be assessed as competent. You must be able to adequately demonstrate that you have the skills and experience to be able to meet the requirements of units you are appealing the assessment of.

Your trainer will outline the appeals process, which is available to the student. You can request a form to make an appeal and submit it to your trainer, the course coordinator, or the administration officer. The RTO will examine the appeal and you will be advised of the outcome within 14 days. Any additional information you wish to provide may be attached to the appeal form.

What if I believe I am already competent before training?

If you believe you already have the knowledge and skills to be able to demonstrate competence in this unit, speak with your trainer, as you may be able to apply for Recognition of Prior Learning (RPL).

Assessor Responsibilities

Assessors need to be aware of their responsibilities and carry them out appropriately. To do this they need to:

• Ensure that participants are assessed fairly based on the outcome of the language, literacy and numeracy review completed at enrolment.
• Ensure that all documentation is signed by the student, trainer, workplace supervisor and assessor when units and certificates are complete, to ensure that there is no follow-up required from an administration perspective.
• Ensure that their own qualifications are current.
• When required, request the manager or supervisor to determine that the student is ‘satisfactorily’ demonstrating the requirements for each unit. ‘Satisfactorily’ means consistently meeting the standard expected from an experienced operator.
• When required, ensure supervisors and students sign off on third party assessment forms or third party report.
• Follow the recommendations from moderation and validation meetings.

How should I format my assessments?

Your assessments should be typed in a 11 or 12 size font for ease of reading. You must include a footer on each page with the student name, unit code and date. Your assessment needs to be submitted as a hardcopy or electronic copy as requested by your trainer.

How long should my answers be?

The length of your answers will be guided by the description in each assessment, for example:

Type of Answer	Answer Guidelines
Short Answer	4 typed lines = 50 words, or 5 lines of handwritten text
Long Answer	8 typed lines = 100 words, or 10 lines of handwritten text = of a foolscap page
Brief Report	500 words = 1 page typed report, or 50 lines of handwritten text = 1foolscap handwritten pages
Mid Report	1,000 words = 2 page typed report 100 lines of handwritten text = 3 foolscap handwritten pages
Long Report	2,000 words = 4 page typed report 200 lines of handwritten text = 6 foolscap handwritten pages

How should I reference the sources of information I use in my assessments?

Include a reference list at the end of your work on a separate page. You should reference the sources you have used in your assessments in the Harvard Style. For example:

Website Name – Page or Document Name, Retrieved insert the date. Webpage link.

For a book: Author surname, author initial Year of publication, Title of book, Publisher, City, State

assessment guide

The following table shows you how to achieve a satisfactory result against the criteria for each type of assessment task. The following is a list of general assessment methods that can be used in assessing a unit of competency. Check your assessment tasks to identify the ones used in this unit of competency.

Assessment Method	Satisfactory Result	Non-Satisfactory Result
You will receive an overall result of Competent or Not Yet Competent for the unit. The assessment process is made up of a number of assessment methods. You are required to achieve a satisfactory result in each of these to be deemed competent overall. Your assessment may include the following assessment types.
Questions	All questions answered correctly	Incorrect answers for one or more questions
Answers address the question in full; referring to appropriate sources from your workbook and/or workplace	Answers do not address the question in full. Does not refer to appropriate or correct sources.
Third Party Report	Supervisor or manager observes work performance and confirms that you consistently meet the standards expected from an experienced operator	Could not demonstrate consistency. Could not demonstrate the ability to achieve the required standard
Written Activity	The assessor will mark the activity against the detailed guidelines/instructions	Does not follow guidelines/instructions
Attachments if requested are attached	Requested supplementary items are not attached
All requirements of the written activity are addressed/covered.	Response does not address the requirements in full; is missing a response for one or more areas.
Responses must refer to appropriate sources from your workbook and/or workplace	One or more of the requirements are answered incorrectly. Does not refer to or utilise appropriate or correct sources of information
Observation/Demonstration	All elements, criteria, knowledge and performance evidence and critical aspects of evidence, are demonstrated at the appropriate AQF level	Could not demonstrate elements, criteria, knowledge and performance evidence and/or critical aspects of evidence, at the appropriate AQF level
Case Study	All comprehension questions answered correctly; demonstrating an application of knowledge of the topic case study.	Lack of demonstrated comprehension of the underpinning knowledge (remove) required to complete the case study questions correctly. One or more questions are answered incorrectly.
Answers address the question in full; referring to appropriate sources from your workbook and/or workplace	Answers do not address the question in full; do not refer to appropriate sources.
Practical Activity	All tasks in the practical activity must be competed and evidence of completion must be provided to your trainer/assessor. All tasks have been completed accurately and evidence provided for each stated task.	Tasks have not been completed effectively and evidence of completion has not been provided.
Attachments if requested are attached	Requested supplementary items are not attached

