FNS60217 | FNSACC601 Prepare and Administer Tax Documentation for Legal Entities
Assessment Task | V 1.0 | April 2018
Page 1 of 6
Assessment Tasks
You must submit soft copy of your answers in a word document.
Upload the softcopy on the link provided in the eLearning site.
Assessment Task 1:
Assessment Task
Review & Written report: ATO: Corporate
Management Practice Statement
Schedule Week 2
Outcomes Assessed
Performance Criteria:
1.1, 1.2, 1.3, 2.3
Addresses some elements of required skills and knowledge as
shown in the Assessment Matrix
Description:
ATOs Corporate Management Practice Statement is issued under the authority of the Commissioner of
Taxation and serves a guide to ATO employees for dealing with taxation frauds. It promotes understanding of
the Commonwealth Fraud Control Guidelines 2002, the Prosecution Policy of the Commonwealth and the
Australian Government Investigation Standards documents its policy and attitude towards fraud.
The document can be accessed at;
http:
www.ato.gov.au/content/downloads/snc00090701fraudcontrol.pdf
Review the document, with the context of taxation fraud as a wider issue, and write a summary report
covering the following aspects. You will also need to conduct online research on legal requirements related to
taxation.
1. A
ief overview of the Australian taxation law
2. Definitions of reporting and non-reporting entities
3. Documentation requirements for reporting entities
4. Documentation requirements for non-reporting entities
5. Typical taxation parameters for preparing a tax return
6. A summary of the purposes of the Corporate Management Practice Statement
7. Examples of internal frauds
8. Examples of external frauds
9. Explanation of ATO’s decision tree to deal with taxation fraud related matters
10. Penalties and prosecution provisions under relevant laws/statues
There is no specific structure of the report. However, it is expected that a logical structure of introduction,
ody, conclusions/summary and citations
eferences will be used. All external sources must be cited using
http:
www.ato.gov.au/content/downloads/snc00090701fraudcontrol.pdf
FNS60217 | FNSACC601 Prepare and Administer Tax Documentation for Legal Entities
Assessment Task | V 1.0 | April 2018
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Harvard Referencing System. Additional information related to the report can be submitted as
attachments/annexures.
The summary report should be written in your own words. Straight cut-and-paste should be avoided; and
analysis/comments should be supported by relevant legal facts or other supporting theories/concepts.
Word Limit: 1000 words
Assessment Criteria
The following assessment criteria will be used for marking this assessment task. Ensure that you have
addressed all of the criteria in your work;
Introduction provides a concise and clear overview of the report contents
Analysis, legal references, and information sources are well integrated to provide sound context for
the report
Identified all relevant factors/issues pertinent to the issues of taxation obligations for both reporting
and non-reporting entities
Legal and regulatory information is appropriately referenced by respective legislations, status and/or
standards
Overview of the Australian taxation law highlights key rules and principles of the law
Overview of the Australian taxation law reflects an understanding of the legal taxation environment in
Australian and taxation and taxation parameters for typical entities
Aspects and mechanisms of tax returns, tax collection and withholding mechanisms, assessments,
obligations, rulings, penalties and audits are summarised in own understanding
Taxation laws and rules addressing specific and general anti-tax avoidance are highlighted
Corporate Management Practice Statement summary provides a concise and structured overview of
fraud prevention and management process at ATO
Relevant guidelines, laws and policy instruments are refe
ed to and cited in relation to fraud and tax
avoidance
Examples of internal fraud are identified and summarised
Examples of external fraud are identified and summarised
A detailed analysis of the decision making process from identification of fraud to refe
al for action is
summarised in own words
Penalties and prosecution provisions under fraud control guidelines and relevant laws are highlighted
All relevant ideas, concepts, and theories covered with clear explanation, and with clear perspective
and context
Used a range of relevant, cu
ent and credible sources used to explore the concepts and support the
arguments
Evidence of synthesis and use of unifying concepts in own language and style throughout the report
Cited all external sources using an appropriate referencing system
Submission Guidelines
Submit:
Summary report with a signed assignment cover sheet
Reference documents as attachments/annexures
Electronic versions of the assessment task and email/electronic submission a
angements are at further
discretion of the traine
assessor.
