ASSESSMENT GUIDEFNSACC601 Prepare and administer tax documentation for legal entitiesASSESSMENT...

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ASSESSMENT GUIDEFNSACC601 Prepare and administer tax documentation for legal entitiesASSESSMENT INFORMATION for studentsThroughout 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 ASSESSEDThe process we follow is known as competency-based assessment. This means that evidence of your cuent 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 cay 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 cuent. 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 Answe    Answer Guidelines    Short Answe    4 typed lines = 50 words, or 5 lines of handwritten text    Long Answe    8 typed lines = 100 words, o10 lines of handwritten text =  of a foolscap page    Brief Report    500 words = 1 page typed report, o50 lines of handwritten text = 1foolscap handwritten pages    Mid Report    1,000 words = 2 page typed report100 lines of handwritten text = 3 foolscap handwritten pages    Long Report    2,000 words = 4 page typed report200 lines of handwritten text = 6 foolscap handwritten pagesHow 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 guideThe 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 coectly    Incoect answers for one or more questions        Answers address the question in full; refeing to appropriate sources from your workbook and/or workplace    Answers do not address the question in full. Does not refer to appropriate or coect sources.    Third Party Report    Supervisor or manager observes work performance and confirms that you consistently meet the standards expected from an experienced operato    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 incoectly.Does not refer to or utilise appropriate or coect 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 coectly; 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 coectly.  One or more questions are answered incoectly.        Answers address the question in full; refeing 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 traineassessor. 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 attachedAssessment 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:      1. Scenario and Scenario ChecklistThe student will complete the scenario provided to them by the assessor. The Scenario Checklist will be completed by the assessor.    S    NYS      2. Report and Report ChecklistThe Student will complete the report provided to them in detail. The Report Checklist will be completed by the assessor.     S    NYS      3. Short Answer Questions and Short Answer Questions ChecklistThe 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:    1. scenarioInstructionsFor 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 consumablesAn integrated financial software system and dataYour task is to read the following scenario, create the reports required in the tasks and complete a full tax return for this client.ATO forms that you will require for this assessment are available for download at the following link:https:iorder.com.au/publication/searchpublications.aspx?1=1&cid=100103&t=100103Scenario:A new client Stephen John Murphy has aived 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

