- This form is to be completed by the assessor and used a final record of student competency.
- All student submissions including any associated checklists (outlined below) are to be attached to this cover sheet before placing on the students file.
- Student results are not to be entered onto the Student Database unless all relevant paperwork is completed and attached to this form.
Student Name:
Student ID No:
Final Completion Date:
Unit Code: / FNSACC601
Unit Title: / Prepare and administer tax documentation for legal entities
Please attach the following documentation to this form / Result
Assessment Week 1 / Case analysis and Written answers / S / NYS / DNS
Final Assessment Result for this unit / C / NYC
Feedback is given to the student on each Assessment task / Yes / No
Feedback is given to the student on final outcome of the unit / Yes / No
Student Declaration I have been assessed in a fair and flexible manner. I understand that the Elite Education Vocation Institute’s Student Assessment, Reassessment and Repeating Units of Competency Guidelines apply to these assessment tasks. / Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback.
Name: / Name:
Signature: / Signature:
Date: / Date:
Assessment Cover Sheet
Assessment Week One Details
Term and Year / Term 1 2018
Assessment Type / Case analysis and Written answers
Due Date / Class Room
Student Name:
Student ID No:
Date:
Qualification : / FNS50215 Diploma of Accounting
Unit Code: / FNSACC601
Unit Title: / Prepare and administer tax documentation for legal entities
Assessor’s Name / Ada DU
Student Declaration: I declare that this work has been completed by me honestly and with integrity. I understand that the Elite Education Vocation Institute’s Student Assessment, Reassessment and Repeating Units of Competency Guidelines apply to these assessment tasks. / Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback.
Name: / Name:
Signature: / Signature:
Date: / Date:
Student was absent from the feedback session.
Assessment/evidence gathering conditions
Each assessment component is recorded as either Satisfactory (S) or Not Yet Satisfactory (NYS). A student can only achieve competence when all assessment components listed under procedures and specifications of the assessment section are Satisfactory. Your trainer will give you feedback after the completion of each assessment. A student who is assessed as NYS is eligible for re-assessment. Should the student fail to submit the assessment, a result outcome of Did Not Submit (DNS) will be recorded.
Principles of Assessment
Based on Clauses 1.8 – 1.12 from the Australian Standards Quality Assurance’s (ASQA) Standards for Registered Training Organizations (RTO) 2015, the learner would be assessed based on the following principles:
Fairness - (1) the individual learner’s needs are considered in the assessment process, (2) where appropriate, reasonable adjustments are applied by the RTO to take into account the individual leaner’s needs and, (3) the RTO informs the leaner about the assessment process, and provides the learner with the opportunity to challenge the result of the assessment and be reassessed if necessary.
Flexibility – assessment is flexible to the individual learner by; (1) reflecting the learner’s needs, (2) assessing competencies held by the learner no matter how or where they have been acquired and, (3) the unit of competency and associated assessment requirements, and the individual.
Validity – (1) requires that assessment against the unit/s of competency and the associated assessment requirements covers the broad range of skills and knowledge, (2) assessment of knowledge and skills is integrated with their practical application, (3) assessment to be based on evidence that demonstrates tat a leaner could demonstrate these skills and knowledge in other similar situations and, (4) judgement of competence is based on evidence of learner performance that is aligned to the unit/s of competency and associated assessment requirements.
Reliability – evidence presented for assessment is consistently interpreted and assessment results are comparable irrespective of the assessor conducting the assessment
Rules of Evidence
Validity – the assessor is assured that the learner has the skills, knowledge and attributes, as described in the module of unit of competency and associated assessment requirements.
Sufficiency – the assessor is assured that the quality, quantity and relevance of the assessment evidence enables a judgement to be made of a learner’s competency.
Authenticity – the assessor is assured that the evidence presented for assessment is the learner’s own work. This would mean that any form of plagiarism or copying of other’s work may not be permitted and would be deemed strictly as a ‘Not Yet Competent’ grading.
Currency – the assessor is assured that the assessment evidence demonstrates current competency. This requires the assessment evidence to be from the present or the very recent past.
