FNSACC502 Prepare Tax Documentation Individuals

FNSACC502 Prepare Tax Documentation Individuals

Assessment Summary FNSACC502 Prepare Tax Documentation Individuals
Unit DetailsFNSACC502 Prepare tax documentation for individuals
Prerequisite Units:Nil
Possible
Co-Requisite Units:
Nil
Assessment Type:FNSACC502 Prepare Tax Documentation Individuals is a summative assessment, which requires each student to have adequate practice prior to undertaking this assessment.

Assessment 1 will be undertaken in a real or simulated office environment.

Unit Summary:This unit describes the skills and knowledge required to prepare non-complex income tax returns for individuals in accordance with statutory requirements, and encompasses gathering and verifying data, calculating taxable income and reviewing compliance requirements.

It applies to individuals who use systematic approaches and follow specific guidelines to ensure compliance requirements are met.

Work functions in the occup

ational areas where this unit may be used are subject to regulatory requirements. This unit is designed to meet educational requirements of the Tax Practitioner Board (TAB). Refer to the FINS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements

.

Assessment MethodsObservationAssessment 1

(Tax return completion)

Written AssessmentsAssessment 2

(Written Assessment)

Due Date:17/11/2017

ASSESSMENT SUMMARY / COVER SHEET 

This form is to be completed by the assessor and used as 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 into the Student Management Database unless all relevant paperwork is completed and attached to this form.

Student Name:
Student ID No:
Final Completion Date:

FNSACC502 Prepare Tax Documentation Individuals

Unit Code:FNSACC502
Unit Title:Prepare tax documentation for individuals

FNSACC502 Prepare Tax Documentation Individuals

Please attach the following documentation to this formResult

S = Satisfactory

NS = Not Satisfactory

NA = Not Assessed

Reassessment

S = Satisfactory

NS = Not Satisfactory

NA = Not Assessed

Assessment 1q  Completed tax return attached

q  Checklist attached

S  |  NS  |  NAS  |  NS  |  NA
Assessment 2q  Written Assessment attached

FNSACC502 Prepare Tax Documentation Individuals

Final Assessment Result for this unitC  /  NYC

Assessor Notes: (inclusive of reassessment, reasonable adjustme

nt, further opportunities for gap training etc):  __

Result:  Competent   |   Not Yet Competent   |   Not Assessed

Student Declaration:  I declare that the work submitted is my own, and has not been copied or plagiarised from any person or source.

Name:          _________________________________

Signature:    _________________________________

Date:           ____/_____/_____

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:          ____________________________

Signature:    ____________________________

Date:

Administrative use only
Entered onto Student Management Databaseq  __________________
Date
_______________
Initials

ASSESSMENT 1 – S

TUDENT INFORMATION

This information is to be handed to each student to outline the assessment requirements

Part A

You are employed as a tax agent for Tax U C Pty ltd.  Your next appointment is Peter Little, who needs to lodge his tax ret

urn.

Peter has not used Tax U C Pty Ltd, so you have no records of his previous tax dealings.

You are required to discuss Peter’s tax requirements with him, and lodge his tax return on his behalf.

Your assessor will role-play your client.  Be sure to ask any questions and request any documentation required to lodge the return in time to meet your lodgement deadline (1 week).

Your assessor will be looking to ensure you

  • Communicate clearly with your client
  • Identify your clients taxable income, and allowable expenses
  • Request all required documentation from your client in order to complete the tax return
  • Ask appropriate questions to determine accuracy and relevance of data, as well as determine if there are further deductions possible that are not listed
  • make and record any valuations as appropriate
  • highlight and discuss any discrepancies with your client
  • Identify and verify source documentation correctly
  • Ensure your return is compliant with current Income Tax Legislation and Tax Audit requirements
  • Prepare relevant statements ensuring they are clear, easy to follow and meet legislative requirements.

