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Assessment Summary Sheet
· This form is to be completed by the assessor and used a final record of student competency.
· All student submissions including any associated checklists (outlined below) are to be attached to this cover sheet before placing on the students file.
· Student results are not to be entered onto the Student Database unless all relevant paperwork is completed and attached to this form.
Student Name:
Student ID No:
Final Completion Date:
Unit Code:
FNSACC502
Unit Title:
Prepare income tax returns for individuals
Please attach the following documentation to this form
Result
Assessment Week 1
Portfolio of activities
S / NYS / DNS
Assessment Week 2
Report on activities
S / NYS / DNS
Final Assessment Result for this unit
C / NYC
Feedback is given to the student on each Assessment task
Yes / No
Feedback is given to the student on final outcome of the unit
Yes / No
Student Declaration I have been assessed in a fair and flexible manner. I understand that the Elite Education Vocation Institute’s Student Assessment, Reassessment and Repeating Units of Competency Guidelines apply to these assessment tasks.
Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback.
Name:
Name:
Ada DU
Signature:
Signature:
Date:
Date:
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Assessment Cover Sheet |
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Assessment Week Two Details |
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Term and Year |
Term 1 2018 |
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Assessment Type |
Report on activities |
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Due Date |
Class Room |
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Student Name: |
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Student ID No: |
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Date: |
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Qualification : |
FNS50215 Diploma of Accounting |
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Unit Code: |
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Unit Title: |
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Assessor’s Name |
Ada DU |
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Student Declaration: I declare that this work has been completed by me honestly and with integrity. I understand that the Elite Education Vocation Institute’s Student Assessment, Reassessment and Repeating Units of Competency Guidelines apply to these assessment tasks. |
Name: | |
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Student was absent from the feedback session. |
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Assessment/evidence gathering conditions |
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Each assessment component is recorded as either Satisfactory (S) or Not Yet Satisfactory (NYS). A student can only achieve competence when all assessment components listed under procedures and specifications of the assessment section are Satisfactory. Your trainer will give you feedback after the completion of each assessment. A student who is assessed as NYS is eligible for re-assessment. Should the student fail to submit the assessment, a result outcome of Did Not Submit (DNS) will be recorded. |
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Principles of Assessment |
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Based on Clauses 1.8 – 1.12 from the Australian Standards Quality Assurance’s (ASQA) Standards for Registered Training Organizations (RTO) 2015, the learner would be assessed based on the following principles: Fairness – (1) the individual learner’s needs are considered in the assessment process, (2) where appropriate, reasonable adjustments are applied by the RTO to take into account the individual leaner’s needs and, (3) the RTO informs the leaner about the assessment process, and provides the learner with the opportunity to challenge the result of the assessment and be reassessed if necessary. Flexibility – assessment is flexible to the individual learner by; (1) reflecting the learner’s needs, (2) assessing competencies held by the learner no matter how or where they have been acquired and, (3) the unit of competency and associated assessment requirements, and the individual. Validity – (1) requires that assessment against the unit/s of competency and the associated assessment requirements covers the broad range of skills and knowledge, (2) assessment of knowledge and skills is integrated with their practical application, (3) assessment to be based on evidence that demonstrates tat a leaner could demonstrate these skills and knowledge in other similar situations and, (4) judgement of competence is based on evidence of learner performance that is aligned to the unit/s of competency and associated assessment requirements. Reliability – evidence presented for assessment is consistently interpreted and assessment results are comparable irrespective of the assessor conducting the assessment |
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Rules of Evidence |
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Validity – the assessor is assured that the learner has the skills, knowledge and attributes, as described in the module of unit of competency and associated assessment requirements. Sufficiency – the assessor is assured that the quality, quantity and relevance of the assessment evidence enables a judgement to be made of a learner’s competency. Authenticity – the assessor is assured that the evidence presented for assessment is the learner’s own work. This would mean that any form of plagiarism or copying of other’s work may not be permitted and would be deemed strictly as a ‘Not Yet Competent’ grading. Currency – the assessor is assured that the assessment evidence demonstrates current competency. This requires the assessment evidence to be from the present or the very recent past. |
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Resources required for this Assessment |
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1. All documents must be created using Microsoft Office suites i.e., MS Word, Excel, PowerPoint 1. Upon completion, submit the assessment via the student learning management system to your trainer along with the completed assessment coversheet. 1. Refer the notes on eLearning to answer the tasks 1. Any additional material will be provided by Trainer |
