FNSACC512 Assessment Student Instructions

 

 

Assessment Assessme nt Summary S ummary Sheet  

 

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   All student submissions including any associated checklists (outlined below) are to t o be attached to this cover sheet

This form is to be completed by the assessor and used a final record of student competency. before placing on the students file.

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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:

FNSACC512

Unit Title:

Prepare income tax returns for individuals

Please attach the following documentation to this form

Result

 Assessment task 1

Portfolio of activities

S / NYS / DNS

 Assessment task 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 Declaration I have been assessed in a fair and flexible manner. I understand that the Elite Education Vocation Institute Institute’s ’s Student Assessment, Reassessment and Repeating Units of Competency Guidelines apply to these assessment tasks.  tasks.  Name:: Name

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:

Signature:

Signature:

Date:

Date:

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Assessment Cover Sheet Assessment Assessme nt Task Details Term and Year

Term 3 2018

Due Date

13/08/2018

Class Room

Student Name: Student ID No: Date: Qualification Qualificatio n:

FNS50215 Diploma of Accounting

Unit Code:

FNSACC512

Unit Title:

Prepare income tax returns for individuals

Assessor’s Name 

Ada DU

Student Declaration: I Declaration: I declare that this work has been

Assessor Declaration: I declare that I have conducted a

completed by me honestly and with integrity. I understand that the Elite Education Vocation Institute’s Institute ’s Student  Assessment, Reassessment and an d Repeating Units of Competency Guidelines apply to these assessment tasks.  tasks.  

fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback.

Name:: Name

Name:

Signature:

Signature:

Date:

Date: Student was absent from the feedback session.  session.  

Please save this file as PDF format format  (include your name to the filename) before filename)  before uploading onto Moodle. Assessment deadlines penalty It is expected that unless a simple extension, special consideration or disability services adjustment has been granted, candidates will submit all assessments for a unit of study on the specified due date. If the assessment is completed or submitted within the period of extension, no academic penalty will be applied to that piece of assessment. If an extension is either not sought, not granted or is granted but work is submitted after the extended due date, the late submission of assessment will result in a late penalty fee. For further information, please refer to the Assessment Policy.

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Assessment/evidence gathering conditions Each assessment component is recorded as either Satisfactory  (S)  (S) or Not Yet Satisfactory  (NYS).  (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) DNS) will be recorded. Principles of Assessment Based on Clauses 1.8 – 1.8 – 1.12  1.12 from the Australian Standards Quality Assurance’s Quality Assurance’s (ASQA) Standards Standard s for Registered Training Organizations (RTO) 2015, the learner would 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 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 – 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)  (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 – Reliability  – evidence  evidence presented for assessment is consistently interpreted and assessment results are comparable irrespective of the assessor conducting the assessment Rules of Evidence Validity

 –  – the  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 – Sufficiency  – the  the assessor is assured that the quality, quantity and relevance of the assessment evidence enables a  judgement to be made mad e of a learner’s competency. compete ncy.    Authenticity –  Authenticity  –  the assessor is assured that the evidence presented for assessment is the learner’s own work. This woul d 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.  grading.   Currency  –  – the  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 

   All documents must be created crea ted using Microsoft Office su suites ites i.e., MS Word, Excel, PowerPoint

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Upon completion, submit the assessment via the student learning management system to your trainer along with the

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completed assessment coversheet. Refer the notes on eLearning to answer the tasks

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   Any additional material will be provided p rovided 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.

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Students are allowed to take this assessment home.

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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.

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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

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of competency. If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.

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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

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Task 1 Question1. Define assessable income AND allowable deductions  Assessable Income Assessable income is all the income you earn for the tax year. The IRS considers your wages, salary and commissions along with bonuses, awards, cost-of-living allowances, allowances, contributions to nonqualified deferred compensation plans and employee fringe benefits as assessable income. Rental property income, royalties, partnership and S corporation earnings is also included in the assessable income category. The IRS considers disability payments, sickness and injury benefits, unemployment benefits and life insurance proceeds as assessable income. Allowable Deduction deductions from income which are allowed by the Inland Revenue, and which reduce the tax payable

Question 2. 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  

correspondence, field, and office.

