FNSACC603 - Implement Tax Plans And Evaluate Tax Obligations - Ethical Considerations and Legislative Requirements - Accounting And Finance Assignment Help

Assignment Task:

The process we follow is known as competency-based assessment. This means that evidence of your current skills and knowledge will be measured against national standards of best practice, not against the learning you have undertaken either recently or in the past. Some of the assessment will be concerned with how you apply your skills and knowledge in the workplace, and some in the training room as required by each unit.

The assessment tasks have been designed to enable you to demonstrate the required skills and knowledge and produce the critical evidence to successfully demonstrate competency at the required standard. 

Your assessor will ensure that you are ready for assessment and will explain the assessment process.  Your assessment tasks will outline the evidence to be collected and how it will be collected, for example; a written activity, case study, or demonstration and observation.

The assessor will also have determined if you have any special needs to be considered during assessment. Changes can be made to the way assessment is undertaken to account for special needs and this is called making Reasonable Adjustment.

Instructions 

You will need to research information to assist with your responses for this task. 

What you will need to complete this task

• Research materials such as books, internet, magazines, workplace documentation etc.

• Access to legislative and regulatory documentation relevant to own state or territory.

You should use a variety of sources to gather information including training resources, workplace policies and procedures (if you are able to access these) and government and industry bodies. 

You are required to provide information about the following points. You must prepare a written response to each point, which can be supported by example documentation as required. Ensure material is referenced appropriately. 

1. Explain the following ethical considerations and legislative requirements which are relevant to the preparation of tax documentation for legal entities:

   1. Conflict of interest

   2. Responsibilities of tax agents, including the Code of Professional Conduct obligations which are outlined in the Tax Agent Services Act (TASA) and Tax Agent Services Regulations (TASR), especially those relating to disclosure and confidentiality requirements for the preparation of returns

   3. Government tax policy documents which are issued by Reviews, the Treasury and the Board of Taxation

   4. Legislation explanatory materials 

   5. Statutes

   6. Decisions in the Court and Administrative Appeals Tribunal 

   7. The Commissioner of Taxation's interpretive guidance in Rulings and Determinations

2. Explain the critical and key elements of Australian taxation law for each of the following areas, as it relates to tax documentation for legal entities:

   1. The rules and principles of Australian tax law, including the legal environment, and the legal system, constitutional considerations and separation of powers.

   2. Income tax law, as it relates to:

      1. Concepts of residence and source

      2. Related elements of international tax

      3. Assessable income

      4. Deductions, tax rebates and offsets

      5. Tax accounting

   3. The key aspects and relevant principles of the following taxes that extend the ordinary income tax base:

      1. Capital Gains Tax (CGT)

      2. Fringe Benefits Tax (FBT)

   4. Goods and services tax (GST)

   5. The taxation aspects of superannuation law

   6. The various administrative aspects of the taxes identified above, including:

      1. Documentation 

      2. Tax collection and withholding mechanisms

      3. Assessments 

      4. Obligations 

      5. Rulings 

      6. Penalties

      7. Audits

   7. Specific and the general anti-avoidance tax rules

3. Describe the following key sources of information and taxable transactions data that is required to calculate taxable income:

   1. Allowable deductions

   2. Capital gains

   3. Financial adjustments such as write-offs and revaluations

   4. Income

   5. Payments

   6. Purchases

   7. Superannuation payments

4. Describe the key features that should be included in organisational policies and procedures relating to the preparation of tax documentation for legal entities.

5. Identify and discuss the key accounting principles and practices which are relevant to the preparation of tax documentation, for the different types of legal entities.

6. What are the financial management strategies used to optimise tax position?

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