FNSACC502 Prepare Tax Documentation For Individuals

You have 1 week to complete this tax return from the assessment date.  You may contact your client during this period to request any further information as / if required

This assessment is due on: _

Part B

You are to arrange a time with your client to explain the tax documentation before lodgement.  This will require you to :

  • Contact your client and make an appointment
  • Clearly explain your prepared tax documentation
  • Answer any questions as they arise
  • Make any modifications as / if needed
  • Gain client sign-off

Finally, you are to explain to your assessor the next steps you would take in terms of lodgement and completion of this process

Assessment Summary

You are to submit the following evidence / perform the following tasks

  • Communicate with your client and identify / request all documentation that is required to lodge their tax return
  • Review the information provided by the client for suitability, prepare the tax return, then submit to your assessor for marking.
  • Explain / review the tax return claims and deductions with your client.

ASSESSMENT 2 – WRITTEN ASSESSMENT

Student Name:         __

Student ID No:          ___

Date:                           _____

Student Instructions | Please make sure you:

  • Print / write legibly
  • Answer all questions
  • Ask your assessor if you do not understand a question. Whist your assessor cannot tell you the answer, he/she may be able to re-word the question for you
  • Do not cheat or talk to your classmates during this assessment. Anyone caught cheating or talking will automatically be excluded under the Disciplinary Rules and their opportunity for assessment will be subject to the outcome of an Appeal Process or  Disciplinary Hearing
  • Reasonable adjustment: If you require any adjustments to accommodate a need in order to complete this assessment, please talk to your assessor. Arrangements will be put in place to ensure fair and flexible approaches is undertaken for this assessment.  Please note that the range or nature of the adjustment will ensure that the outcomes of the unit are not compromised.
  • Re-assessment: If you do not achieve the required standard, you will be given the opportunity to be re-assessed by our Assessor. Arrangements will be made on an individual basis.
  • Feedback: Your assessor will provide feedback to students after the completion of the assessment.   The trainer assessor will explain the appeals process.
  • Time allocated: 3 hours
Questions
1What are the 3 classes of capital gains tax assets?  What sort of assets are subject to CGT rules?
 
2What is an assessable dividend? How does it relate to a person’s taxable income?
3What payments are classified as rental income?
4What type of lump sum payment is not an assessable amount?
5Is GST included or excluded when deducting a work-related expense? Why / why not?
6What is the minimum amount of work expenses that can be deducted before written evidence is compulsory?  List 2 expenses that do are not included in this figure.
7What computer expenses can be claimed as a self-education expense?
8What gifts are tax-deductible?
9What legislation covers Income Tax?
10What does it mean to state that ethical behaviour includes being objective and independent?
11What constitutes conflict of interest?
12List 4 items that are dutiable under the Duties Act 2000.
13Is Payroll Tax a state or federal tax? What is your states current rate?
14When is an employer liable for payroll tax?
15What legislation covers land tax?  What is the threshold land value to be required to pay land tax?
16What is Debits Tax? Who does it affect?
17What sort of records should be kept according the Taxation Administration Act 2005?   How long these records must be kept for?
18List 5 possible prosecutable acts when lodging a tax return under the Taxation Administration Act 2005.
19According to the TAA 2005, when is a taxpayer liable to pay penalty interest? When might the interest be increased?
20What does the term ‘unencumbered value’ of a dutiable property mean in the Duties Act 2000?
21What is the difference between confidentiality and privacy?
22Discuss the term ‘Confidentiality’.   What legislation covers this?
23What is strategic misrepresentation?  How can this be minimised?
24When accounting for GST on an accrual basis is the GST adjustment made when the bad debt is written off?
25If the bad debt adjustment is made when it is written off, is it an increasing or decreasing adjustment?
26What is a fringe benefit?
27What employees are as defined under the Fringe Benefit Tax Assessment Act 1986?
28What is the current FBT Rate?
29List 7 examples of fringe benefits tax exempt work related items if purchased or contracted today.
30What is the code of professional conduct as per the Tax Agent Services Act 2009?
31Describe the main differences between civil and criminal law.
32Describe the state court system in Australia.
33Describe the Commonwealth Court system in Australia.
34What methods of punishment are used in Australia (through the court system)?
35What is the current Taxation Ruling relating to the retention of business records?
36Describe the different types of taxes collected in Australia at the following Government levels.
Local government
State government
Federal government
37List at least 5 services provided by taxation revenue at the following Government levels.
Local GovernmentState GovernmentFederal Government
38What us the annual depreciation expense using straight-line depreciation, of a vehicle that depreciates over 5 years, was purchased at $17000, and will have a salvage value of $2000 – Students must show their working.
39Complete the following Chart – using the Declining-Balance method for the same vehicle as in question 38.
YearBook Value (Start of Year)Depreciation ExpenseAccumulated DepreciationBook Value – End of Year
1$17,000 (Original Cost)
2
3
4
5$2,000 (Scrap Value)
40What is the Private Health Insurance Rebate, and how does it apply to tax obligations?
41 38-40ent 3 (Q71-34Some items included in the G1 label at the GST section of a BAS statement are gross sales, interest earned and gross fees for services.  What items SHOULD NOT be included?
42The T1 label at the PAYG income tax instalment section of your BAS statement includes items such as gross sales, gross fees for services and gross rent.  What items SHOULD NOT be included?
43What items should be included in the W1 label at the PAYG tax withheld section of you BAS statement?
44What information may be reported on an IAS Statement?
45Explain what an Instalment Notice for GST and PAYG instalments is. In your explanation indicate how an instalment notice differs from and activity statement.
46Provide an explanation of the following terms.
 

