Unit of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with FNS Financial Services Training Package Version 1.0. |
Application
This unit describes the skills and knowledge required to maintain business taxation accounting records and process lodgements and returns in accordance with Australian Taxation Office (ATO) requirements, excluding income tax. Documentation for business activity statements (BAS) must be authorised by a registered BAS agent.
It applies to individuals who, within their level of authority, apply specialised knowledge and follow defined procedures to administer and process information.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Unit Sector
Accounting
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. Maintain accounting records for taxation purposes |
1.1 Access and correctly interpret taxation accounting system 1.2 Establish and maintain adequate records to support taxation accounting system 1.3 Comply with specific taxation requirements for business documents |
2. Establish and maintain process for managing business tax returns |
2.1 Establish accounting process to manage taxation lodgements process 2.2 Maintain sufficient and current records to comply with lodgement requirements 2.3 Establish and meet lodgement schedule requirements |
3. Process business tax returns and lodgements |
3.1 Identify and appropriately use required returns and lodgements 3.2 Process accounting data to comply with taxation reporting requirements 3.3 Draft returns and lodgements for review by authorised personnel |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill |
Performance Criteria |
Description |
Reading |
1.1, 3.1 |
|
Writing |
1.2, 1.3, 2.2, 3.3 |
|
Oral Communication |
3.3 |
|
Numeracy |
1.2, 3.2, 3.3 |
|
Navigate the world of work |
1.3, 2.2, 3.2 |
|
Get the work done |
1.1, 1.2, 2.1-2.3, 3.1-3.3 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
FNSACC401 Process business tax requirements |
FNSACC401A Process business tax requirements |
Updated to meet Standards for Training Packages |
Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe