Subject Code : FNSACC512
Assignment Task:

Instructions:

You will need to research information to assist with your responses for this task. 

What you will need to complete this task:

1. Research materials such as books, internet, magazines, workplace documentation etc.
2. Access to legislative and regulatory documentation relevant to own state or territory.

You should use a variety of sources to gather information including training resources, workplace policies and procedures (if you are able to access these) and government and industry bodies. 

You are required to provide information about the following points. You must prepare a written response to each point, which can be supported by example documentation as required. Ensure material is referenced appropriately.

Your task is to research the following topics then outline your findings in a report. Use the questions below as a guide to your research:

1. Explain the following ethical considerations and legislative requirements which are relevant to the preparation of non-complex income tax documentation for individual taxpayers:
a. Conflict of interest
b. Responsibilities of tax agents, including those outlined in the Code of Professional Conduct obligations under TASA and the TASR

2. Briefly explain the following key elements of Australian tax law, as it relates to individual taxpayer income tax documentation:
a. The rules and principles of Australian tax law, and the basics of the legal system and the environment in which these principles operate, including the constitutional considerations and the separation of powers
b. The key aspects of the income tax law which cover:

  • Residence and source and the related elements of international tax
  • Assessable income
  • Deductions, including general, specific, and decline in value
  • Tax rebates and offsets
  • Tax accounting
  • Income test definitions that include reportable superannuation and FBT

 

c. The key aspects of principles and application the following for individual taxpayers:

  • CGT
  • FBT 
  • ETP rules 

 

3. Explain the basic concept of GST

4. Identify the inclusions in the administrative aspects that apply to the taxes discussed

5. Explain the specific and the general anti-avoidance tax rules for individual

6. What are the key sources of information and data you could access and use to calculate taxable income?

7. Identify the organisational policies and procedures which relate to the preparation of tax documentation for individual taxpayers, and discuss their key features
 
8. Reflect the key accounting principles and practices which are relevant to of tax documentation for individual taxpayers

2. Scenario

Instructions:

Referring to the information provided in the task and using the form provided you are required to complete a Tax Return for an Individual. For this assessment, you will need to perform the following task. This will need to be completed and submitted in a professional, word-processed, format. 

Once you have completed all the steps, you are required to document and submit the completed document with your assessment.

During your activity, you must ensure that you:
 
1. Identify all client data required to calculate taxable income

2. Research, critically evaluate and apply new or changed legislative requirements and apply where relevant to the preparation of the client's tax documentation

3. Prepare tax documentation for an individual that complies with:
a. Australian taxation law and the Australian Taxation Office (ATO) rulings
b. Accounting principles and practices
c. Organisational policy and procedures

4. Provide advice to a client on tax documentation presented and obtain verification and approval

You will require access to the following for your activity:
5. Common office equipment
6. Technology
7. Software
8. Consumables

When you have successfully finished this assessment, you will need to submit the assignment that you have completed.

Scenario - Task 1
Your client, Roberto Case is a single taxpayer. Roberto is a bank manager and has approached you to prepare his 2017 income tax return.

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  • Uploaded By : Alex Cerry
  • Posted on : January 30th, 2019

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