Question 3. What are the four key differences between residents and non-residents for tax

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  Residents

Non-residents

If you are a resident for Australian tax purposes, then you will be subject to Australian tax on your world-wide income (subject to any double taxation agreements in place, and any foreign income tax offsets you are eligible for). As a resident for Australian tax purposes you will also be liable for the medicare levy, but you will be entitled to claim the tax free threshold in Australia (as you would had you not moved overseas). If you are not not holding private health health insurance and your income exceeds the relevant thresholds, you will also be liable for the medicare levy surcharge.

Non residents are not entitled to the tax free threshold, and will be taxed only on their Australian-sourced income (other than that income subject to non-resident withholding w ithholding taxes).

The most common categories of income that are defined as Australian sourced income are rental property income and wages and salary earned in Australia. Australia. Interest and dividend income is generally not classified as Australian sourced income, but will be subject to nonresident witholding taxes.

If you are resident for Australian tax purposes, then you will be required to file an Australian tax return every year.

Question 4. Now assume that that you are the taxation accountant. accountant.

Please prepare a document check list and conversation conversation key points to  inform your client of the legal requirements . (Hint: 1. Mention the name of five records/documents records/documents that can be kept by taxpayers as evidence and certificate of authorization authorization 2. How to ask for extra information if needed ).

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Personal Information Your social security number or tax ID number Your spouse's full name and social security number or tax ID number

Dependent(S) Information  Dates of birth and social security numbers or tax ID numbers Childcare records (including the provider's tax ID number) if applicable Income of other adults in your home Form 8332 showing that the child’s custodial parent is releasing their right to claim a child to you, the noncustodial parent (if applicable)

Sources Of Income  Employed 

Forms W-2 Unemployed 

Unemployment, state tax refund (1099-G) Self-Employed 

Forms 1099-MISC, Schedules K-1, income records records to verify amounts not reported on 1099s Records of all expenses —  expenses —  check  check registers or credit card statements, and receipts Business-use asset information (cost, date placed in service, etc.) for depreciation Office in home information, if applicable Record of estimated tax payments made (Form 1040ES) V2018.T3. 1.0 FNS50215 Diploma of Accounting/ FNSACC512/ FNSACC512/ 2018/ T3/ Assessment 2

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  Rental Income 

Records of income and expenses Rental asset information (cost, date placed in service, etc.) for depreciation Record of estimated tax payments made (Form 1040ES) Retirement Income 

Pension/IRA/annuity income (1099-R) Traditional IRA basis (i.e. amounts you contributed to the IRA that were already taxed) Social security/RRB income (1099-SSA, RRB-1099) Savings & Investments or Dividends 

Interest, dividend income (1099-INT, 1099-OID, 1099-DIV) Income from sales of stock or other property (1099-B, 1099-S) Dates of acquisition and records of your cost or other basis in property you sold (if basis b asis is not reported on 1099-B) Health Savings Account and long-term care reimbursements (1099-SA or 1099-LTC) Expenses related to your investments

Record of estimated tax payments made (Form 1040ES) Other Income & Losses 

Gambling income (W-2G or records showing income, as well as expense records) Jury duty records Hobby income and expenses Prizes and awards Trusts Royalty Income 1099 Misc. V2018.T3. 1.0 FNS50215 Diploma of Accounting/ FNSACC512/ FNSACC512/ 2018/ T3/ Assessment 2

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  Any other 1099s received Record of alimony paid/received with Ex-spouse’s Ex-spouse’s name and SSN

Types Of Deductions  Home Ownership 

Forms 1098 or other mortgage interest statements Real estate and personal property tax records Receipts for energy-saving home improvements All other 1098 series forms Charitable Donations 

Cash amounts donated to houses of worship, schools, other charitable organizations Records of non-cash charitable donations Amounts of miles driven for charitable or medical purposes Medical Expenses 

Amounts paid for healthcare insurance and to doctors, dentists, hospitals Health Insurance 

Form 1095-A if you enrolled in an insurance plan through the Marketplace (Exchange) Form 1095-B and/or 1095-C if you had insurance coverage through any other source (i.e . an employer, insurance company, government health plan such as Medicare, Medicaid, CHIP, TRICARE, VA, etc.) Marketplace exemption certificate (ECN) if you applied for and received an exemption from the Marketplace (Exchange) Childcare Expenses 

Fees paid to a licensed day care center or family day care for care of an infant or preschooler. V2018.T3. 1.0 FNS50215 Diploma of Accounting/ FNSACC512/ FNSACC512/ 2018/ T3/ Assessment 2

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  Wages paid to a baby-sitter. Don't include expenses paid through a flexible spending account at work. Educational Expenses 