FNS60217 | FNSACC601 Prepare and Administer Tax Documentation for Legal Entities
Assessment Task | V 1.0 | April 2018
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Assessment Task 2:
Assessment Task
Prepare Tax Return Preparation Checklists (x4):
Company, Trust, Non-complex Super Funds, Sole
Trader
Schedule Week 3
Outcomes Assessed
Performance Criteria:
1.1, 1.2, 1.3, 2.1, 2.2, 2.3, 3.2
Addresses some elements of required skills and knowledge as
shown in the Assessment Matrix
Description:
Registered tax agents play a vital role in influencing participation in our taxation system by ensuring their
clients are meeting their tax obligations (Field, ATO, XXXXXXXXXXRegistered tax agents should also ensure they keep
their personal tax obligations, and those of entities they are associated with, up to date. Instances where
egistered tax agents do not meet their personal obligations can be forwarded by ATO to the Tax Practitioners
Board for consideration as potential
eaches of the code of professional conduct under the Tax Agent
Services Act 2009 (Field, ATO, 2012).
In this assessment task, you will assume the role of a tax agent and prepare comprehensive and detailed
checklists for preparing tax returns for Company, Trust, Non-complex Super Funds, and Sole Trader for your
own use and reference. The checklists should incorporate all evidences or resources (client information,
eports, documents etc.) that you will require under legal and ethical provisions as a tax agent to accurately
prepare the tax returns.
Ensure that you include all taxation requirements for the relevant entities including, but not limited to,
assessable income, foreign income and assets/interests, deductions, tax rebates/offsets, FBT, CGT, Wine
Equalisation Tax, Luxury Car Tax, GST, PAYG, superannuation, payroll tax, fuel tax credits, withholdings, and
lodgement schedules. Prepare your checklists using separate headings for each type of requirement (e.g. all
depreciation related information under “Decline in Value” section). The checklist style could either be a
“inquiry” style with questions prepared for clients or a list of things/tasks to be undertaken. You will need to
efer relevant legislations and/or guidelines where needed to support the requirement; to enhance the legal
importance of it. Items for quarterly and yearly reporting must be clearly identified and listed.
As part of the checklist, you will also be required to research and write a
ief statement describing your role
as a tax agent, relevant laws and regulations relevant to Tax Agent responsibilities and conduct, including
ethical conducts (including obligations under the Tax Agent Services Act (TASA) and Tax Agent Services
Regulations (TASR)).
Starting with your role and responsibility as a tax agent, prepare the above checklists (x4), assuming that you
will be using these checklists during client interviews/meetings on tax preparation.
FNS60217 | FNSACC601 Prepare and Administer Tax Documentation for Legal Entities
Assessment Task | V 1.0 | April 2018
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You may use sample checklists provided in your learning sessions as “examples” and reference documents.
Your checklists should be prepared according to your own research and understanding of taxation
equirements.
Assessment Criteria
The following assessment criteria will be used for marking this assessment task. Ensure that you have
addressed all of the criteria in your work;
Separate checklists are prepared for separate entities; Company, Trust, Non-complex Super Funds,
Sole Trader
Checklists are appropriately formatted and included entity specific taxation information (e.g.
Statement of Distribution, TOFA, capital gains, foreign income, Franked Dividends, employee share
schemes, fringe benefits, etc.) and requirements
Checklists follow a logical pattern and designed to obtain and/or gather all the required information
and resources for preparation of a tax return
Checklists reflect unique style and format with clearly distinguished areas of taxation
Detailed information on specific taxation item is provided with a view to gather the required
evidence/supporting document
Legal and regulatory information is appropriately referenced by respective legislations, status and/or
standards relevant to each item/task/inquiry
Checklists include a list of action items the need to be ca
ied forward to the next period
Checklist include review provisions and references for respective taxation items/tasks; and a review of
taxation preparation process consistent with ATO’s lodgement schedules
Checklists are within the scope of taxation and reporting laws relevant to the entity
Own role and responsibility as a tax agent are outlined in a clear and a concise manner with reference
to relevant standards (TASR)
odies (TASA) or Tax Practitioners Board
Code of conduct as a tax agent and/or ethical guidelines are provided with appropriate reference
Cited all external sources using an appropriate referencing system
Submission Guidelines
Submit:
Soft copies of the checklists (x4) with a signed assignment cover sheet
Soft/Electronic copies of the checklist on a media or a designated folder on a server
Reference documents as attachments/annexures
Electronic versions of the assessment task and email/electronic submission a
angements are at further
discretion of the traine
assessor.
FNS60217 | FNSACC601 Prepare and Administer Tax Documentation for Legal Entities
Assessment Task | V 1.0 | April 2018
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Assessment Task 3:
Assessment Task
Complete a Trust Tax Return: Melbourne Cricket
Ground Trust
Schedule Week 3
Outcomes Assessed
Performance Criteria:
1.1, 1.2, 1.3, 2.1,