Taxable sales

GST input tax credits
Net GST payable
47Provide an explanation of, and one example of, each of the following terms.
GST free purchases
Capital purchase
Input taxed supplies
Non GST
48What are the sanctions that may be applied by the TPB for failure to comply with the Code of Professional Conduct?
49Describe a legitimate tax avoidance options available to a tax payer in Australia.
50List and describe 3 different offsets / rebates that an individual may be eligible to claim for.
51What classifies an individual as an Australian Resident for Taxation purposes?
52What difference does residency make in relation to paying tax?
53Describe how tax works for the following individuals.
Individuals coming to Australia

 

Australians going overseas
Foreign residents investing in Australia
52What difference does residency make in relation to paying tax?
53Describe how tax works for the following individuals.
54Describe what Separation of Powers is, and how it works.
55What is meant by constitutional considerations?
56Describe the key sources of information and data required to calculate the taxable income of an individual.
57Describe the following accounting principles.
Doctrine of Consistency
Doctrine of Disclosure
Doctrine of Materiality
Doctrine of Conservatism
58Describe the key features of organisational policy and procedures relating to the preparation of tax documentation for individual taxpayers.
59List 4 common tax office enquiries you may receive when lodging tax documentation, along with what response is normally expected.

 

Student Declaration:  I declare that the work submitted is my own, and has not been copied or plagiarised from any person or source.Name:          ________________________

Signature:    ________________________

Date:           ____/_____/_____

ASSESSOR USE ONLY

Comments 

Assessment Method:   WRITTEN

Result

(Please Circle)

SatisfactoryNot SatisfactoryIncomplete
Assessor:  I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedbackName:          ________________________

Signature:    ________________________

Date:

Appendix 1 – Peter Little’s Tax Details

For the purpose of preparing Mr. Little’s Tax return, he has provided you with the following statements and information relating to the 2014/2015 financial year.

