Unit of competency Outline

Date retreived
22/07/2026 3:10 PM AWST

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Implement tax plans and evaluate tax obligations

Implement tax plans and evaluate tax obligations

Unit of competency
National Code
FNSACC603
State Code
AUQ13
TGA Status
Current
DTWD Status
Approved
Current Release Number
4.00
Current Release Date
03/11/2022
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
080101 - Accounting
Original Release Date
16/09/2015
Nominal Hours
60
Description
This unit describes the skills and knowledge required to assess taxation liabilities, optimise tax positions, establish processes and plans, evaluate tax policies and review tax compliance for legal entities.It applies to experienced individuals who use analytical and problem-solving skills to prepare plans and strategic advice for clients.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. This unit is designed to meet educational requirements of the Tax Practitioner Board (TPB). Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Assess legal entity's tax obligations
  • 1.1 Quantify history and trends of legal entity's tax obligations arising from its historical taxable transactions, using standard accounting techniques
  • 1.2 Analyse data from current transactions to resolve discrepancies and ambiguities and confirm suitability of legal entity
  • 1.3 Conduct research to identify updates or additions to compliance requirements relevant to maximising client's benefit and establish recording and reporting requirements
  • 1.4 Identify legal entity's tax obligations by analysing data on taxable transactions
  • 1.5 Schedule payments of tax obligations by applying methods of determinations and tax bases
2. Develop tax plans
  • 2.1 Assess implications of schedule on tax entity's operations and structure
  • 2.2 Develop financial management strategies to ensure alignment of cash flow with incidence and schedules of tax obligations
  • 2.3 Develop management process and record-keeping systems to implement financial management strategies and ensure maintenance of audit trail
  • 2.4 Document management processes that include application of compliance requirements
  • 2.5 Estimate future taxation obligations from income and expenditure forecasts using standard accounting techniques
3. Evaluate and advise on tax plan
  • 3.1 Prepare budgets in accordance with income and expenditure forecasts, and periodically review to ensure accuracy of tax obligation estimates
  • 3.2 Analyse variances between actual tax obligations and tax plan to identify errors or adjustment required to financial management strategies or management process
  • 3.3 Monitor and evaluate performance of tax plans and advise accordingly
  • 3.4 Monitor and review tax documentation to ensure it complies with legislative and professional requirements
  • 3.5 Analyse evidence of non-compliance to diagnose origin and develop resolution
No information
No information
Replaces
State Code National Code Title Type
D4048 FNSACC603A Implement tax plans and evaluate tax compliance Unit of competency