Unit of competency Outline

Date retreived
23/07/2026 11:32 AM AWST

Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.

Process business tax requirements

Process business tax requirements

Unit of competency
National Code
FNSACC401A
State Code
D4033
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
24/11/2010
View on TGA
State Implementation and Classification
Approved Date
29/07/2014
Field of Education
080101 - Accounting
Original Release Date
29/07/2014
Nominal Hours
50
Description
This unit describes the performance outcomes, skills and knowledge required to maintain taxation accounting records and process lodgements and returns in accordance with Australian Taxation Office (ATO) requirements, excluding income tax. Documentation for Business Activity Statements (BAS) must be authorised by a registered BAS agent.This unit has application to a variety of financial services sectors and is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements. The Tax Practitioner's Board has set specific educational and experience requirements for registration of BAS and tax agents that must be met.
Notes
Elements and Performance Criteria
1. Maintain accounting records for taxation purposes
  • 1.1. The accounting system for taxation is accessed and correctly interpreted
  • 1.2. Adequate records to support the taxation accounting system are established and maintained
  • 1.3. Specific taxation requirements for 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 lodgements process
  • 2.2. Sufficient and current records are maintained to comply with lodgement requirements
  • 2.3. Lodgement schedule requirements are established and met
3. Process business tax returns and lodgements
  • 3.1. Required returns and lodgements are identified and used appropriately
  • 3.2. Accounting data is processed to comply with taxation reporting requirements
  • 3.3. Returns and lodgements are drafted for review by authorised personnel
RANGE STATEMENT
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.
Specific taxation requirements for business documents may include:
dating
format of invoices
Goods and Services Tax (GST)
inclusive
separate
Fringe Benefits Tax (FBT)
fuel tax credits.
instalments
luxury car tax
Pay-As-You Go (PAYG) tax withheld
PAYG income tax instalments
payroll tax
wine equalisation tax
withholdings.
Lodgement schedules may include:
Fringe Benefits Tax (FBT)
GST
Higher Education Contribution Scheme (HECS)
instalments
payroll tax reconciliation
State taxes
Superannuation Guarantee Levy
Tax File Numbers
withholdings.
Required returns and lodgements may include:
Instalment Activity Statement (IAS)
payment advice.
EVIDENCE GUIDE
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

Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
apply specific Australian taxation requirements for business purposes
interpret taxation parameters and lodgement schedules
use appropriate accounting terminology
maintain accounting records for taxation purposes
establish and maintain an administrative process for managing business tax returns.

Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables.

Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
verbal or written questioning on underpinning knowledge and skills which may include formal examinations
setting and reviewing workplace projects and business simulations for taxation reporting
evaluating samples of work
accessing and validating third party reports.

Guidance information for assessment
Replaces
State Code National Code Title Type
C9594 FNSACCT401B Process business tax requirements Unit of competency
Replaced By
State Code National Code Title Type
AUX05 FNSACC401 Process business tax requirements Unit of competency