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Instructions for Students |
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Please read the following instructions carefully · This assessment is to be completed according to the instructions given by your assessor. · Students are allowed to take this assessment home. · Feedback on each task will be provided to enable you to determine how your work could be improved. You will be provided with feedback on your work within 2 weeks of the assessment due date. · Should you not answer the questions correctly, you will be given feedback on the results and your gaps in knowledge. You will be given another opportunity to demonstrate your knowledge and skills to be deemed competent for this unit of competency. · If you are not sure about any aspect of this assessment, please ask for clarification from your assessor. · Please refer to the College re-assessment and re-enrolment policy for more information. |
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Procedures and Specifications of the Assessment |
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To complete the unit requirements safely and effectively, the individual must: · Define international marketing · Identify international trade patterns · Explain international trade policies and agreements · Identify legislative requirements |
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Assessment 2 |
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Question 1: Prepare an income tax return form for the following taxpayer |
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· Personal details: David Lucas: 13 Marina Street, Sydney NSW 2017.Date of birth: 12 February 1971.Occupation: Accountant; TFN-124 765 230. · Salary: $55 630 PAYG tax paid $ 10 560; Allowances $230; Reportable fringe benefits$4000.Employer’s ABN: 22 222 222 222. · Unit trust distribution was 2264, which had franking credit of $ 113. There was also a gross capital gain of $260 that was fully discountable. · David earned a $47 interest from an overseas bank account but he only received $40 after they subtracted a foreign tax credit of $7. · Other income: bank interest $84; fully franked dividends $240; unfranked dividends $50. · He received refunds of $450 from Medicare and his health insurer (Code BUPA) over the year. His membership number is 426780 and he had no children. · David owns an investment property that earned $13 240 rent. The expenses were: interest $10700, agent commission $910, repairs $128, rates $930 and advertising $45. When he bought it three years ago, the building itself cost $ 212 000 and at the end of last year the appliances had a WDV of $ 1285 in the low value pool. · During the year David drove his 2.5 –litre car 85 km on work- related travel. He also spent $320 on union fees, $42 on laundering his grey trousers, $400 on Internet access (half of which related to his work), $45 on a text book, $80 on donations to the Red Cross and $2380 on hospital/doctors’ bills. Private health insurance cost $1230 and he did not receive any upfront Government contribution for his health insurance premium. Required: 3. Prepare income tax return for Mr. David Lucas and advise him about his income tax liabilities or refund (if any). 3. Use all appropriate forms and worksheets to complete your return. If you are not certain about what forms to use, please discuss with your class teacher. 3. Use current tax rates available in the e-learning (http://sydneymetrocollege.edu.au/SMC-E-Learning/). Please note that to be able to get competent you need to show all relevant calculations, correctly fill out the necessary forms and worksheets, use correct tax rates and advise the client about this tax liability/refunds. |
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Question 2 |
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Leila Karim is a doctor who made the following payments during the year: Doctor union fee 450 Laundering of compulsory uniform 90 Jacket when working night shifts 85 Stethoscope 120 Text book –Diabetes management 70 Text book –Law for doctors 65 Taxi fares when called in at short notice 70 Plain watch 60 Phone calls to check shifts 8 Shoes 85 Scissors to cut surgical gauze 15 a) Advise which of these are deductible for tax purpose and cite relevant legislation. b) If according to your opinion, any of the expenses are not deductible, briefly mention the reasons to the client. c) Explain the substantial requirements that she will need to satisfy. |
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Assessment Feedback One Evaluation |
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Student’s name: |
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Trainer/ Assessor’s name: |
Date: |
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Unit name: |
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Assessment Submission Checklist to be completed by the Trainer/Assessor |
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Did the student complete and provide evidence for the following: |
Yes |
No |
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1. Provide a discussion on the short questions? |
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2. Provide an analysis on taxable deductions? |
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3. Has the ability to prepare a tax return form? |
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4. Submit within agreed timeframe? |
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Has the learner proven they can: |
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1.1. Determine client’s tax documentation preparation requirements |
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1.2. Conduct research to identify updates or additions to compliance requirements relevant to client circumstances, and establish recording and reporting requirements |
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1.3 Gather current data from appropriate sources, and identify assessable income and allowable deductions |
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1.4 Complete and record amounts in accordance with organisational and legislative requirements |
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1.6 Identify accrued or prepaid income and expenditure, and record adjustments to value of assets and liabilities |
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2.1 Calculate client’s tax obligations, in accordance with legislative requirements and information gathering practices |
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2.2 Prepare relevant documentation within established timelines |
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2.3 Seek advice and guidance from specialist to evaluate and moderate decision processes |
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2.4 Discuss and confirm documentation with client to obtain client signature, authorisation and endorsement, ensuring legislative requirements are met |
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3.2 Advise client of current tax obligations and that advice from taxation authorities is to be followed |
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FEEDBACK TO STUDENT: |
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Assessment outcome |
Satisfactory |
Not Yet Satisfactory |
Re-assessment required |
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Student Signature |
The result of my performance in this unit has been discussed and explained to me. ____________________________ Date: ______________ Student signature |
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Trainer/ Assessor’s Signature |
Trainer/ Assessor’s declaration: I hereby certify that the above student has been assessed by myself and all assessments are carried out as required by the Principles of Assessments (Clause 1.8 of the Standards for RTO 2015). ____________________________ Date: ______________ Assessor signature |
V2018.T1. 1.0
FNS50215 Diploma of Accounting/ FNSACC502/ 2018/ T1/ Assessment Tool Page 8 of 8
Assessment Cover Sheet
Assessment Week One Details
Term and Year
Term 1 2018
Assessment Type
Portfolio of activities
Due Date
Class Room
Student Name:
Student ID No:
Date:
Qualification :
FNS50215 Diploma of Accounting
Unit Code:
FNSACC502
Unit Title:
Prepare income tax returns for individuals
Assessor’s Name
Ada DU
Student Declaration: I declare that this work has been completed by me honestly and with integrity. I understand that the Elite Education Vocation Institute’s Student Assessment, Reassessment and Repeating Units of Competency Guidelines apply to these assessment tasks.
Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback.
Name:
Name:
Ada DU
Signature:
Signature:
Date:
Date:
Student was absent from the feedback session.
Assessment/evidence gathering conditions
Each assessment component is recorded as either Satisfactory (S) or Not Yet Satisfactory (NYS). A student can only achieve competence when all assessment components listed under procedures and specifications of the assessment section are Satisfactory. Your trainer will give you feedback after the completion of each assessment. A student who is assessed as NYS is eligible for re-assessment. Should the student fail to submit the assessment, a result outcome of Did Not Submit (DNS) will be recorded.
Principles of Assessment
Based on Clauses 1.8 – 1.12 from the Australian Standards Quality Assurance’s (ASQA) Standards for Registered Training Organizations (RTO) 2015, the learner would be assessed based on the following principles:
Fairness – (1) the individual learner’s needs are considered in the assessment process, (2) where appropriate, reasonable adjustments are applied by the RTO to take into account the individual leaner’s needs and, (3) the RTO informs the leaner about the assessment process, and provides the learner with the opportunity to challenge the result of the assessment and be reassessed if necessary.
Flexibility – assessment is flexible to the individual learner by; (1) reflecting the learner’s needs, (2) assessing competencies held by the learner no matter how or where they have been acquired and, (3) the unit of competency and associated assessment requirements, and the individual.
Validity – (1) requires that assessment against the unit/s of competency and the associated assessment requirements covers the broad range of skills and knowledge, (2) assessment of knowledge and skills is integrated with their practical application, (3) assessment to be based on evidence that demonstrates tat a leaner could demonstrate these skills and knowledge in other similar situations and, (4) judgement of competence is based on evidence of learner performance that is aligned to the unit/s of competency and associated assessment requirements.
Reliability – evidence presented for assessment is consistently interpreted and assessment results are comparable irrespective of the assessor conducting the assessment
Rules of Evidence
Validity – the assessor is assured that the learner has the skills, knowledge and attributes, as described in the module of unit of competency and associated assessment requirements.
Sufficiency – the assessor is assured that the quality, quantity and relevance of the assessment evidence enables a judgement to be made of a learner’s competency.
Authenticity – the assessor is assured that the evidence presented for assessment is the learner’s own work. This would mean that any form of plagiarism or copying of other’s work may not be permitted and would be deemed strictly as a ‘Not Yet Competent’ grading.
Currency – the assessor is assured that the assessment evidence demonstrates current competency. This requires the assessment evidence to be from the present or the very recent past.
Resources required for this Assessment
1. All documents must be created using Microsoft Office suites i.e., MS Word, Excel, PowerPoint
1. Upon completion, submit the assessment via the student learning management system to your trainer along with the completed assessment coversheet.
1. Refer the notes on eLearning to answer the tasks
1. Any additional material will be provided by Trainer
Instructions for Students
Please read the following instructions carefully
· This assessment is to be completed according to the instructions given by your assessor.
· Students are allowed to take this assessment home.
· Feedback on each task will be provided to enable you to determine how your work could be improved. You will be provided with feedback on your work within 2 weeks of the assessment due date.
· Should you not answer the questions correctly, you will be given feedback on the results and your gaps in knowledge. You will be given another opportunity to demonstrate your knowledge and skills to be deemed competent for this unit of competency.
· If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.
· Please refer to the College re-assessment and re-enrolment policy for more information.
Procedures and Specifications of the Assessment
To complete the unit requirements safely and effectively, the individual must:
· Define international marketing
· Identify international trade patterns
· Explain international trade policies and agreements
· Identify legislative requirements
Assessment 1
Question1. Define assessable income as per Income Tax Assessment Act 1997
Question2. Give two examples of ordinary income and statutory income
Question 3. ATO can carry out audits if they find any discrepancies in tax return. Mention the names of three such audits conducted by ATO with brief description for each
Question 4. What are the four key differences between residents and non-residents for tax purpose
Residents
Non-residents
Question 5. Section 6(1) of the ITAA 1936 provides 4 exhaustive tests of residence for individuals. Mention them in brief
Question 6. Part 3 of Tax Agent Services Act 2009 includes ‘The Code of Professional Conduct’. This code includes 14 core principles that apply to all registered tax agents and BAS agents. Go to Tax Practitioners Board website (http://www.tpb.gov.au) to research these core principles and mention principle number five below:
Question 7. Give two examples of “adequate and effective conflict management arrangements” that you as a “tax practitioner” can apply in your workplace
Question 8. John, a tax practitioner is requested by his client, Daniel to include some fictitious expenses in his tax return to reduce the tax liability. John knows that the expenses were not incurred by Daniel and if he includes them in the tax return, then Principle no. 1 (honesty and integrity) of ‘The Code of Professional Conduct’ will be violated. But at the same time John does not want to lose Daniel as client. How John can communicate his professional obligations to Daniel?
Question 9. For how long the taxpayers need to keep evidence/record for income tax purpose? Mention the relevant legal provision (name of act and section) for this rule.
Question 10. Mention the correct lodgment date for the following scenarios
Scenario
Lodgment date
Income tax return for all individuals and trusts where one or more prior year income tax returns were outstanding as at 30 June.
Taxpayers who lodge their own return using e-tax or TaxPack
Income tax return for individuals and trusts which were tax level 6 (tax payable of $20,000 or more on last tax assessment) as per latest year lodged
Business Activity Statement for first quarter
Business Activity Statement for second quarter
Business Activity Statement for third quarter
Business Activity Statement for fourth quarter
Question 11. Mention the name of five records/documents that can be kept by taxpayers as evidence.
Question 12. What information must be included in a Tax Invoice for taxable supplies of more than $1000?
Question 13. As per tax law, mention five types of taxpayers who must lodge their tax return.
Question 14 How much assessable income was derived by each of the following taxpayers?
Scenario
Assessable income
Kelly’s net wages were $1 350. Her employer had deducted $380 tax.
Alan received net wages of $50 300 and bank interest of $400 over the year. His employer deducted $19 700 tax.
Karl received a net salary of $41 800 over the year plus $120 bank interest. He also was paid a gross salary of $2 000 for a part-time job he had during the year. The tax deducted from his full-time job was $13 600 and $600 was deducted from his part time wages.
Fiona runs a small business that had $36 000 in sales during the year. Her net profit was calculated by deducting $22 000 of expenses.
Question 15. Advise whether the following are assessable income, statutory income, exempt income or non-assessable income.
Scenario
Income type
A lotto win
Wages
A capital gain
A gift received from a friend
A car allowance from an employer
A tax refund cheque
Bank interest received
A family tax benefit
Question16 Identify each of the following business outgoings as either an expense or Capital
Description
Expense or Capital
Wages
Stationery
Forklift truck
Telephone bill
Fuel
Land
Photocopier
Question 17. Matthew incurred the following expenses during the year
Interest on home loan $16 200
Interest on credit card $276
Interest on investment property $14 360
Interest on personal loan $1 320
Insurance on home $630
Insurance on car $540
Insurance on investment property $570
Matthew occasionally takes work home on weekends. The personal loan was taken out two years earlier, half of it to finance a share portfolio and the other half to landscape the front yard of his home
How much of these amounts are tax deductible to Matthew? Quote the relevant legislation (sections of ITAA) to justify your answer.