Forms 1098-T from educational institutions Receipts that itemize qualified educational expenses Records of any scholarships or fellowships you received Form1098-E if you paid student loan interest Job Expenses & Tax Prep Fees  

Employment related vehicle expenses (tolls, mileage, gas, maintenance, license, property tax, interest expense, parking) Receipts for classroom expenses (for educators in grades K-12) Employment-related expenses (dues, publications, tools, uniform cost and cleaning, travel) Job-hunting expenses Record of moving expenses not reimbursed by employer Amount paid for preparation of last year’s tax return  return 

State & Local Taxes or Sales Tax 

Amount of state/local income tax paid (other than wage withholding), or amount of state and local sales tax paid Invoice showing amount of vehicle sales tax paid Retirement & Other Savings 

Form 5498-SA showing HSA contributions Form 5498 showing IRA contributions All other 5498 series forms (5498-QA, 5498-ESA) V2018.T3. 1.0 FNS50215 Diploma of Accounting/ FNSACC512/ FNSACC512/ 2018/ T3/ Assessment 2

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  Federally Declared Disaster 

City/county you lived/worked/had property in Records to support property losses (appraisal, clean up costs, etc.) Records of rebuilding/repair costs Insurance reimbursements/claims reimbursements/claims to be paid FEMA assistance information Check FEMA site to see if my county has been declared a federal disaster area

Question 5. Mention the correct lodgment date for the following scenarios 

Scenario

Lodgment date

Income tax return for all individuals i ndividuals and trusts where one or more prior year income tax returns were outstanding as at 30 June.

30 June

Taxpayers who lodge their own return using e-tax or TaxPack

1-30thJune

Income tax return for individuals and trusts which were tax level 6 (tax (tax payable of $20,000 $20,000 or more on last tax assessment) as per latest year lodged

Before the 31stof October

Business Activity Statement for first quarter

1-30thJune

Business Activity Statement for second quarter

Before 31stOctober

Business Activity Statement for third quarter

30thJanuary

Business Activity Statement for fourth quarter

1-30thJune

Question 6. Give two examples of “adequate and effective conflict management arrangements” that you as a “tax practitioner” practitioner” can apply future in your workplace 

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  1.  continuous disclosure of any conflicts 2.  informed written consent of the client or clients involved in the conflict of interest, specifically authorising disclosure of the conflict of interest to the other parties involved in the conflict. This may be in the form of a signed waiver or other authorisation, and/or 3.  maintenance of appropriate records and documentation documentation detailing the conflict management policies and procedures of an agent and recording what action has been taken in relation to any conflicts of interest 4. 

‘ethical walls’ – a

fform orm of physical and intellectual separation between the management of the affairs of the clients involved in an actual or potential conflict of interest.

Question 7 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.

$1350

 Alan received net wages of $50 300 and a nd bank interest of $400 over the year. His employer deducted $19 700 tax.

$50300

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 parttime 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.

$43800

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.

$22000

Question 8. Advise whether the following are assessable income, statutory income, exempt

income or non-assessable income.

Scenario

V2018.T3. 1.0 FNS50215 Diploma of Accounting/ FNSACC512/ FNSACC512/ 2018/ T3/ Assessment 2

Income type

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   A lotto win

Non-assesable

Wages

Assessable income

 A capital gain

Assessable income

 A gift received from a friend

Exempt

 A car allowance from an employer

Non-assessable income

 A tax refund cheque

Non-assessable

Bank interest received

Statuory income

 A family tax benefit

exempt

Question9 Identify each of the following business outgoings as either an expense or Capital

Description

Expense or Capital

Wages

Expense

Stationery

Expense

Forklift truck

Capital

Telephone bill

Expense

Fuel

Expense

Land

Capital

Photocopier

Capital

Question 10 Calculate Tax: Using the table of income tax rates, calculate the primary tax for the following taxpayers: Name

Taxable income

Tax Residence status

Steven

34 000

Resident

3002

Martin

65 400

Non-resident

12802

Gary

65 400

Resident

12145

Russell

17 500

Resident

0

June

17 200

Non-resident

0

Harry

19 750

Resident

294

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  Sharon

110 930

Resident

28541

Hanna

90 320

Non-resident

20915

Courtney

224 864

Resident

74825

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  Task two Question 1: Prepare an income tax return form for the following taxpayer. You are required to complete it within 12 days.   

