Unit of competency Outline
Date retreived
22/07/2026 11:33 PM AWST
22/07/2026 11:33 PM 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.
Prepare and administer compliant tax returns for legal entities
Prepare and administer compliant tax returns for legal entities
Unit of competency
National Code
FNSACC601B
FNSACC601B
State Code
WC232
WC232
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
12/03/2012
Field of Education
080101 - Accounting
Original Release Date
12/03/2012
Nominal Hours
80
Description
This unit describes the performance outcomes, skills and knowledge required to identify taxation requirements for complex lodgements and returns, gather, analyse and process taxation related data to prepare taxation returns and lodgements, and review compliance.Note: to provide tax practitioners services in Australia, tax agents must meet the requirements of and be registered with the Tax Practitioner’s Board.
Notes
Elements and Performance Criteria
1. Identify taxation requirements for complex lodgements and returns
- 1.1 Client taxation preparation requirements are determined
- 1.2 Organisational structure of the taxation entity is identified
- 1.3 Taxation parameters of the organisation are determined in accordance with legislation, regulation and Australian Taxation Office (ATO) rulings
- 1.4 Lodgement schedule requirements are established
2. Gather and analyse taxation related data
- 2.1 Accounting reports relevant to taxation requirements are identified and collected
- 2.2 Accounting information is analysed to determine relevant taxation elements
- 2.3 Advice and guidance is sought to evaluate and moderate decision processes
- 2.4 Determinations are confirmed with client
3. Process data and prepare tax returns and lodgements
- 3.1 Data is processed to comply with the relevant taxation format
- 3.2 Returns and lodgements are prepared in accordance with ATO requirements
- 3.3 Returns are discussed and agreed with clients and statutory requirements are confirmed
4. Review taxation lodgement compliance
- 4.1 Returns and lodgements are submitted for authorisation by an approved person within the stated deadlines
- 4.2 Taxation preparation procedures are reviewed to determine their efficiency and effectiveness
- 4.3 Recommendations arising from the taxation lodgement review are made to enable more efficient organisational structures and procedures for taxation purposes
- 4.4 Tax office enquiries are responded to and taxation audit requirements met
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.
Organisational structures include:
companies
non-complex superannuation funds
partnerships
sole traders
trusts
Taxation parameters may include:
cash or non-cash accounting
lodgement schedules
tables, calculations and schedules
tax rates
Legislation includes:
Australian commercial law
Australian taxation law
consumer credit legislation
Financial Transactions Reports Act
Privacy Act
Sale of Goods Acts
Stamp Duties Act
other commercial and taxation legislation relevant to the service being delivered
Lodgement schedules may include:
Fringe Benefits Tax (FBT)
fuel tax credits
Goods and Services Tax (GST) instalments
Luxury Car Tax
Pay-As-You-Go (PAYG) tax withheld
PAYG income tax instalments
payroll tax
wine equalisation tax
withholdings
Accounting reports relevant to taxation requirements include:
capital expenditure
cash flow statements
depreciation schedules
financial expenses
payroll
statement of financial performance
statement of financial position
other reports that relate to assessable income and allowable deductions
Returns and lodgements may include:
annual returns
Business Activity Statement (BAS)
Fringe Benefits Tax (FBT)
payroll tax
Taxation preparation procedures include but are not limited to:
accessing information related to:
allowable deductions
annuities
assessable income
capital allowances
capital gains tax
capital works
compliance and penalties
eligible termination payments (ETPs)
exempt income
foreign income
inventory valuation
levies and surcharges
offsets/rebates
small business entities
superannuation
taxable income
tax payables and refunds
Organisational structures include:
companies
non-complex superannuation funds
partnerships
sole traders
trusts
Taxation parameters may include:
cash or non-cash accounting
lodgement schedules
tables, calculations and schedules
tax rates
Legislation includes:
Australian commercial law
Australian taxation law
consumer credit legislation
Financial Transactions Reports Act
Privacy Act
Sale of Goods Acts
Stamp Duties Act
other commercial and taxation legislation relevant to the service being delivered
Lodgement schedules may include:
Fringe Benefits Tax (FBT)
fuel tax credits
Goods and Services Tax (GST) instalments
Luxury Car Tax
Pay-As-You-Go (PAYG) tax withheld
PAYG income tax instalments
payroll tax
wine equalisation tax
withholdings
Accounting reports relevant to taxation requirements include:
capital expenditure
cash flow statements
depreciation schedules
financial expenses
payroll
statement of financial performance
statement of financial position
other reports that relate to assessable income and allowable deductions
Returns and lodgements may include:
annual returns
Business Activity Statement (BAS)
Fringe Benefits Tax (FBT)
payroll tax
Taxation preparation procedures include but are not limited to:
accessing information related to:
allowable deductions
annuities
assessable income
capital allowances
capital gains tax
capital works
compliance and penalties
eligible termination payments (ETPs)
exempt income
foreign income
inventory valuation
levies and surcharges
offsets/rebates
small business entities
superannuation
taxable income
tax payables and refunds
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:
demonstrate knowledge and understanding of Australian taxation law such that it can be applied to taxation affairs
access interpret and comply with information on relevant legislation, statutes, regulation and ATO rulings
provide taxation advice having regard to the facts and relevant law
develop organisational procedures to meet compliance requirements
gather and verify data to calculate taxable income and review for compliance
apply organisational policies and procedures and accounting principles and practices
prepare tax returns for business entities
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
access to an integrated financial software system and data
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples 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
assessment requirements set by the Tax Practitioner’s Board
verbal or written questioning on underpinning knowledge and skills
setting and reviewing business taxation simulations
evaluating samples of work
conducting a summative assessment
Guidance information for assessment
Where assessment of this unit is designed to meet regulatory requirements, users should refer to the appropriate regulator or current guidelines published on the IBSA website www.ibsa.org.au (under training packages/financial services)
Note: The identification of the unit FNSACC502B Prepare legally compliant income tax returns for individuals as a pre-requisite does not require that it be certificated prior to this unit. This unit and its pre-requisite may be delivered and assessed together.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
demonstrate knowledge and understanding of Australian taxation law such that it can be applied to taxation affairs
access interpret and comply with information on relevant legislation, statutes, regulation and ATO rulings
provide taxation advice having regard to the facts and relevant law
develop organisational procedures to meet compliance requirements
gather and verify data to calculate taxable income and review for compliance
apply organisational policies and procedures and accounting principles and practices
prepare tax returns for business entities
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
access to an integrated financial software system and data
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples 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
assessment requirements set by the Tax Practitioner’s Board
verbal or written questioning on underpinning knowledge and skills
setting and reviewing business taxation simulations
evaluating samples of work
conducting a summative assessment
Guidance information for assessment
Where assessment of this unit is designed to meet regulatory requirements, users should refer to the appropriate regulator or current guidelines published on the IBSA website www.ibsa.org.au (under training packages/financial services)
Note: The identification of the unit FNSACC502B Prepare legally compliant income tax returns for individuals as a pre-requisite does not require that it be certificated prior to this unit. This unit and its pre-requisite may be delivered and assessed together.
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| D4046 | FNSACC601A | Prepare complex tax returns | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUQ15 | FNSACC601 | Prepare and administer tax documentation for legal entities | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S735 | FNS60210 | Advanced Diploma of Accounting | Qualification |
| S718 | FNS50210 | Diploma of Accounting | Qualification |