After a quote to complete the attached assignment including answering all questions and completing the income tax assessment also please
Regards
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 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 = 1/3of a foolscap page
Brief Report 500 words = 1 page typed report, or
50 lines of handwritten text = 11/2foolscap 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
Unit Code and Name: FNSACC512 Prepare tax documentation for individuals
Student name: Student Number:
Assessor 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:
? 1. Report and Report Checklist
The student will complete the written activity provided to them by the assessor. The Report Checklist will be completed by the assessor. S NYS
? 2. Scenario and Scenario Checklist
The student will complete the activity provided to them by the assessor. The Scenario Checklist will be completed by the assessor.
? 3. Third Party Activity and Third Party Report Activity Checklist
The student will complete the practical activity provided to them by the assessor. The Third Party Report Activity Checklist will be completed by the Supervisor. S NYS
? 4. Short Answer Questions and Short Answer Questions Checklist
The student will answer a range of questions with written responses. The Short Answer Questions 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:
Report
Instructions
You will need to research information to assist with your responses for this task.
What you will need to complete this task
Research materials such as books, internet, magazines, workplace documentation etc.
Access to legislative and regulatory documentation relevant to own state or territory.
You should use a variety of sources to gather information including training resources, workplace policies and procedures (if you are able to access these) and government and industry bodies.
You are required to provide information about the following points. You must prepare a written response to each point, which can be supported by example documentation as required. Ensure material is referenced appropriately.
Word limit
To complete this activity, you are required to submit a portfolio and written responses of
Long Answer 8 typed lines = 100 words, or
10 lines of handwritten text
Your task is to research the following topics then outline your findings in a report. Use the questions below as a guide to your research:
Explain the following ethical considerations and legislative requirements which are relevant to the preparation of non-complex income tax documentation for individual taxpayers:
Conflict of interest
Responsibilities of tax agents, including those outlined in the Code of Professional Conduct obligations under TASA and the TASR
Briefly explain the following key elements of Australian tax law, as it relates to individual taxpayer income tax documentation:
The rules and principles of Australian tax law, and the basics of legal system and environment in which these principles operate, including the constitutional considerations and the separation of powers
The key aspects of the income tax law which cover:
Residence and source and the related elements of international tax
Assessable income
Deductions, including general, specific, and decline in value
Tax rebates and offsets
Tax accounting
Income test definitions that include reportable superannuation and FBT
The key aspects of principles and application the following for individual taxpayers:
CGT
FBT
ETP rules
Explain the basic concept of GST
Identify the inclusions in the administrative aspects that apply to the taxes discussed
Explain the specific and the general anti-avoidance tax rules for individual
What are the key sources of information and data you could access and use to calculate taxable income?
Identify the organisational policies and procedures which relate to the preparation of tax documentation for individual taxpayers, and discuss their key features
Reflect the key accounting principles and practices which are relevant to of tax documentation for individual taxpayers
report Checklist
Report Checklist
Unit Code and Name: FNSACC512 Prepare tax documentation for individuals
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 name:
Assessor name:
Did the Student provide evidence of their ability to research the following topics and outline the findings in a report: Has the student satisfactorily completed the written activity?
Yes No
Explain the following ethical considerations and legislative requirements which are relevant to the preparation of non-complex income tax documentation for individual taxpayers:
Conflict of interest ? ?
Responsibilities of tax agents, including those outlined in the Code of Professional Conduct obligations under TASA and the TASR ? ?
Briefly explain the following key elements of Australian tax law, as it relates to individual taxpayer income tax documentation:
The rules and principles of Australian tax law, and the basics of legal system and environment in which these principles operate, including the constitutional considerations and the separation of powers ? ?
The key aspects of the income tax law which cover:
Residence and source and the related elements of international tax ? ?
Assessable income ? ?
Deductions, including general, specific, and decline in value ? ?
Tax rebates and offsets ? ?
Tax accounting ? ?
Income test definitions that include reportable superannuation and FBT ? ?
The key aspects of principles and application the following for individual taxpayers:
CGT ? ?
FBT ? ?
ETP rules ? ?