 

Personal details: David Lucas: 13 Marina Street, Street, Sydney NSW 2017.Date of bi birth: rth: 12 February 1971.Occupation: Accountant; TFN-124 765 230.

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Salary: $55 630 PAYG tax paid $ 10 560; All Allowances owances $230; Reportable fringe benefits$4000.Employer’s ABN: 22 222 222 222.  222.  

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Unit trust distribution was 2264, which had franking credit of $ 113. There was also a gross capital gain of $260 that was fully discountable.

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David earned a $47 interest interest from an overseas bank account but he only received $40 after they subtracted a foreign tax credit of $7.

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Other income: bank interest $84; fully franked dividends $240; unfranked dividends $50.

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He received refunds of $450 from Medicare and his his health insurer (Code BUPA) over the year. His membership number is 426780 and he had no children.

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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.

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During the year David drove his 2.5 2.5 –  –litre 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: 1. Prepare income tax return for Mr. David Lucas and advise him about his income tax liabilities or refund (if any). 2. Use all appropriate forms an and d 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 avail available able from ATO website. 4. Fill in the tax return form properly and hand it over to you yourr trainer. Briefly explain the procedures and decision making process. Seek advice and guidance from specialist (your trainer) to evaluate and moderate decision processes .  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

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 – book –Diabetes Diabetes management

70

Text book – book –Law 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. The element which are deductible for tax purpose are doctor union fee, jacket, text book for both dibetes and law b) If according to your your opinion, any of the expenses are not deductible, briefly mention the reasons to the client. Laundary, stethoscope, plain watch, phone call, shoes, and scissor c) Explain the substantial requirements that she will need to satisfy. satisfy. The Substantial Presence Test (SPT) is a criterion used by the Internal Revenue Service (IRS) in the United States to determine whether an individual who is not a citizen or lawful permanent resident in the recent past qualifies as a "resident for tax purposes" or a "nonresident for tax purposes"; it is a form of physical presence test. The SPT should be used in conjunction with the Green Card Test (the criterion that the individual possessed a valid Green Card at any time of the year). An individual who satisfies either one or both of these tests is treated as a resident for tax purposes.

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Task One Feedback Student’s name:  Trainer/ Assessor’s

Date:

name: Unit name:

FNSACC512

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?

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2.  Provide an analysis on taxable income?

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3.  Provide an understanding of residence under tax purposes?

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4.  Has the ability to calculate tax payable?

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5.  Submit within agreed timeframe?

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Has the learner proven they can:

Yes

No

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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1.5 Identify discrepancies or any unusual features and conduct research to resolve, or refer to appropriate authority

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1.6 Identify accrued or prepaid income and expenditure, and record adjustments to value of assets and liabilities V2018.T3. 1.0 FNS50215 Diploma of Accounting/ FNSACC512/ FNSACC512/ 2018/ T3/ Assessment 2

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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 2.4 Discuss and confirm documentation with client to obtain client signature, authorisation and endorsement, ensuring legislative requirements are met

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3.1 Submit relevant documentation to Australian Taxation Office (ATO) within established timelines

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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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3.3 Respond to tax office enquiries and meet taxation audit requirements, when applicable, in timely manner

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FEEDBACK TO STUDENT:

Assessment outcome

Satisfactory

Not Yet Satisfactory

Re-assessment required

The result of my performance in this unit has been discussed and explained to me. Student Signature  ____________________________ Date: ______________ Student signature Trainer/ Assessor’s declaration:

Trainer/ Assessor’s

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).

Signature  ____________________________ Date: ______________  Assessor signature

Task Two Feedback  Student’s name: 

Trainer/ Assessor’s name: Unit name:

Date: FNSACC512

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  Assessment Submission Checklist to be completed by the Trainer/Assessor Did the student complete and provide evidence for the following:

Yes

No

6.  Provide a discussion on the short questions?

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7.  Provide an analysis on taxable deductions?

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8.  Has the ability to prepare a tax return form?

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9.  Submit within agreed timeframe?

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Has the learner proven they can:

Yes

No

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:

Assessment outcome

Satisfactory

Not Yet Satisfactory

Re-assessment required

The result of my performance in this unit has been discussed and explained to me.

Student Signature

 __________________________  __________________ __________ __ Date: _____________ _______________ Student signature

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  Trainer/ Assessor’s Assessor’s declaration: Trainer/ Assessor ’s ’s  Signature

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

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