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FNSACC603 implement tax plans and evaluate tax obligations
1. Report
Q1. Ethical consideration in the time of preparation of the tax documentation for legal entities under different elements
There are numerous ethical considerations, and legislative requirements for tax documentation required for the legal entity which are as follows:
1. The ethical consideration under the conflict of interest is CPA does not work together for the clients when there is a real or probable conflict of interest among the two clients.
2. For confidentiality, no information should be disclosed without the proper approval of the client to a third party except there is any legal compulsion to reveal the information.
3. Government tax policy document should be accurately considered by the accountant during preparation of tax documentation for entities in order to have elevated and updated information about the existing tax policies.
4. Legislation explanation materials must be used by the taxation agent or accountant to comprehend the importance for each of the tax legislation in preparation of the tax documents of the entities and to understand the scope and the amount of these legislations.
5. Statutes in instance of tax documentation have high importance as the accountant has ethical consideration of appropriately interpreting and using diverse tax legislation to evaluate the tax requirement of the legal entity precisely.
6. Administrative Appeals Tribunal (AAT) circulates every judgment with appropriate reasons of why the judgment has been taken to augment the reliance and assurance of the ordinary residents in the running of the AAT (Administrative Appeals Tribunal | Administrative Appeals Tribunal, 2019).
7. Commissioner of taxations authorize to devise the binding ruling and for this reason, if the client is relying on the verdict of the commissioner, then he or she should not be penalised for this, even in a situation where the judgment has been against the client. The ruling in diverse areas in the taxation is taken by the commissioners like GSTR, Income Tax Ruling and many other areas like these. Some of the ruling which includes the purpose of tax law to an exacting client case and this ruling are private ruling which is informed to the community afterwards, and these ruling should be taken into concern in the instance of client tax documents.
Q2. Explain the critical and key elements of Australian taxation law for each of the following areas, as it relates to tax documentation for legal entities
There are some key principles of the Australian taxation law, and these principles will be discussed here. The first principle of Australian taxation law is accountable for management and oversight. Under this principle, the roles and responsibilities of the taxation administrations are defined with clarity in Australian tax law. The second principle is recognition of tax risk, and under this principle, the proper control system is in place to minimise the effects of any tax risk.  The third principle is to seek advice, and under this principle, there is a proper system in place to help the individuals seeking advice on different taxation issue. The fourth principle is integrity in reporting, and this stated that tax reporting should show an accurate view of the business. The fifth principle is timely lodgement and payments, and under this principle, it is stated that the tax obligation should be paid in time and in full amount.  The sixth and seventh principle is an ethical and professional and productive working relationship.
The isolation of power in the Australian tax system will have been divided into three parts, and they are legislative, executive and judicial (The separation of powers | ALRC, 2019). The legal system in the Australian tax system includes the Australian government giving power to the Commonwealth to impose different taxation rules and regulation.
According to the Australian tax system, the Australian residents are taxed from the entire income earned from different sources worldwide and the foreign residents are taxed only on the income earned from different sources in the Australian sources.
Some of the elements of the international tax related to the international tax in Australian tax are the Australian citizens has to pay for tax for all their income from different sources even those which are outside Australia, but the foreigner only has to pay tax on the income earned from Australian market sources. The assessable income for the Australian residents starts from $18200 and the assessable income for the foreign residents starts from $1 at a rate of 32.5% (International tax for individuals, 2019). The Deductions, tax rebates and offsets in Australian income tax include deduction or offset due to different reasons and elements, and some of them are health insurance, low-income earners, senior citizens, medical expenses, super income, government benefits and many more elements like these. The tax accounting in the Australian tax system is mainly done by two different methods, and they are accrual basis and cash basis.
Some of the key features and standard of Capital Gains Tax (CGT) is that it is not applied to the majority of personal assets of an individual exclusive of home car and furniture. Another key feature is CGT does not apply to the depreciating assets which are used for taxable use like machinery. The individuals have to pay the same tax rate under CGT as income tax rate which he pays. Some of the key aspects and principles of fringe benefits tax are that the employee pays it for providing certain benefits to its employees and it does not apply to certain benefits like salaries, super funds, benefits to the volunteers and contractors. The FBT tax rate is 47% (Fringe benefits tax (FBT), 2019).
Some of the important elements of Goods and Service Tax (GST) will be discussed here. The first element is that the tax rate under it is 10%. The second element under GST is business with a minimum turnover of $75000 has to register under it. For getting fuel tax credit under it, the business has to register under it (Goods and services tax (GST), 2019).
The taxation aspects of superannuation law are that the investment income which comes from the assets sustaining the pension is exempt from the superannuation tax, but all other investment funds from a superannuation fund are taxed usually at 15%.
Some of the special aspects of the diverse taxes recognized above will be discussed here. The first aspects are documentation. Under this, the individuals and corporations who are taxable under Australian tax have to send duplicate supporting documents of diverse elements of Taxable income to ATO resembling salary, deductions, offsets, medical levy exemptions and many other aspects like these (Supporting documentation, 2019).
The individuals earning salaries and wages mainly are taxed for earnings by Pay as you go withholding system where the employer directly deducts the tax expense from the salary of the employee. ATO send the individuals the notice about the itemised description of the total of tax that an individual owes to the authorities with respect to the taxable income. Some of the tax obligations in the Australian tax system are employing people in Australia, capital gains, withholding tax on the payment made to the foreigners and Goods and Service Tax. There are two types of declarations in Australia which are private and public rulings. There are a few circumstances in which ATO charged penalties towards different individuals and entities. These conditions are by making false statements, failure to submit return appropriately, not withholding the sum obligatory as per the PAYG system and not pleasing the entire tax obligations. The tax auditing is done by ATO on a haphazard basis.
Few anti-avoidance rules are in place in the Australian tax system. The Specific Anti-Avoidance Rules look into the transactions from different aspect to see whether any rules or regulation are wrongfully taken advantage of to pay less tax by the individuals and entities. General Anti-Avoidance Rules are applied on transactions which do not fall under Specific Anti-Avoidance Rules and examines under Part IVA of the ITAA 1936 contained rules (tticdn.blob.core.windows.net, 2019).
Q3. Describe the following key sources of information and taxable transactions data that is required to calculate taxable income
Some of the sources of information and assessable transaction information of allowable deductions in the Australian tax system are depreciation of assets, repair and maintenance, capital expenses and numerous other sources like these.

ASSESSMENT GUIDE FNSACC601 Prepare and administer tax documentation for legal entities ASSESSMENT INFORMATION for students Throughout your training we are committed to your learning by providing a...

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