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Prepare and administer tax documentation for legal entities (FNSACC601)

Overview

This unit describes the skills and knowledge required to identify taxation requirements for complex lodgements and returns for legal entities. It involves gathering, analysing and processing taxation related data to prepare tax documentation, and to review and apply compliance requirements.  
It applies to individuals who use specialised knowledge and systematic approaches and who follow specific guidelines to ensure compliance requirements are met. Work functions in the occupational areas where this unit may be used are subject to regulatory requirements.
This unit is designed to meet educational requirements of the Tax Practitioner Board (TPB). Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements. 

Pre-requisite Uni

FNSACC522

Prepare tax documentation for individuals



Elements and Performance Criteria

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify taxation requirements for complex lodgements and returns

1.1 Identify and confirm suitability of legal entities within client's organisational structure

1.2 Conduct research to identify updates or additions to compliance requirements relevant to client's circumstances, and establish recording and reporting requirements

1.3 Determine client's tax documentation preparation requirements

2. Gather and analyse data relevant to client’s tax position

2.1 Identify and collect client data relevant to tax documentation requirements

2.2 Analyse data to extract relevant tax information and identify any discrepancies requiring verification or research for resolution

2.3 Obtain advice and guidance from specialist to evaluate and moderate decision processes

3. Prepare and present tax documentation

3.1 Calculate client's tax obligations, in accordance with legislative requirements and information gathering practices

3.2 Prepare tax documentation to comply with relevant Australian Taxation Office (ATO), legislative and organisational recording and reporting requirements

3.3 Present and confirm documentation with clients to obtain client signature, authorisation and endorsement, ensuring legislative requirements are met

4. Lodge tax documentation

4.1 Submit relevant tax documentation to the ATO within established timelines

4.2 Advise client of current tax obligations and that any advice from taxation authorities is to be followed

4.3 Respond to tax office enquiries and meet taxation audit requirements, when applicable, in timely manner

Delivery Strategy
⦁ Face to face  
⦁ Online
⦁ Recognition of Prior Learning (for experienced leaders and managers who have evidence to support their current competence in the relevant units of competency which comprise the qualification). 
⦁ Blended (using a combination of the modes described).

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