Mapping	Notes	Date
Supersedes and is equivalent to FNSACC512 - Prepare tax documentation for individuals	Supersedes and is equivalent to FNSACC512 Prepare tax documentation for individuals.	14/Jun/2022

Release	Release date
1 1 (this release)	15/Jun/2022

CodeSort Table listing Training packages that include this unit by the Code column	TitleSort Table listing Training packages that include this unit by the Title column	Release
FNS - Financial Services Training Package	Financial Services Training Package	8.0-8.2

CodeSort Table listing Qualifications that include this unit by the Code column	TitleSort Table listing Qualifications that include this unit by the Title column	Usage Recommendation	Release
FNS50222 - Diploma of Accounting	Diploma of Accounting	Current	1-2
FNS60222 - Advanced Diploma of Accounting	Advanced Diploma of Accounting	Current	1
Refresh information in 'Table listing Qualifications that include this unit' Navigate to first page in table listing Qualifications that include this unit.Navigate to previous page in table listing Qualifications that include this unit. Navigate to page 1 in table listing Qualifications that include this unit Navigate to the next page in table listing Qualifications that include this unit.Navigate to the last page in table listing Qualifications that include this unit. Items per page 10 \| 20 \| 50 \| 100 Displaying items 1 - 2 of 2

CodeSort Table listing Skill sets that include this unit by the Code column	TitleSort Table listing Skill sets that include this unit by the Title column	Usage Recommendation	Release
FNSSS00015 - Advanced Accounting Principles Skill Set	Advanced Accounting Principles Skill Set	Current	2
FNSSS00009 - Tax Law for Tax Agents Skill Set (Tax plans)	Tax Law for Tax Agents Skill Set (Tax plans)	Current	4
FNSSS00008 - Tax Law for Tax Agents Skill Set (Tax documentation)	Tax Law for Tax Agents Skill Set (Tax documentation)	Current	3
Refresh information in 'Table listing Skill sets that include this unit' Navigate to first page in table listing Skill sets that include this unit.Navigate to previous page in table listing Skill sets that include this unit. Navigate to page 1 in table listing Skill sets that include this unit Navigate to the next page in table listing Skill sets that include this unit.Navigate to the last page in table listing Skill sets that include this unit. Items per page 10 \| 20 \| 50 \| 100 Displaying items 1 - 3 of 3

Scheme	Code	Classification value
ASCED Module/Unit of Competency Field of Education Identifier	080101	Accounting

Scheme	Code	Classification value	Start date	End date
ASCED Module/Unit of Competency Field of Education Identifier	080101	Accounting	15/Jun/2022

Unit of competency

Modification History

Release

Comments

Release 1

This version first released with the FNS Financial Services Training Package Version 8.0.

Supersedes and is equivalent to FNSACC512 Prepare tax documentation for individuals.

Application

This unit describes the skills and knowledge required to prepare income tax returns for individuals in line with statutory requirements. It involves gathering and verifying data, calculating taxable income, and reviewing compliance requirements.

The unit applies to individuals who use systematic approaches and 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 the education requirements of the Tax Practitioners Board (TPB). Users are advised to check with the relevant regulatory authorities to confirm those 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. Gather client income data and verify client, organisational and legislative requirements	1.1 Consult with client to determine tax documentation preparation requirements 1.2 Conduct research to identify updates or additions to tax compliance requirements according to client circumstances 1.3 Gather current data from authoritative sources, and identify and resolve outstanding information requirements through consultation with client 1.4 Identify assessable income and allowable deductions 1.5 Complete and record amounts according to legislative requirements 1.6 Identify any tax issues and conduct research to resolve, or refer to designated authority
2. Identify, record and present client’s income tax documentation	2.1 Calculate client’s tax obligations according to legislative requirements and industry-accepted information-gathering practices 2.2 Prepare required documentation according to statutory and organisational procedures and within established timeframes 2.3 Evaluate and moderate decision processes as required by seeking advice and guidance from specialists 2.4 Discuss and confirm documentation with client and obtain client signature, authorisation and endorsement, according to legislative requirements
3. Manage client’s income tax documentation	3.1 Prepare submission to Australian Taxation Office (ATO) according to ATO submission requirements 3.2 Advise client of current tax obligations 3.3 Respond to ATO enquiries and meet tax audit requirements, as required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Analyses financial data and performs mathematical calculations to complete requirements of income tax documentation
Oral communication	Participates in verbal exchanges using active listening and questioning techniques to clarify information and confirm understanding
Reading	Researches and analyses financial information and data from a range of sources to identify key aspects related to income tax documentation requirements
Writing	Records information and completes forms accurately using correct spelling, grammar, terminology, and conventions Uses clear language and concepts appropriate to audience to convey and clarify explicit information and requirements in written documentation
Technology	Uses the main features and functions of digital systems and programs to plan, implement, monitor, report progress, and lodge income tax returns

Unit Mapping Information

Supersedes and is equivalent to FNSACC512 Prepare tax documentation for individuals.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment requirements

Modification History

Release

Comments

Release 1

This version first released with the FNS Financial Services Training Package Version 8.0.

Supersedes and is equivalent to FNSACC512 Prepare tax documentation for individuals.

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

prepare income tax documentation for at least two different clients.

In the course of the above, the candidate must:

comply with statutory regulations and requirements
provide advice to each client on at least two different tax obligations and gain client approval
research, critically evaluate and apply legislative requirements
identify client data required to prepare tax documentation
prepare client tax documentation that complies with Australian taxation law and Australian Taxation Office (ATO) rulings, accounting principles and practices, organisational policies and procedures.

Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

financial legislative and statutory requirements relating to taxable transactions and reporting requirements
ethical considerations and legislative requirements related to preparing income tax documentation for clients, including:

conflicts 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)

key elements of Australian tax law as they relate to income tax documentation for individuals, including:

rules and principles of Australian tax law, and the legal environment in which these principles operate
features of the legal system, constitutional considerations, and separation of powers relevant to preparing income tax documentation
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 principles and application of capital gains tax (CGT), FBT and employment termination payment (ETP) rules for individuals
basic concept of goods and services tax (GST) and the treatment of income tax
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
key sources of information and data required to calculate taxable income
organisational policies and procedures required to prepare income tax documentation for individuals
key accounting principles and practices required to prepare income tax documentation for individual taxpayers.

Assessment Conditions

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

office equipment, technology, software and consumables required to prepare income tax documentation for individuals.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

This unit is designed to meet the education requirements of the Tax Practitioners Board (TPB). Where registration with the TPB is sought, assessment must reflect the conditions described by the regulator. Where recognition of prior learning (RPL) is used, it must also meet the requirements of the Board’s policy on RPL.

Details of requirements can be accessed on the TPB website at (http://www.tpb.gov.au) .

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Unit of competency details

FNSACC522 - Prepare tax documentation for individuals (Release 1)

Summary

Training packages that include this unit

Qualifications that include this unit

Skill sets that include this unit

Classifications

Classification history

Content

Unit of competency

Modification History

Application

Unit Sector

Elements and Performance Criteria

Foundation Skills

Unit Mapping Information

Links

Assessment requirements

Modification History

Performance Evidence

Knowledge Evidence

Assessment Conditions

Links

Reports

Resources

More

Using training.gov.au

Acknowledgement of Country