Release 

Comments 

Release 4

This version first released with FNS Financial Services Training Package Release 8.2.

Assessment Conditions updated.

Release 3

This version first released with FNS Financial Services Training Package Release 8.1.

Pre-requisite unit updated.

Release 2

This version first released with FNS Financial Services Training Package Version 3.1

Update to pre-requisite unit code

FNSACC522

Prepare tax documentation for individuals

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

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

Skill 

Performance Criteria 

Description 

Reading

1.2, 1.3

• Accesses and critically analyses complex information from a range of sources to identify key aspects relevant to requirements
• Carefully checks data and information for accuracy, completeness and reliability

Writing

2.4, 3.3

• Prepares logically structured written documentation for a range of purposes and audiences using clear language and correct terminology and conventions

Oral communication

3.3

• Effectively participates in verbal exchanges using active listening and questioning techniques to elicit, clarify and confirm information

Numeracy

1.1, 1.2, 1.4, 1.5, 2.2, 2.5, 3.1, 3.2

• Performs complex calculations and uses a range of mathematical problem-solving techniques to analyse trends, benchmarks and performance indicators

Navigate the world of work

2.3, 2.4, 3.2, 3.4, 3.5

• Recognises and responds to relevant Acts, regulatory requirements, explicit and implicit protocols, policies and procedures, and meets expectations associated with own role
• Ensures currency of knowledge relating to legislation, regulations and policies applicable to taxation legislation and professional requirements

Get the work done

1.5, 2.1-2.3, 3.1-3.5

• Takes responsibility for planning, sequencing and prioritising complex tasks and own workload for efficiency and effective outcomes
• Uses systematic analytical problem-solving processes in complex, routine and non-routine situations, gathering information and identifying and evaluating options against criteria
• Evaluates effectiveness of systems and processes to inform decisions on how to implement improvements
• Recognises and anticipates a range of problems, implementing contingency plans when appropriate
• Uses a range of digitally based technologies to access, extract and share relevant information to achieve required outcomes

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSACC603 Implement tax plans and evaluate tax obligations

FNSACC603A Implement tax plans and evaluate tax compliance

Updated to meet Standards for Training Packages

Updated title

Editing and reordering of elements and performance criteria to clarify and update to industry requirements

Equivalent unit