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Assessment Details Qualification Code/Title FNS60217 Advanced Diploma of Accounting Assessment Type Assessment -02 ( Project) Time allowed Due Date Location AHIC Term / Year Unit of Competency National Code/Title FNSACC603 Implement tax plans and evaluate tax obligations Student Details Student Name Student ID Student Declaration: I declare that the work submitted is my own, and has not been copied or plagiarised from any person or source. Signature: ____________________________ Date: _____/______/__________ Assessor Details Assessor’s Name RESULTS (Please Circle) SATISFACTORY NOT SATISFACTORY Feedback to student: ............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................. Student Declaration: I declare that the work submitted is my own, and has not been copied or plagiarised from any person or source. 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. Signature:_______________________________________ Date: ______/_______/___________ Instructions to the Candidates · This assessment is to be completed according to the instructions given below in this document. · Should you not answer the tasks correctly, you will be given feedback on the results and gaps in knowledge. You will be entitled to one (1) resubmit in showing your competence with this unit. · If you are not sure about any aspect of this assessment, please ask for clarification from your assessor. · Please refer to the College re-submission and re-sit policy for more information. · If you have questions and other concerns that may affect your performance in the Assessment, please inform the assessor immediately. · To be deemed competent for this unit you must achieve a satisfactory result with tasks of this Assessment along with a satisfactory result for another Assessment. · This is an Open book assessment which you will do in your own time but complete in the time designated by your assessor. Remember, that it must be your own work and if you use other sources then you must reference these appropriately. · This is Individual Assessments. Once you have completed the assessment, please upload the softcopy of the completed Assessments in the given submission link in AHIC Moodle. · Submitted document must follow the given criteria. Font must be Times New Roman, Font Size needs to be 12, line spacing has to be Single line, and footer of submitted document must include student ID, Student name and the Page number. · If any abbreviation/acronym is used, you must write full words in bracket. · Plagiarism is copying someone else’s work and submitting it as your own. Any Plagiarism will result in a mark of Zero. Practical Assessment Instructions for Students The assessment is divided into two (2) parts: The Case Study and the Project Assessment. The Case Study are hypothetical situations which will not require you to have access to a workplace, although, your past and present workplace experiences may help with the responses you provide. You will be expected to encounter similar situations to these in the future as you work in the accounting and bookkeeping industry. The Project Assessment is a set of tasks that must be completed in an environment with conditions similar to that of a real workplace. Project Assessment Project Overview For this assessment, you will need to complete a series of tasks to demonstrate your ability to implement tax plans and evaluate tax obligations. This project is divided into four (4) parts: I. Prepare for Assessment II. Assess Legal Entity’s Tax Obligations III. Develop Tax Plans IV. Evaluate and Advise on Tax Plans I. Prepare for Assessment 1.1 Project Assessment Preparation This part will require you to prepare for the Project Assessment. Read the instructions carefully before proceeding. Steps to take: 1. Review the full assessment before proceeding. Your trainer will provide full instruction on how to complete the assessment. However, detail instructions are also given in each part of the assessment. 2. If you have any confusion in any areas of the assessment, consult with your trainer. 3. You must need assess to MYOB AccountRight in order to complete the assessment. Before proceeding, make sure your computer has the software installed and it is working properly. Contact your trainer if you have any difficulties accessing the software. 4. All templates required to complete this part of the project are provided in this assessment. 5. For this assessment you are require the Awesome Landscapes Case Study, which can be access through the attached file below: 6. You must use Awesome Landscapes as your client for this assessment. II. Assess Legal Entity’s Tax Obligations The first part of the project will require you to assess a legal entity’s tax obligations. This will involve: · quantifying history and trends of legal entity’s tax obligations arising from its historical taxable transactions, using standard accounting techniques · analysing data from current transactions to resolve discrepancies and ambiguities and confirm suitability of legal entity · conducting research to identify updates or additions to compliance requirements relevant to maximising client’s benefit and establish recording and reporting requirements · identifying legal entity’s tax obligations by analysing data on taxable transactions · scheduling payments of tax obligations by applying methods of determinations and tax bases All templates required to complete this part of the project are provided in this workbook. Instructions are provided for you in the following pages to guide you in completing each task. Read the instructions in this project carefully before proceeding. 2.1 Analyse Taxable Transactions For this task, you will: · quantify the history and trends of a legal entity’s tax obligations arising from its historical taxable transactions, using standard accounting techniques · analyse data from current transactions to resolve discrepancies and ambiguities and confirm suitability of legal entity · identify legal entity's tax obligations by analysing data on taxable transactions · apply methods of determinations and tax bases to tax obligations Read the instructions carefully before proceeding. Steps to take: 1. Locate the Taxable Transactions Analysis template on the following pages. Use this to document your analysis of the client’s taxable transactions in this task. 2. Access your client’s integrated financial software system and data. Specifically, you must access the following: · your client’s historical taxable transactions The historical taxable transactions analysed in this task must span at least one (1) previous financial quarter. Taxable transactions may include but are not limited to: · allowable deductions · capital gains · financial adjustments such as write-offs and revaluations · income · payments · purchases · superannuation payments · your client’s current taxable transactions The current taxable transactions analysed in this task must include all taxable transactions in your client’s current taxation period. · data relevant to your client’s taxable transactions These may include but are not limited to: · Australian Bureau of Statistics (ABS) economic data · budgets and forecasts · credit ratings · financial markets monitoring services · financial statements and reports · market valuations · revenue and sales. 3. Complete the Taxable Transactions Analysis template: i. Identify your client’s legal entity type. E.g. Sole trader, partnership, trust, company. ii. Based on your client’s taxable transactions, choose two (2) taxes to be assessed throughout Part 2 of the Project Assessment. These may include but are not limited to: · Fringe Benefits Tax (FBT) · fuel tax credits. · Goods and Services Tax (GST) · income tax including corporate tax and CGT · instalments · luxury car tax · Pay-As-You Go (PAYG) tax withheld · PAYG income tax instalments · State government charges such as payroll taxes · superannuation requirements · wine equalisation tax · withholdings iii. Identify your client’s tax data that must be analysed in order to calculate their taxable income, as well as the tax bases for the two (2) taxes. If there are any other data on the taxable transactions that