Unit of competency Outline

Date retreived
22/07/2026 11:58 PM AWST

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Process business tax requirements

Process business tax requirements

Unit of competency
National Code
FNSACCT401B
State Code
C9594
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
10/07/2004
View on TGA
State Implementation and Classification
Approved Date
12/08/2005
Field of Education
080101 - Accounting
Original Release Date
12/08/2005
Nominal Hours
50
Description
This unit covers the competency to maintain the taxation accounting records and process lodgements and returns in accordance with Australian Taxation Office (ATO) requirements, excluding income tax.This unit covers the competency to maintain the taxation accounting records and process lodgements and returns in accordance with Australian Taxation Office (ATO) requirements, excluding income tax.
Notes
Elements and Performance Criteria
1 Maintain accounting records for taxation purposes
  • 1.1 The accounting system for taxation is determined
  • 1.2 Adequate records to support the taxation accounting system are maintained
  • 1.3 Specific taxation requirements of business documents are complied with
2 Establish and maintain a process for managing business tax returns
  • 2.1 An accounting system is established to manage taxation lodgement process
  • 2.2 Sufficient and current records are maintained to comply with lodgement requirements
  • 2.3 Lodgement schedule requirements are established
3 Process business tax returns and lodgements
  • 3.1 Required returns and lodgements are identified
  • 3.2 Accounting data is processed to comply with taxation reporting requirements
  • 3.3 Returns and lodgements are drafted for review by authorised personnel
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.


format of invoices

dating

Goods and Services Tax (GST) inclusive or separate

adequate documentation


withholdings

instalments

Tax File Numbers

Higher Education Contribution Scheme (HECS)

Fringe Benefits Tax (FBT)

GST

payroll tax reconciliation

Superannuation Guarantee Levy

State taxes


business activity statement

instalment activity statement

payment advice

The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment

To achieve competency in this unit, a person must be able to demonstrate:

knowledge of specific taxation requirements for business purposes
knowledge of taxation parameters
knowledge of accounting terminology
knowledge of Australian taxation requirements
ability to maintain accounting records for taxation purposes
ability to establish and maintain a process for managing business tax returns
ability to process business tax returns and lodgements

Evidence required for demonstration of consistent performance:
Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment.

Delivery/assessment relationship to other units:
This unit may be assessed on its own or it may be assessed with other units that cover related skills and knowledge.
Evidence is most relevant when provided through an integrated activity, which combines the elements of competency for the unit, or a cluster of units of competency.

Method of assessment:
For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance.
Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.

Context of assessment:
Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personal/financial responsibility and accountability.
Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements.

Resources required for assessment:
Assessment of this unit of competence requires access to suitable resources to demonstrate competence.
Assessment instruments, including personal planner and assessment record book.
Access to registered provider of assessment services.

Replaces
State Code National Code Title Type
C7391 FNSACCT401A Process business tax requirements Unit of competency
Replaced By
State Code National Code Title Type
D4033 FNSACC401A Process business tax requirements Unit of competency