Resources required for this Assessment
- All documents must be created using Microsoft Office suites i.e., MS Word, Excel, PowerPoint
- Upon completion, submit the assessment via the student learning management system to your trainer along with the completed assessment coversheet.
- Refer the notes on eLearning to answer the tasks
- Any additional material will be provided by Trainer
Instructions for Students
Please read the following instructions carefully
- This assessment is to be completed according to the instructions given by your assessor.
- Students are allowed to take this assessment home.
- Feedback on each task will be provided to enable you to determine how your work could be improved. You will be provided with feedback on your work within 2 weeks of the assessment due date.
- Should you not answer the questions correctly, you will be given feedback on the results and your gaps in knowledge. You will be given another opportunity to demonstrate your knowledge and skills to be deemed competent for this unit of competency.
- If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.
- Please refer to the College re-assessment and re-enrolment policy for more information.
Procedures and Specifications of the Assessment
To complete the unit requirements safely and effectively, the individual must:
- Define international marketing
- Identify international trade patterns
- Explain international trade policies and agreements
- Identify legislative requirements
Assessment1
- Essay written
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:
- 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
- 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
- What are Capital gains and how are they calculated or identified?
- 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 two different types of legal entities.
Essay:
- Answer the following questions
2.1What are four things you would need to identify prior to lodging tax documentation?
2.2 Define both cash and non-cash(accrual) accounting
2.3Describe each of the following business structures and how the structure affects taxation.
- Sole traders
- Partnership
- Trust
- Company
- Joint venture
- Self-managed super fund
2.4 Describe a depreciation schedule and what it is used for. Provide an example
2.5 What is an allowable deduction? Describe in detail.
2.6 What are the 6 types of rulings for income tax purposes?
2.7 Australian residents must lodge a tax return if they meet certain criteria. What are they?
2.8 Describe what will happen when you lodge a tax return.
2.9 What is an amendment? Describe the process and why you would do it.
Assessment Feedback One Evaluation
Student’s name:
Trainer/ Assessor’s name: / Date:
Unit name: / FNSACC601Prepare and administer tax documentation for legal entities
Assessment Submission Checklist to be completed by the Trainer/Assessor
Did the student complete and provide evidence for the following: / Yes / No
- Create a checklist that would assist you to with identifying all the relevant details from your client.
- Provide an analysis on taxable income?
- Provide an understanding of legal requirement?
- Has the ability to prepare and present tax documentation?
- Submit within agreed timeframe?
Has the learner proven they can: / Yes / No
- Identify and confirm suitability of legal entities within client's organisational structure
- Conduct research to identify updates or additions to compliance requirements relevant to client's circumstances, and establish recording and reporting requirements
- Determine client's tax documentation preparation requirements
- Identify and collect client data relevant to tax documentation requirements
- Analyse data to extract relevant tax information and identify any discrepancies requiring verification or research for resolution
- Obtain advice and guidance from specialist to evaluate and moderate decision processes
- Calculate client's tax obligations, in accordance with legislative requirements and information gathering practices
- Prepare tax documentation to comply with relevant Australian Taxation Office (ATO), legislative and organisational recording and reporting requirements
- Present and confirm documentation with clients to obtain client signature, authorisation and endorsement, ensuring legislative requirements are met
- Submit relevant documentation to Australian Taxation Office (ATO) within established timelines
- Advise client of current tax obligations and that advice from taxation authorities is to be followed
- Respond to tax office enquiries and meet taxation audit requirements, when applicable, in timely manner
FEEDBACK TO STUDENT:
Assessment outcome / Satisfactory / Not Yet Satisfactory / Re-assessment required
Student Signature / The result of my performance in this unit has been discussed and explained to me.
______Date: ______
Student signature
Trainer/ Assessor’s Signature / Trainer/ Assessor’s declaration:
I hereby certify that the above student has been assessed by myself and all assessments are carried out as required by the Principles of Assessments (Clause 1.8 of the Standards for RTO 2015).
______Date: ______
Assessor signature
V2018.T1. 1.0
FNS50215 Diploma of Accounting/ FNSACC601/ 2018/ T1/ Assessment Tool