Assessment cover sheet

Assessment Cover Sheet
Student’s Name:		USI:
Assessor’s Name:		Date Submitted:
The following questions are to be completed by the assessor:
Is the Student ready for assessment?	Yes	No
Has the assessment process been explained?	Yes	No
Does the Student understand which evidence is to be collected and how?	Yes	No
Have the Student’s rights and the appeal system been fully explained?	Yes	No
Have you discussed any special needs to be considered during assessment?	Yes	No
The following documents must be completed and attached:
 Written Activity and Checklist The student will complete the written activity provided to them by the assessor. The Written Activity Checklist will be completed by the assessor.	S	NYS
 Research Checklist The Student will complete the research project provided to them in detail. The research and Presentation Checklist will be completed by the assessor.	S	NYS
 Questions and Questions Checklist The student will answer a range of questions either verbally or written. The Questioning Checklist will be completed by the assessor.	S	NYS
Student Declaration
I agree to undertake assessment in the knowledge that information gathered will only be used for professional development purposes and can only be accessed by the RTO
I declare that:  The material I have submitted is my own work;  I have kept a copy of all relevant notes and reference material that I used in the production of my work;  I have given references for all sources of information that are not my own, including the words, ideas and images of others.
Student Signature:		Date:
Result and Feedback
Feedback to Student
Overall Outcome Competent Not yet Competent
Assessor Signature:		Date:

written activity

For this assessment, you will need to perform the following tasks.

You will require access to the following for this activity:

• Common office equipment, technology, software and consumables
• An integrated financial software system and data

Your task is to read the following scenario and complete a full tax return for this client.

Scenario:

A new client Stephen John Murphy has arrived at your office. Your receptionist has greeted him, provided him with coffee and has ushered him into the interview room. During the initial interview you identify that he is a sole trader and needs to lodge a tax return. The following information is provided by Stephen:

• He is an Australian resident
• Has not changed his name since the last return
• DOB: 15/12/1975
• Address: 15 Kangaroo Lane, Bentmore Victora 8888
• Post address: PO Box 555 Bentmore Victoria 8888
• TFN: 666 666 666
• ABN: 12 222 222 222
• Ph: 03 555 5555
• Sales for the year: $294,423
• Expenditure: $262,452
• Personal drawings: $32,000
• Stephen also received income from a rental property of $$22,000
• Stephen paid mortgage payments on his rental property at $256 per week
• Stephen had repairs to his rental property totaling $2,435
• Insurance for rental property: $374
• Bank interest: $231
• Stephen is registered for GST
• Stephen purchased a new laptop computer and telephone for work purposes. $2500 and $1250 respectively
• Stephen has $12,400 outstanding for debtors
• Stephen has $2,300 outstanding to creditors
• Private health insurance: Yes with no loading
• Stephen received a box seat at the Football from a client with a value of $2000

Now you must complete the following activities:

Task 1

Create a checklist that would assist you to with identifying all the relevant details from your client.

Task 2

Create a cash flow summary for Stephen

Task 3

Create a depreciation schedule for Stephen

Task 4

Create a profit and loss statement for Stephen

Task 5

Create a balance sheet for Stephen

Task 6

Answer the following questions:

1. What rate of tax should Stephen be paying?
2. What is his charge for the Medicare levy and surcharge?
3. What superannuation should Stephen have received?
4. What was Stephen’s assessable income?
5. What was Stephen’s tax payable or refund amount?
6. Did Stephen have any fringe benefits? If so what were they?
7. How would you calculate the fringe benefits for reporting purposes?
8. Is there any payroll tax due or paid?

Task 7

Create a BAS for Stephen for 12 months.

Task 8

Lodge Stephens taxation electronically (include a copy with your assessment)

Task 9

Write a short summary of the financial position for Stephen

You will need to answer all the above questions and address each point for competency in this unit. You must ensure you provide copies of each item above to your trainer.