Explain the basic concept of GST ? ?
Identify the inclusions in the administrative aspects that apply to the taxes discussed ? ?
Explain the specific and the general anti-avoidance tax rules for individual ? ?
What are the key sources of information and data you could access and use to calculate taxable income? ? ?
Identify the organisational policies and procedures which relate to the preparation of tax documentation for individual taxpayers, and discuss their key features ? ?
Reflect the key accounting principles and practices which are relevant to of tax documentation for individual taxpayers ? ?
Feedback to Student:
Result ? Satisfactory ? Not Yet Satisfactory
Assessor Signature: Date:
Scenario
Instructions
Referring to the information provided in the task and using the form provided you are required to complete a Tax Return for an Individual. For this assessment, you will need to perform the following task. This will need to be completed and submitted in a professional, word processed, format.
Once you have completed all the steps, you are required to document and submit the completed documentation with your assessment.
During your activity, you must ensure that you:
Identify all client data required to calculate taxable income
Research, critically evaluate and apply new or changed legislative requirements and apply where relevant to the preparation of the clients tax documentation
Prepare tax documentation for an individual that complies with:
Australian taxation law and Australian Taxation Office (ATO) rulings
Accounting principles and practices
Organisational policy and procedures
Provide advice to client on tax documentation presented and obtain verification and approval
You will require access to the following for your activity:
Common office equipment
Technology
Software
Consumables
When you have successfully finished this assessment, you will need to submit the assignment that you have completed.
Scenario – Task 1
Your client, Roberto Case is a single taxpayer. Roberto is a bank manager and has approached you to prepare his 2017 income tax return.
Instructions:
Your task is to read the following scenario and using the tax return form provided complete a full tax return for this client or complete the tax return using software that you have access to.
For further instructions you can refer to the ATO Tax Return for Individuals instructions at –
https://www.ato.gov.au/Individuals/Tax-return/2017/
And the supplement instructions at –
https://www.ato.gov.au/Individuals/Tax-return/2017/Supplementary-tax-return/
Based on the information below, you need to submit a hard copy of the tax return completing all relevant details for the year, specifically pages 2-7 inclusive.
In place of the front page, attach the cover sheet and showing all workings, calculate the taxpayer’s taxable income and tax payable/refundable for the year ended 30 June 2017.
For the year ended 30 June 2016, Roberto received a payment summary from his employer Two Hills Banking Corporation [ABN: 12 345 678 900] disclosing the following information:
Gross wages $ 80,000
Total tax withheld 17,250
Union fees deducted 1,150
Reportable fringe benefits 8,000
Other receipts
Entertainment allowance 1,200
Reimbursement of out of pocket expenses with Eastpac 750
Gross interest from bank 1,100
Interest from ATO (for overpayment of tax in 2013) 125
Lotto winnings 5,500
Loan from parents to buy motor vehicle 20,000
Unfranked dividend from ABC Ltd 600
Fully franked dividend from DEF Ltd 700
Partly franked dividend (50%) from XYZ Ltd 2,100
Lump sum received for damaged skin as a result of a work accident 25,000
Cash prize won on radio competition 45
Other payments – written evidence maintained except where indicated otherwise
Club membership (to entertain clients) 550
Taxi fares to visit clients 120
Non-compulsory uniform
(design entered on Register of Approved Occupational Clothing) 600
Laundry expenses (no receipts) 300
Self-education expenses
Uni admin fees 1,480
Text books 350
Car expenses (Toyota 1800cc)
2,500 kms travelled from home to work & return
280 kms from work to Uni
400 kms from Uni to home
Donations to registered charities 160
Tax agent fees re preparation of previous year’s tax return 200
Private Health Insurance 6,000
Note: For the whole year, Roberto has combined private hospital health insurance. Roberto has not taken the reduced premium option. His statement from his health fund ABC details his membership number as 123456789.
SCENARIO CHECKLIST
For this assessment, the student must complete Task 1.
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:
In Task 1 the student has prepared tax documentation for an individual, submitted the report and the student has addressed:
Tax documentation preparation requirements ? ?
