Unit of competency Outline

Date retreived
23/07/2026 10:05 PM AWST

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Prepare tax documentation for individuals

Prepare tax documentation for individuals

Unit of competency
National Code
FNSACC512
State Code
BBH89
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
13/02/2018
View on TGA
State Implementation and Classification
Approved Date
09/05/2018
Field of Education
080101 - Accounting
Original Release Date
09/05/2018
Nominal Hours
70
Description
This unit describes the skills and knowledge required to prepare non-complex income tax returns for individuals in line with statutory requirements. It encompasses gathering and verifying data, calculating taxable income, and reviewing compliance requirements.It 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 Practitioner Board (TPB). Refer to the FNS Financial Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on regulatory requirements.
Notes
Elements and Performance Criteria
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 compliance requirements relevant to client circumstances, and establish recording and reporting requirements
  • 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 organisational and legislative requirements
  • 1.6 Identify discrepancies or unusual features and conduct research to resolve, or refer to designated authority
  • 1.7 Identify accrued or prepaid income and expenditure, and record adjustments to value of assets and liabilities
2. Identify, record and present client’s non-complex 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 within established timeframes
  • 2.3 Seek advice and guidance from specialists to evaluate and moderate decision processes as required
  • 2.4 Discuss and confirm documentation with client to obtain client signature, authorisation and endorsement, ensuring legislative requirements are met
3. Manage lodgement of client’s non-complex income tax documentation
  • 3.1 Submit required documentation to Australian Taxation Office (ATO) within established timeframes
  • 3.2 Advise client of current tax obligations and information regarding expected future taxation authority advice
  • 3.3 Respond to tax office enquiries and meet taxation audit requirements, when applicable, in timely manner
No information
No information
Replaces
State Code National Code Title Type
AUQ08 FNSACC502 Prepare tax documentation for individuals Unit of competency
Replaced By
State Code National Code Title Type
OEB73 FNSACC522 Prepare tax documentation for individuals Unit of competency