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assessment Qualification: FNS50215 Diploma of Accounting Unit of Competency: FNSACC502 Prepare tax documentation for individuals Student Name: Student ID: Assessment Due Date: 06/06/18 Total marks: 100 FNSACC502 Prepare tax documentation for individuals. 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. Elements Performance Criteria Mapping 1. Gather client data and verify client, organisational and legislative requirements 1.1 Determine client's tax documentation preparation requirements Part 14, 15 2. 1.2 Conduct research to identify updates or additions to compliance requirements relevant to client circumstances, and establish recording and reporting requirements Part 1 3. 1.3 Gather current data from appropriate sources, and identify assessable income and allowable deductions Part 2-4 4. 1.4 Complete and record amounts in accordance with organisational and legislative requirements Part 2-11 5. 1.5 Identify discrepancies or any unusual features and conduct research to resolve, or refer to appropriate authority Part 1-15 6. 1.6 Identify accrued or prepaid income and expenditure, and record adjustments to value of assets and liabilities Part 5-6 7. Identify, record and present client's tax documentation 2.1 Calculate client's tax obligations, in accordance with legislative requirements and information gathering practices Part 2-15 8. 2.2 Prepare relevant documentation within established timelines Part 10, 13, 14, 15 9. 2.3 Seek advice and guidance from specialist to evaluate and moderate decision processes Part 12, 13, 14 10. 2.4 Discuss and confirm documentation with client to obtain client signature, authorisation and endorsement, ensuring legislative requirements are met Part 14 11. Lodge tax documentation 3.1 Submit relevant documentation to Australian Taxation Office (ATO) within established timelines Part1, 13, 15 3.2 Advise client of current tax obligations and that advice from taxation authorities is to be followed Part 14 3.3 Respond to tax office enquiries and meet taxation audit requirements, when applicable, in timely manner Part 13 Performance Evidence Evidence of the ability to: · research, critically evaluate and apply new or changed legislative requirements and apply where relevant to the preparation of the client's tax documentation · identify client data required to calculate taxable income · prepare tax documentation for an individual that complies with: · Australian taxation law and Australian Taxation Office (ATO) rulings · accounting principles and practices · organisational policy and procedures · provide advice to client on tax documentation presented and obtain verification and approval. Part 1 Part 2-11 Part 1 Part 14 Knowledge Evidence To complete the unit requirements safely and effectively, the individual must: · Identify and explain ethical considerations and legislative requirements relevant to the preparation of tax documentation for individual taxpayers, including: · conflict of interest · responsibilities of tax agents including Code of Professional Conduct obligations under the Tax Agent Services Act (TASA) and Tax Agent Services Regulations (TASR) · identify and explain the following key elements of Australian tax law as it relates to tax documentation for individual taxpayers: · the rules and principles of Australian tax law including an understanding of the legal environment in which these principles operate, basics of the legal system, constitutional considerations and separation of powers · key aspects of the income tax law covering concepts of: · residence and source · 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 fringe benefits tax (FBT) · key aspects of relevant principles ad application of the capital gains tax (CGT), FBT and termination payment rules for individual taxpayers · basic concept of goods and services tax (GST) · administrative aspects of the taxes identified above including documentation, tax collection and withholding mechanisms, assessments, obligations, rulings, penalties and audits · specific and general anti-avoidance tax rules for individuals · describe the key sources of information and data required to calculate taxable income · describe the key features of organisational policy and procedures relating to the preparation of tax documentation for individual taxpayers · outline the key accounting principles and practices relevant to the preparation of tax documentation for individual taxpayers. Part 1, 12 Part 1 Part 1 Part 2-11 Foundation Skills Reading · Researches and analyses financial information and data from a range of sources to identify key aspects relevant to requirements Writing · Accurately records information and completes forms using correct spelling, grammar, terminology and conventions · Uses clear language and concepts appropriate for the audience to convey and clarify explicit information and requirements in written documentation Oral Communication · Participates in verbal exchanges using active listening and questioning techniques to clarify information and confirm understandings Numeracy · Analyses financial data and performs mathematical calculations to complete requirements of non-complex lodgement documentation Navigate the world of work · Recognises and follows relevant legislative and regulatory requirements and organisational policy and procedures to meet expectations of clients and those associated with own role Interact with others · Selects and uses appropriate conventions and protocols when communicating with clients, colleagues and others to seek or provide information