Personal Details:

TFN: 367 446 033

Date of Birth: 14th September 1978

Address: 14 Maybury Street, Reservoir 3073

Private Health Insurance: None

HELP Account: $7,340 owing

Occupation: Nurse

Employer: Northern Hospital

Marital Status: Married

Children: 2

PAYG Statement from Northern Hospital

PAYG StatementYear Ending: 30 June 2014
Northern Hospital
ABN: 26 489 334 984
Employee Name:Peter Little
Occupation:Nurse (Grade 2)
Gross Payments:$64,056
Tax Withheld:$15,774
Travel Allowance:$315
Uniform Allowance:$90
Meal Allowance:$342

PAYG Statement from Health Link (Casual Job)

PAYG Statement
Health Link Inc.
ABN: 34 542 773 231
Employee NamePeter Little
PositionNurse (Casual)
Gross Payments:$15,662
Tax Withheld:$4,056
Travel Allowance$226

Other Income:

Saving Account Interest:                            $243

Term Deposit Interest:                                 $514 

Information provided for deductions:

Uniform                                                          $56

Nurses Board of Victoria                            $465

Australian Nursing & Midwifery Council $330

Nursing Magazine Subscription               $110

University course fees                                $1890

Previous Tax Return Fees                         $120

CPD Course                                                 $66

Donation – Red Cross                                $200

CPR Update course                                                $55

Superannuation contribution                    $500

Stationary for study                                     $45

Assignment Postage                                   $43

Photocopying                                               $31

Total Internet Bill (40% for study use)      $644

Purchased a Laptop for study purposes  $1450

Travel to exams                                            66km

Other Information:

Peter has an investment property in Mornington, which he rents out at $1370 pcm.  He purchased the property in 2009 for $378K.  His house financials are as follows:

  • Rent received for the year  $15,070 (including vacant period)
  • Expenses:
    • Agent Fees:                          $753.50
    • New Airconditioner              $2,244 (purchased 5 November 2014)
    • Body Corp Fees                   $722.00
    • Landlord Insurance             $223.00
    • Repair water leak                 $480
    • Install new power point       $225

FNSACC502 Prepare Tax Documentation For Individuals

Peter has taken out Income protection which takes effect from January 2014 – January 2015.  The total cost of this policy through NAB was $580

Peter previously had income protection through Alliance Insurance from January 2013 – January 2014 which he paid for in full 13/1/14.

Peter also operates as a Sole Trade (ABN: 45 833 478 230) in which he consults with General Practitioners and other clientele to set up nursing practice guidelines as well as sets up safe working environment and ensures practices comply with nursing legislation.  He currently is not registered for GST or BAS, but does pose the question to you whether that is necessary.  Peter has just started this business last year and has the following records for your information:

Business Income from Clients                           $11,045

Prepaid Income from Dr R Ramsey                      $450

Prepaid Income from Dr L Lemonighorian          $200

Business Expenses:

Internet Business use (40% of total bill)

Business Phone                                          $356.67

Business Mobile                                          $215.63

Paper / Ink Usage                                        $215.62

Gloves                                                            $1670.34

Masks                                                             $334.09

Syringes                                                        $889.34

Other Pharmaceuticals                               $353.00

Peter uses a home office – He is unsure of what can be claimed for this

Peter has a business loan of $5,000 of which he paid $412 in interest this year

Peter also has 2 creditors at the end of the tax period:

RL Medical Supplies                                   $979 (Invoice Included)

H Wineberg Consultants                            $650

Business Purchases:

2011 Holden Barina Purchased 14th February 2013

Purchased at:                                               $17,990

Business km Travelled                               2836

Other km Traveled                                       1966

Running Costs                                             $2566

RL Medical SuppliesINVOICE
ABN: 65 332 648 995
18 Georges RoadDATE:August 23, 2014
Bundoora, Vic 3083INVOICE   

     #

16553
Phone (03) 9434 4444
BILL TO:FOR:Medical Supplies
Peter Little
ABN: 45 883 478 230
12 Maybury Street
Reservoir
Victoria, 3073
DESCRIPTIONNo.PriceAMOUNT
987839875 – Syringes (Box 35)2322.00 $                   506.00
02387576 – Gloves (Box 300)1232.00 $                   384.00
SUBTOTAL $                   890.00
TAX RATE
GST                        89.00
OTHER
TOTAL   $                   979.00

David Marks

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