FNSACC601 Prepare and administer tax documentation for legal entities

Fnsacc601 prepare and administer tax documentation

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FNSACC601 Prepare and administer tax documentation for legal entities Assessment Guide Copyright © Mentor Education Pty Ltd RTO 21683 V1.0 19
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entities such as companies, trusts, partnerships and sole traders including: o The rules and principles of Australian tax law, with an understanding of the legal environment in which these principles operate, basics of the legal system, constitutional considerations and separation of powers o The key aspects of income tax law covering concepts of residence and source, related elements of international tax, assessable income, deductions, tax rebates and offsets, and tax accounting o The key aspects of taxes that extend the ordinary income tax base, including relevant principles and application of the capital gains tax (CGT) and fringe benefits tax (FBT) rules o Goods and services tax (GST) o Taxation aspects of superannuation law o Administrative aspects of the taxes identified above including documentation, tax collection and withholding mechanisms, assessments, obligations, rulings, penalties and audits o Specific and general anti-avoidance tax rules Describe the key sources of information and taxable transactions data required to calculate taxable income, including: o Allowable deductions o Capital gains o Financial adjustments such as write-offs and revaluations o Income FNSACC601 Prepare and administer tax documentation for legal entities Assessment Guide Copyright © Mentor Education Pty Ltd RTO 21683 V1.0 20
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o Payments o Purchases o Superannuation payments Describe the key features of organisational policy and procedures relating to the preparation of tax documentation for legal entities Outline the key accounting principles and practices relevant to the preparation of tax documentation for the different types of legal entities Feedback to Learner: Assessor’s Signature: Date: FNSACC601 Prepare and administer tax documentation for legal entities Assessment Guide Copyright © Mentor Education Pty Ltd RTO 21683 V1.0 21
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SHORT ANSWER QUESTIONS Instructions Answer the questions below by writing in the space provided. If you require more space, use a blank sheet of paper. Alternatively, you may like to use Microsoft Word and print out your answers to each question. What you will need Research materials such as books, internet, magazines, workplace documentation etc. Access to legislative and regulatory documentation Your Learner Guide for this unit of competence Suggested Word limit Short Answer Responses 4 typed lines = 50 words, or 5 lines of handwritten text Answer the following questions and submit to your assessor in writing.
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