Any new or changed legislative requirements you researched ? ?
Sources from which you gathered data ? ?
The process you followed to determine assessable income and allowable deductions, to complete and record amounts, to identify discrepancies or any unusual features and identify accrued or prepaid income and expenditure, and record adjustments to value of assets and liabilities ? ?
How you calculated the clients tax obligations, in accordance with legislative requirements and what documentation you prepared ? ?
Any advice or guidance you sought from specialists ? ?
Processes to submit the relevant documentation to Australian Taxation Office (ATO) ? ?
Feedback to Student:
Result ? Satisfactory ? Not Yet Satisfactory
Assessor’s Signature: Date:
Third Party report activity
The following task must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:
Office equipment, technology, software and consumables required to prepare non-complex income tax documentation for individuals, including:
Access to the internet
Digital systems and programs for preparing and lodging tax returns
For this task you are to undertake the following activity to demonstrate your ability to prepare tax documentation for individuals.
Complete the following steps to gather the clients’ income data and to verify all client, organisational and legislative requirements for the tax documentation:
Consulting with the client, determine their tax documentation preparation requirements. Document these requirements.
Conduct research to identify and critically evaluate any updates or additions to the compliance requirements which are relevant to the client circumstances, and to establish any recording and reporting requirements. Document this research, including relevant updates or additions, and the recording and reporting requirements established.
Using authoritative sources, gather current data, and identify and consult with the client to resolve any outstanding information requirements. Provide the data gathered, documenting any client consultation required to gather outstanding information.
Identify, and record, the assessable income and allowable deductions
Accurately complete and record the required amounts on the documentation, according to organisational and legislative requirements
Identify if there are any discrepancies or unusual features, and conduct research to resolve these, or refer them to the designated authority. Record any discrepancies or unusual features identified, as well as any research conducted and the resolution/referral.
Identify any accrued or prepaid income and expenditure, and record adjustments to the value of assets and liabilities
Identify, record and present the client’s non-complex income tax documentation through completion of the following actions:
According to legislative requirements and industry-accepted information gathering practices, calculate client’s tax obligations and prepare the required documentation within established timeframes, ensuring that it complies with Australian taxation law and ATO rulings, accounting principles and practices as well as the organisational policies and procedures
As required, seek advice and guidance from specialists to evaluate and moderate decision processes. Document all advice and guidance sought.
Discuss and confirm the documentation with the client, obtaining their signature, authorisation and endorsement, and ensuring legislative requirements are met
Complete the following steps to manage the lodgement of the client’s non-complex income tax documentation:
Within the established timeframes, submit the required documentation to the ATO. Provide evidence of submitting within the required timeframe.
Advise the client of their current tax obligations and provide them with information regarding expected future taxation authority advice. Document all advice provided.
When applicable, respond to tax office enquiries and meet taxation audit requirements, in timely manner. Document all tax office communications for enquiries and/or audit requirements.
third Party activity report
*Multiple copies of the checklist will need to be printed if the activity is to be performed more than once.
Third Party Activity Report Checklist
Unit Code and Name: FNSACC512 Prepare tax documentation for individuals
For this assessment, the student must complete the activity.
The 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 name:
Supervisor name:
Did the Student provide evidence of their ability to: Has the student satisfactorily completed the practical activity?
Yes No
Consulting with the client, determine their tax documentation preparation requirements. Document these requirements. ? ?
Conduct research to identify and critically evaluate any updates or additions to the compliance requirements which are relevant to the client circumstances, and to establish any recording and reporting requirements. Document this research, including relevant updates or additions, and the recording and reporting requirements established. ? ?
Using authoritative sources, gather current data, and identify and consult with the client to resolve any outstanding information requirements. Provide the data gathered, documenting any client consultation required to gather outstanding information. ? ?
Identify, and record, the assessable income and allowable deductions ? ?
Accurately complete and record the required amounts on the documentation, according to organisational and legislative requirements ? ?
Identify if there are any discrepancies or unusual features, and conduct research to resolve these, or refer them to the designated authority. Record any discrepancies or unusual features identified, as well as any research conducted and the resolution/referral. ? ?
