The process you followed to determine assessable

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The process you followed to determine assessable income and allowable deductions, to complete and record amounts, to identify discrepancies or any unusual features and identify accrued or prepaid income and expenditure, and record adjustments to value of assets and liabilities How you calculated the client's tax obligations, in accordance with legislative requirements and what documentation you prepared Any advice or guidance you sought from specialists Processes to submit the relevant documentation to Australian Taxation Office (ATO) Feedback to Student: FNSACC512 Prepare tax documentation for individuals Assessment Guide Copyright © Mentor Education Pty Ltd RTO 21683 V1.0 23
Result Satisfactory Not Yet Satisfactory Assessor’s Signature: Date: FNSACC512 Prepare tax documentation for individuals Assessment Guide Copyright © Mentor Education Pty Ltd RTO 21683 V1.0 24
3. THIRD PARTY REPORT ACTIVITY The following task must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to: Office equipment, technology, software and consumables required to prepare non- complex income tax documentation for individuals, including: o Access to the internet o Digital systems and programs for preparing and lodging tax returns For this task you are to undertake the following activity to demonstrate your ability to prepare tax documentation for individuals. Complete the following steps to gather the clients’ income data and to verify all client, organisational and legislative requirements for the tax documentation: 1. Consulting with the client, determine their tax documentation preparation requirements. Document these requirements. 2. Conduct research to identify and critically evaluate any updates or additions to the compliance requirements which are relevant to the client circumstances, and to establish any recording and reporting requirements. Document this research, including relevant updates or additions, and the recording and reporting requirements established. 3. Using authoritative sources, gather current data, and identify and consult with the client to resolve any outstanding information requirements. Provide the data gathered, documenting any client consultation required to gather outstanding information. 4. Identify, and record, the assessable income and allowable deductions 5. Accurately complete and record the required amounts on the documentation, according to organisational and legislative requirements 6. Identify if there are any discrepancies or unusual features, and conduct research to resolve these, or refer them to the designated authority. Record any discrepancies or unusual features identified, as well as any research conducted and the resolution/referral.

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