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Prepare Tax Documentation for Individuals

In this assessment, students will be assessed based on their skill and ability to submit the relevant documentation to the ATO within the stipulated time period. Students also have to provide advise to their clients regarding the current tax obligation so that the rules of the taxation authorities are followed by the clients. Students also have to know how to respond to the tax office enquiries, meet taxation and audit requirements when necessary in a timely manner. In order to complete this assignment, students have to identify and explain ethical consideration as well as legislation requirements which are relevant to the preparation of the tax documentation for individual tax payers. Students have to take the responsibilities to inform their clients regarding the tax paying rules and regulation and for that they need to acquire a detailed knowledge of the taxation process. Students have to identify plus explain the key elements of the Australian tax paying system which are residence, sources, related elements, international tax, assessable income, deduction, tax accounting, definition of income tax and FBT (Fringe Benefits Tax). Students are also required to have a detailed knowledge regarding the GST which is the hoods and service tax. Further, students will be assessed based on their ability to describe the key sources of information, data required for calculating the taxable income, key features of the organisational policy, procedures of preparing the tax document, key accounting principles, practices which are relevant to the preparation of the tax document. The assessment will be conducted after providing the access of common office equipment, technology, software plus consumables to the students.

this unit is based on the tax documentation for the individuals as it describes the knowledge and the skills which are required for preparing the non- complex income tax returns for the individuals according to the statutory requirements. This unit also describes the skills and knowledge which are necessary for encompassing the gathering plus verification of the data along with the calculation of the taxable income plus reviewing the compliance requirements. This unit is applicable for those individuals who use the systematic approaches for following the specific guidelines in order to ensure compliance requirements are met. This unit describes the work functions in the occupational areas where it can be used in order to regulate the requirements for the tax documentation for the concerned individuals. Therefore, it can be stated that this unit has been designed to meet the educational requirements of the tax practitioner board. The sector for this unit is the accounting. In this unit, both elements and the performance criteria are required to be meet. The elements can be defined as the essential outcomes whereas the performance criteria can be defined as the performance which is needed to demonstrate the achievement from the required element. The elements that are required to fulfil by the students are gathering data of the clients, verifying the client, verifying the organisational plus legislative requirements, identification, recording, and presenting the tax documentation of the client and lodging the tax documentation. In this unit, students are required to determine the tax documentation by the clients along with tax documentation preparation related requirements. As a part of this unit, students are required to conduct a research for identifying the updates plus additions for compliance requirements which are relevant to the clients’ circumstances, establishing the recording and reporting the requirements. In this unit, students are required to gather accurate and current data from appropriate sources. Students are also required to identify the assessable income plus allowable deductions. Students are required to complete as well as record the amount according to the organisational requirements and legislative requirements. As part of this unit, students are required t identify the discrepancies while conducting the research so that they can resolve it, and refer it to an appropriate authority. Students are also required to identify accrued or prepaid expenditure and income while recording the adjustments for valuing the assets as well as the liabilities. Students are required to calculate the obligations regarding the tax of the clients according to the legislative requirements. Students are also required t practice the information collecting practices. They are required to prepare the relevant documentation within the conventional timelines. As part of this unit, students are required to seek advice as well as guide in the decision - making process as it requires evaluation on a moderate basis. Location: - Australia Study level: - vocational Unit code: - FNSACC502

in this assessment, there are both performance evidence and the knowledge evidence. Performance evidences are those which students have to perform and demonstrate their skills along with the knowledge of the concerned topic. Under the performance evidence, students have to research, critically evaluate plus apply changed or new legislative requirements. They have to apply the new legislative requirements where they are relevant in order to prepare the tax documentation of the concerned client. Students will be assessed in this unit based on their ability to identify the client data which are required for calculating the taxable income. In this unit, students will be assessed based on their ability to prepare the tax documentation for an individual client. This tax documentation has to be compiled with Australian taxation law and the ATO (Australian Taxation Office) rules and legislations. The tax documentation that students have to prepare has to include accounting principles and practices, organisational policy and procedures. Further, in this unit students will be assessed based on their ability to provide the advice to the client on the tax documentation which will be presented only after acquiring the verification and approval. In this assessment, students will be evaluated based on their ability to discuss, confirm and document the necessary elements for the preparation of tax document. Obtaining the client’s signature, authorisation, endorsement and ensuring that al the legislative requirements have been met is an important art of this unit which will be assessed as well.

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