Identify any accrued or prepaid income and expenditure, and record adjustments to the value of assets and liabilities ? ?
According to legislative requirements and industry-accepted information gathering practices, calculate client’s tax obligations and prepare the required documentation within established timeframes, ensuring that it complies with Australian taxation law and ATO rulings, accounting principles and practices as well as the organisational policies and procedures ? ?
As required, seek advice and guidance from specialists to evaluate and moderate decision processes. Document all advice and guidance sought. ? ?
Discuss and confirm the documentation with the client, obtaining their signature, authorisation and endorsement, and ensuring legislative requirements are met ? ?
Within the established timeframes, submit the required documentation to the ATO. Provide evidence of submitting within the required timeframe. ? ?
Advise the client of their current tax obligations and provide them with information regarding expected future taxation authority advice. Document all advice provided. ? ?
When applicable, respond to tax office enquiries and meet taxation audit requirements, in timely manner. Document all tax office communications for enquiries and/or audit requirements. ? ?
Feedback to Student:
Result ? Satisfactory ? Not Yet Satisfactory
Supervisor Signature: Date:
short answer Questions
Instructions
Answer the questions below by writing in the space provided. If you require more space, use a blank sheet of paper. Alternatively, you may like to use Microsoft Word and print out your answers to each question.
What you will need
Research materials such as books, internet, magazines, workplace documentation etc.
Access to legislative and regulatory documentation
Your Learner Guide for this unit of competence
Suggested Word limit
Short Answer Responses 4 typed lines = 50 words, or
5 lines of handwritten text
Answer the following questions and submit to your assessor in writing.
What method should be used to determine a client’s tax documentation preparation requirements, and to resolve outstanding information requirements?
Where can you source information to determine the tax preparation requirements of your client?
Outline at least five of the questions you might ask when identifying a client’s assessable income and allowable deductions
List six examples of the types of changes you might identify when conducting research into the updates or additions to compliance requirements, as relevant to client circumstances
List four amounts that may need to be completed and recorded on an individual’s tax return
What might cause discrepancies, or unusual features, in taxation documentation? Provide at least three examples
What will need to be done if you identify accrued or prepaid income and expenditure?
Outline the process to be followed for calculating a client’s tax obligations, so you can prepare the required documentation with the required timeframe
Outline three examples of the timeframes required for the lodgement of prepared tax documentation
What specialist advice and guidance might you seek from specialists during the process?
Why is it essential for you to discuss and confirm the documentation with the client, prior to obtaining their signature, authorisation and endorsement?
What are the consequences for failing to submit required documentation to the ATO, within the established timeframes?
What will you need to advise your client of after the lodgement of individual tax documentation?
short answer Questions Checklist
Short Answer Questions Checklist
Unit Code and Name: FNSACC512 Prepare tax documentation for individuals
Student name:
Assessor name:
Satisfactory response
Yes No
1 What method should be used to determine a client’s tax documentation preparation requirements, and to resolve outstanding information requirements? ? ?
2 Where can you source information to determine the tax preparation requirements of your client? ? ?
3 Outline at least five of the questions you might ask when identifying a client’s assessable income and allowable deductions ? ?
4 List six examples of the types of changes you might identify when conducting research into the updates or additions to compliance requirements, as relevant to client circumstances ? ?
5 List four amounts that may need to be completed and recorded on an individual’s tax return ? ?
6 What might cause discrepancies, or unusual features, in taxation documentation? Provide at least three examples ? ?
7 What will need to be done if you identify accrued or prepaid income and expenditure? ? ?
8 Outline the process to be followed for calculating a client’s tax obligations, so you can prepare the required documentation with the required timeframe ? ?
9 Outline three examples of the timeframes required for the lodgement of prepared tax documentation ? ?
10 What specialist advice and guidance might you seek from specialists during the process? ? ?
11 Why is it essential for you to discuss and confirm the documentation with the client, prior to obtaining their signature, authorisation and endorsement? ? ?
12 What are the consequences for failing to submit required documentation to the ATO, within the established timeframes? ? ?
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