Get the work done · Plans, organises, schedules and implements tasks according to organisational and legislative requirements, taking responsibility for compliance and client needs · Makes critical and non-critical decisions in relatively complex situations, taking relevant client and legislative requirements into consideration · Identifies and responds to problems by systematically analysing relevant information, generating and evaluating options, and selecting the most appropriate option · Uses digital systems and programs for planning, implementing, monitoring, reporting progress and lodgement of returns Assessment Information: To achieve competent for this unit of competency, you are required to satisfactorily complete the FIFTEEN PARTS (15) of this assessment. The assessment will be conducted over a TEN (10) week period. Assessment Instructions Your assessment will be required to be typed in Arial font size 12 only. You will provide your completed assessment for all of questions in one document and MUST be uploaded into MOODLE (No other method of submission will be accepted). You are required to professionally format your document including spell-check and indicating each Task answer [e.g. Task 1 (a.) then the answer, Task 1 (b.) then the answer etc.] according to this Assignment requirement. You may lose marks if you have not spell-checked your document (as this is a professional formatting requirement, a business skill). This assessment can be completed in one of several ways. Assessment candidates may identify unit requirement within their own work environment or organisation, or with reference to a scenario provided by the trainer/assessor. Be sure to properly reference your sources of information using the Harvard referencing system. For more information go to:- 1. Student Handbook - latest version 1. Ask your Trainer/Assessor to provide you with this information In order to determine if you are addressing this assignment adequately in terms of competency/comprehension (prior to due date) a draft copy of your assessment should be discussed during class time in consultation with your Trainer/Assessor. For this feedback/ support from your Trainer/Assessor, you will need to bring to class your “draft copy” with any evidence of the research you have conducted to produce the assessment. If, as a student you feel you have special needs that require your Trainer/Assessor to apply a reasonable adjustment – please discuss this with your Trainer/Assessor at the beginning of the subject studies. Your Assignment must: 1. Be of a professional standard (spelling, grammar, punctuation) 1. Size 12, Arial Font 1. 1.5 Spacing 1. All pages must have a Header/Footer with the following details: 3. Name 3. Student ID 3. The course & unit of competency 3. Date 3. Page numbering 1. Title page 1. Index page 1. Body of work 1. Referencing How to upload your answered assessment into MOODLE To upload your assignment into Moodle, follow these steps. 1. Log-in to Moodle and access the subject that you will be submitting the assignment in. 1. Locate the assessment you will be uploading into by scrolling down to the week that the assessment is due in and then click on the assessment submission link. 1. Click on the name of the assignment. 1. Click the Browse button. 1. Select the Zip folder 1. Click the Upload this file button. 1. Once happy with your submission click the Send for marking button. The files are locked and the student can no longer delete, or upload more, files. Note: The date and time of the submission is recorded when the files are sent for marking, not when they are first uploaded. Contents Resources8 Learners Guide8 Income tax rates for 2017/2018 financial year8 Non-Residents 2017-18-link8 Working holiday makers income tax rates for 2017–18-link8 LITO9 Medicare levy thresholds for an individual 20189 Medicare Levy Surcharge Income Thresholds9 Singles9 Families10 A-Z Index-Tax Topics10 Capital gain calculation methods11 Fringe Benefit Tax Rates11 Departing Australia superannuation payment (DASP) from July 2017-link12 Other Resources12 Assessment instructions13 Part 1 Legislation13 Part 2 Marginal Rates of Tax14 Part 3 Income14 Part 4 Deductions14 Part 5 Sole Traders15 Part 6 Partnerships17 Part 7 Capital Gain Tax (CGT)19 Part 8 Franking credits20 Part 9 Fringe Benefit Tax (FBT)20 Part 10 Business Activity Statements (BAS)21 Part 11 Taxation strategies21 Part 12 Tax agent requirements22 Part 13 Audit compliance22 Part 14 Role Play-Checklist23 Part 15 myGov23 Resources Learners Guide Income tax rates for 2017/2018 financial year Income Marginal tax rate Tax payable $0-$18,200 0% Nil $18,201- $37,000 19% 19 cents for each $1 over $18,200* $37,001-$87,000 32.5% $3,572 plus 32.5 cents for each dollar over $37,000 $87,001-$180,000 37% $19,822 plus 37 cents for each dollar over $87,000 $180,001 and above 45% $54,232 plus 45 cents for each dollar over $180,000 Non-Residents 2017-18-link Taxable Income Tax $0 – $87,000 32.5c for each $1 $87,001 – $180,000 $28,275 + 37c for each $1 over $87,000 $180,001 and over $62,685 + 45c for each $1 over $180,000 Working holiday makers income tax rates for 2017–18-link Taxable Income Tax $0–$37,000 15% on each $1 up to $37,000 $37,001–$87,000 32.5% on each $1 over $37,000 to $87,000 $87,001–$180,000 37% on each $1 over $87,000 to $180,000 $180,001 and over 45% on each $1 over $180,000 LITO Taxable Income LITO Formula 2017-18 $0 – $37,000 $445 $37,001 – $66,667 $445 – [(taxable income – $37,000) x 1.5%] $66,667 + Nil Medicare levy thresholds for an individual 2018 Category Lower threshold Upper threshold