Question 18. Medicare Levy and Medicare Levy Surcharge:
Calculate the amount of Medicare levy and Medicare levy surcharge for the following resident taxpayers:
Name
Taxable income of taxpayer
Taxable income of spouse
Hospital Insurance
Medicare Levy
Medicare Levy Surcharge
Bill
44 500
No spouse
No
Sally
35 000
60 000
No
John
76 600
72 400
Yes
Fred
69 300
110 000
No
Allie
78 844
No spouse
Yes
Question 19. Offset:
Calculate Low Income Tax Offset (LITO) for the following taxpayers:
Name
Taxable income
LITO
Bill
14 500
Sally
35 000
John
56 600
Fred
69 300
Allie
78 844
Question 20 Calculate Tax:
Using the table of income tax rates, calculate the primary tax for the following taxpayers:
Name
Taxable income
Residence status
Tax
Steven
34 000
Resident
Martin
65 400
Non-resident
Gary
65 400
Resident
Russell
17 500
Resident
June
17 200
Non-resident
Harry
19 750
Resident
Sharon
110 930
Resident
Hanna
90 320
Non-resident
Courtney
224 864
Resident
Question 21 Motor Vehicle expense:
From the following information calculate the motor vehicle expense for Mr. John Schofield with all available alternatives and select the most appropriate option for tax purpose:
He bought a Honda Accord for $28,000 on 25th July 2013. It has an engine capacity of 2.6 litres. In the current financial year he has travelled 22,000 km in total. He has kept a log book that shows 18,000 km is for work purpose. He has incurred the following expenditures for the motor vehicle:
• Petrol: $1600
• Depreciation: $2812
• Registration: $350
• Insurance: $600
• Tyres and Battery: $1075
• Servicing: $525
He has all the records for expenses
Question 22 Depreciation expense:
Prepare a depreciation asset schedule for the following (use the worksheet provided):
Asset
Original cost
Opening adjustable value
Depreciation rate
Electric guitar
$3600
$1289
20% DV
Drum set
$3000
$550
10% PC
Electric keyboard
$4000
$961
30% DV
Question 23 Prepaid expense:
Tasty Delicatessen is a small business entity. On 1 June 2013, it made a payment of $24,000 to cover the lease of its business premises for a 12-month period commencing on 1 July 2013 and ending on 30 June 2014. How much the business can claim as a deduction for the lease payment in 2012 -13 income year? Briefly explain with relevant rule.
Assessment Feedback One Evaluation
Student’s name:
Trainer/ Assessor’s name:
Ada DU
Date:
Unit name:
FNSACC502
Assessment Submission Checklist to be completed by the Trainer/Assessor
Did the student complete and provide evidence for the following:
Yes
No
1. Provide a discussion on the short questions?
2. Provide an analysis on taxable income?
3. Provide an understanding of residence under tax purposes?
4. Has the ability to calculate tax payable?
5. Submit within agreed timeframe?
Has the learner proven they can:
Yes
No
1.1. Determine client’s tax documentation preparation requirements
1.2. Conduct research to identify updates or additions to compliance requirements relevant to client circumstances, and establish recording and reporting requirements
1.3 Gather current data from appropriate sources, and identify assessable income and allowable deductions
1.4 Complete and record amounts in accordance with organisational and legislative requirements
1.5 Identify discrepancies or any unusual features and conduct research to resolve, or refer to appropriate authority
1.6 Identify accrued or prepaid income and expenditure, and record adjustments to value of assets and liabilities
2.1 Calculate client’s tax obligations, in accordance with legislative requirements and information gathering practices
2.2 Prepare relevant documentation within established timelines
2.3 Seek advice and guidance from specialist to evaluate and moderate decision processes
2.4 Discuss and confirm documentation with client to obtain client signature, authorisation and endorsement, ensuring legislative requirements are met
3.1 Submit relevant documentation to Australian Taxation Office (ATO) within established timelines
3.2 Advise client of current tax obligations and that advice from taxation authorities is to be followed
3.3 Respond to tax office enquiries and meet taxation audit requirements, when applicable, in timely manner
FEEDBACK TO STUDENT:
Assessment outcome
Satisfactory
Not Yet Satisfactory
Re-assessment required
Student Signature
The result of my performance in this unit has been discussed and explained to me.
____________________________ Date: ______________
Student signature
Trainer/ Assessor’s Signature
Trainer/ Assessor’s declaration:
I hereby certify that the above student has been assessed by myself and all assessments are carried out as required by the Principles of Assessments (Clause 1.8 of the Standards for RTO 2015).
____________________________ Date: ______________
Assessor signature
V2018.T1. 1.0
FNS50215 Diploma of Accounting/ FNSACC502/ 2018/ T1/ Assessment Tool