After you have completed this activity you will have to hand it in.

Written Activity Checklist

Written Activity Checklist
For this assessment, the student must complete the written activity. The written activity is a stand-alone activity that will allow the student to display the required knowledge and skills that are essential when deciding overall competency.
Student’s name:
Assessor’s name:
	Has the student satisfactorily completed the written activity?
Yes	No
Did the Student provide evidence of their ability to:
Create a checklist that would assist you to with identifying all the relevant details from your client.		
Create a cash flow summary for Stephen		
Create a depreciation schedule for Stephen		
Create a profit and loss statement for Stephen		
Create a balance sheet for Stephen		
Answer the following questions:
What rate of tax should Stephen be paying?		
What is his charge for the Medicare levy and surcharge?		
What superannuation should Stephen have received?		
What was Stephen’s assessable income?		
What was Stephen’s tax payable or refund amount?		
Did Stephen have any fringe benefits? If so what were they?		
How would you calculate the fringe benefits for reporting purposes?		
Is there any payroll tax due or paid?		
Create a BAS for Stephen for 12 months.		
Lodge Stephens taxation electronically (include a copy with your assessment)		
Write a short summary of the financial position for Stephen		
Feedback to Student:
Result  Satisfactory  Not Yet Satisfactory
Assessor’s Signature:	Date:

Research activity

For this task you must research each of the following topics, and complete a detailed report on your findings. Your report will need to be completed and submitted in a professional, word processed, format. The report must be 1000 words minimum in length. The research topics are:

1. Identify and explain ethical considerations and legislative requirements relevant to the preparation of tax documentation for legal entities, including:
   1. Conflict of interest
   2. Responsibilities of tax agents including code of professional conduct obligations under the tax agent services act (TASA) and tax agent services regulations (TASR)
   3. Government tax policy documents issued by reviews, treasury and board of taxation
   4. Explanatory materials in relation to legislation
   5. Statutes
   6. Court and administrative appeals tribunal decisions
   7. Commissioner of taxation’s interpretive guidance in rulings and determinations
2. 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:
   1. 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
   2. 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
   3. Goods and services tax (GST)
   4. Taxation aspects of superannuation law
   5. Administrative aspects of the taxes identified above including documentation, tax collection and withholding mechanisms, assessments, obligations, rulings, penalties and audits
   6. Specific and general anti-avoidance tax rules
3. Describe the key sources of information and taxable transactions data required to calculate taxable income, including:
   1. Allowable deductions
   2. What are Capital gains and how are they calculated or identified?
   3. Financial adjustments such as write-offs and revaluations
   4. Income
   5. Payments
   6. Purchases
   7. Superannuation payments
4. Describe the key features of organisational policy and procedures relating to the preparation of tax documentation for legal entities
5. Outline the key accounting principles and practices relevant to the preparation of tax documentation for two different types of legal entities.

Research activity checklist

*Multiple copies of the checklist will need to be printed if the observation is to be observed more than once.

	S	NYS
For this assessment, you must complete the following research and presentation activity. The research activity is a stand-alone activity that is assessed separately to the activities that form the evidence portfolio. The research activity will allow the learner to display required knowledge and skills that are essential when contextualising overall competency. This assessment checklist corresponds with Research Activity. For details on how to complete and contextualise competency for the written activity, please refer to the assessor guide.
Learner’s name:
Assessor’s name:
	Has the student satisfactorily completed the written activity?
Yes	No
Did the Learner provide evidence of their ability to:
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		
Feedback To Learner:
Assessor’s Signature:	Date:

short answer Questions

Answer the following questions either verbally with your assessor or in writing.

1. What are four things you would need to identify prior to lodging tax documentation?
2. Define both cash and non-cash(accrual) accounting.
3. Describe each of the following business structures and how the structure affects taxation.

1. Sole traders
2. Partnership
3. Trust
4. Company
5. Joint venture
6. Self-managed super fund

4. Describe a depreciation schedule and what it is used for. Provide an example.
5. What is an allowable deduction? Describe in detail.
6. What are the 6 types of rulings for income tax purposes?
7. Australian residents must lodge a tax return if they meet certain criteria. What are they?
8. Describe what will happen when you lodge a tax return.
9. What is an amendment? Describe the process and why you would do it.

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