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Evidence Guide: FNSACC502 - Prepare tax documentation for individuals

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSACC502 - Prepare tax documentation for individuals

What evidence can you provide to prove your understanding of each of the following citeria?

Gather client data and verify client, organisational and legislative requirements

  1. 1.1 Determine client's tax documentation preparation requirements
  2. Conduct research to identify updates or additions to compliance requirements relevant to client circumstances, and establish recording and reporting requirements
  3. Gather current data from appropriate sources, and identify assessable income and allowable deductions
  4. Complete and record amounts in accordance with organisational and legislative requirements
  5. Identify discrepancies or any unusual features and conduct research to resolve, or refer to appropriate authority
  6. Identify accrued or prepaid income and expenditure, and record adjustments to value of assets and liabilities
1.1 Determine client's tax documentation preparation requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Conduct research to identify updates or additions to compliance requirements relevant to client circumstances, and establish recording and reporting requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Gather current data from appropriate sources, and identify assessable income and allowable deductions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete and record amounts in accordance with organisational and legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify discrepancies or any unusual features and conduct research to resolve, or refer to appropriate authority

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify accrued or prepaid income and expenditure, and record adjustments to value of assets and liabilities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

2. Identify, record and present client's tax documentation

  1. 2.1 Calculate client's tax obligations, in accordance with legislative requirements and information gathering practices
  2. Prepare relevant documentation within established timelines
  3. Seek advice and guidance from specialist to evaluate and moderate decision processes
  4. Discuss and confirm documentation with client to obtain client signature, authorisation and endorsement, ensuring legislative requirements are met
2.1 Calculate client's tax obligations, in accordance with legislative requirements and information gathering practices

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare relevant documentation within established timelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Seek advice and guidance from specialist to evaluate and moderate decision processes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Discuss and confirm documentation with client to obtain client signature, authorisation and endorsement, ensuring legislative requirements are met

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Lodge tax documentation

  1. Submit relevant documentation to Australian Taxation Office (ATO) within established timelines
  2. Advise client of current tax obligations and that advice from taxation authorities is to be followed
  3. Respond to tax office enquiries and meet taxation audit requirements, when applicable, in timely manner
Submit relevant documentation to Australian Taxation Office (ATO) within established timelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise client of current tax obligations and that advice from taxation authorities is to be followed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Respond to tax office enquiries and meet taxation audit requirements, when applicable, in timely manner

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify, record and present client's tax documentation

  1. Calculate client's tax obligations, in accordance with legislative requirements and information gathering practices
  2. Prepare relevant documentation within established timelines
  3. Seek advice and guidance from specialist to evaluate and moderate decision processes
  4. Discuss and confirm documentation with client to obtain client signature, authorisation and endorsement, ensuring legislative requirements are met
Calculate client's tax obligations, in accordance with legislative requirements and information gathering practices

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare relevant documentation within established timelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Seek advice and guidance from specialist to evaluate and moderate decision processes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Discuss and confirm documentation with client to obtain client signature, authorisation and endorsement, ensuring legislative requirements are met

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Gather client data and verify client, organisational and legislative requirements

1.1 Determine client's tax documentation preparation requirements

1.2 Conduct research to identify updates or additions to compliance requirements relevant to client circumstances, and establish recording and reporting requirements

1.3 Gather current data from appropriate sources, and identify assessable income and allowable deductions

1.4 Complete and record amounts in accordance with organisational and legislative requirements

1.5 Identify discrepancies or any unusual features and conduct research to resolve, or refer to appropriate authority

1.6 Identify accrued or prepaid income and expenditure, and record adjustments to value of assets and liabilities

2. Identify, record and present client's tax documentation

2.1 Calculate client's tax obligations, in accordance with legislative requirements and information gathering practices

2.2 Prepare relevant documentation within established timelines

2.3 Seek advice and guidance from specialist to evaluate and moderate decision processes

2.4 Discuss and confirm documentation with client to obtain client signature, authorisation and endorsement, ensuring legislative requirements are met

3. Lodge tax documentation

3.1 Submit relevant documentation to Australian Taxation Office (ATO) within established timelines

3.2 Advise client of current tax obligations and that advice from taxation authorities is to be followed

3.3 Respond to tax office enquiries and meet taxation audit requirements, when applicable, in timely manner

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Gather client data and verify client, organisational and legislative requirements

1.1 Determine client's tax documentation preparation requirements

1.2 Conduct research to identify updates or additions to compliance requirements relevant to client circumstances, and establish recording and reporting requirements

1.3 Gather current data from appropriate sources, and identify assessable income and allowable deductions

1.4 Complete and record amounts in accordance with organisational and legislative requirements

1.5 Identify discrepancies or any unusual features and conduct research to resolve, or refer to appropriate authority

1.6 Identify accrued or prepaid income and expenditure, and record adjustments to value of assets and liabilities

2. Identify, record and present client's tax documentation

2.1 Calculate client's tax obligations, in accordance with legislative requirements and information gathering practices

2.2 Prepare relevant documentation within established timelines

2.3 Seek advice and guidance from specialist to evaluate and moderate decision processes

2.4 Discuss and confirm documentation with client to obtain client signature, authorisation and endorsement, ensuring legislative requirements are met

3. Lodge tax documentation

3.1 Submit relevant documentation to Australian Taxation Office (ATO) within established timelines

3.2 Advise client of current tax obligations and that advice from taxation authorities is to be followed

3.3 Respond to tax office enquiries and meet taxation audit requirements, when applicable, in timely manner