Prepare income tax returns for individuals| Finance – Accounting<\/p>\n
Assessment Summary Sheet<\/p>\n
\u00b7 This form is to be completed by the assessor and used a final record of student competency.<\/p>\n
\u00b7 All student submissions including any associated checklists (outlined below) are to be attached to this cover sheet before placing on the students file.<\/p>\n
\u00b7 Student results are not to be entered onto the Student Database unless all relevant paperwork is completed and attached to this form.<\/p>\n
Student Name:<\/p>\n
Student ID No:<\/p>\n
Final Completion Date:<\/p>\n
Unit Code:<\/p>\n
FNSACC502<\/p>\n
Unit Title:<\/p>\n
Prepare income tax returns for individuals<\/p>\n
Please attach the following documentation to this form<\/p>\n
Result<\/p>\n
Assessment Week 1<\/p>\n
Portfolio of activities<\/p>\n
S \/ NYS \/ DNS<\/p>\n
Assessment week 2 [Essay writing service – your education, our expertise: Get any assignment done with our professional essay writers before your deadlines – Zero AI, Human experts and Fast delivery.]<\/p>\n
Report on activities<\/p>\n
S \/ NYS \/ DNS<\/p>\n
Final Assessment Result for this unit<\/p>\n
C \/ NYC<\/p>\n
Feedback is given to the student on each Assessment task<\/p>\n
Yes \/ No<\/p>\n
Feedback is given to the student on final outcome of the unit<\/p>\n
Yes \/ No<\/p>\n
Student Declaration I have been assessed in a fair and flexible manner. I understand that the Elite Education Vocation Institute\u2019s Student Assessment, Reassessment and Repeating Units of Competency Guidelines apply to these assessment tasks.<\/p>\n
Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback.<\/p>\n
Name:<\/p>\n
Name:<\/p>\n
Ada DU<\/p>\n
Signature:<\/p>\n
Signature:<\/p>\n
Date:<\/p>\n
Date:<\/p>\n
Assessment Cover Sheet<\/p>\n
Assessment Week Two Details<\/p>\n
Term and Year<\/p>\n
Term 1 2018<\/p>\n
Assessment Type<\/p>\n
Report on activities<\/p>\n
Due Date<\/p>\n
Class Room<\/p>\n
Student Name:<\/p>\n
Student ID No:<\/p>\n
Date:<\/p>\n
Qualification :<\/p>\n
FNS50215 Diploma of Accounting<\/p>\n
Unit Code:<\/p>\n
FNSACC502<\/p>\n
Unit Title:<\/p>\n
Prepare income tax returns for individuals<\/p>\n
Assessor\u2019s Name<\/p>\n
Ada DU<\/p>\n
Student Declaration: I declare that this work has been completed by me honestly and with integrity. I understand that the Elite Education Vocation Institute\u2019s Student Assessment, Reassessment and Repeating Units of Competency Guidelines apply to these assessment tasks.<\/p>\n
Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback.<\/p>\n
Name:<\/p>\n
Name:<\/p>\n
Ada DU<\/p>\n
Signature:<\/p>\n
Signature:<\/p>\n
Date:<\/p>\n
Date:<\/p>\n
Student was absent from the feedback session.<\/p>\n
Assessment\/evidence gathering conditions<\/p>\n
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.<\/p>\n
Principles of Assessment<\/p>\n
Based on Clauses 1.8 \u2013 1.12 from the Australian Standards Quality Assurance\u2019s (ASQA) Standards for Registered Training Organizations (RTO) 2015, the learner would be assessed based on the following principles:<\/p>\n
Fairness – (1) the individual learner\u2019s needs are considered in the assessment process, (2) where appropriate, reasonable adjustments are applied by the RTO to take into account the individual leaner\u2019s 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.<\/p>\n
Flexibility \u2013 assessment is flexible to the individual learner by; (1) reflecting the learner\u2019s 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.<\/p>\n
Validity \u2013 (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.<\/p>\n
Reliability \u2013 evidence presented for assessment is consistently interpreted and assessment results are comparable irrespective of the assessor conducting the assessment<\/p>\n
Rules of Evidence<\/p>\n
Validity \u2013 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.<\/p>\n
Sufficiency \u2013 the assessor is assured that the quality, quantity and relevance of the assessment evidence enables a judgement to be made of a learner\u2019s competency.<\/p>\n
Authenticity \u2013 the assessor is assured that the evidence presented for assessment is the learner\u2019s own work. This would mean that any form of plagiarism or copying of other\u2019s work may not be permitted and would be deemed strictly as a \u2018Not Yet Competent\u2019 grading.<\/p>\n
Currency \u2013 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.<\/p>\n
Resources required for this Assessment<\/p>\n
1. All documents must be created using Microsoft Office suites i.e., MS Word, Excel, PowerPoint<\/p>\n
1. Upon completion, submit the assessment via the student learning management system to your trainer along with the completed assessment coversheet.<\/p>\n
1. Refer the notes on eLearning to answer the tasks<\/p>\n
1. Any additional material will be provided by Trainer<\/p>\n
Instructions for Students<\/p>\n
Please read the following instructions carefully<\/p>\n
\u00b7 This assessment is to be completed according to the instructions given by your assessor.<\/p>\n
\u00b7 Students are allowed to take this assessment home.<\/p>\n
\u00b7 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.<\/p>\n
\u00b7 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.<\/p>\n
\u00b7 If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.<\/p>\n
\u00b7 Please refer to the College re-assessment and re-enrolment policy for more information.<\/p>\n
Procedures and Specifications of the Assessment<\/p>\n
To complete the unit requirements safely and effectively, the individual must:<\/p>\n
\u00b7 Define international marketing<\/p>\n
\u00b7 Identify international trade patterns<\/p>\n
\u00b7 Explain international trade policies and agreements<\/p>\n
\u00b7 Identify legislative requirements<\/p>\n
Assessment 2<\/p>\n
Question 1: Prepare an income tax return form for the following taxpayer<\/p>\n
\u00b7 Personal details: David Lucas: 13 Marina Street, Sydney NSW 2017.Date of birth: 12 February 1971.Occupation: Accountant; TFN-124 765 230.<\/p>\n
\u00b7 Salary: $55 630 PAYG tax paid $ 10 560; Allowances $230; Reportable fringe benefits$4000.Employer\u2019s ABN: 22 222 222 222.<\/p>\n
\u00b7 Unit trust distribution was 2264, which had franking credit of $ 113. There was also a gross capital gain of $260 that was fully discountable.<\/p>\n
\u00b7 David earned a $47 interest from an overseas bank account but he only received $40 after they subtracted a foreign tax credit of $7.<\/p>\n
\u00b7 Other income: bank interest $84; fully franked dividends $240; unfranked dividends $50.<\/p>\n
\u00b7 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.<\/p>\n
\u00b7 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.<\/p>\n
\u00b7 During the year David drove his 2.5 \u2013litre 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\u2019 bills. Private health insurance cost $1230 and he did not receive any upfront Government contribution for his health insurance premium.<\/p>\n
Required:<\/p>\n
3. Prepare income tax return for Mr. David Lucas and advise him about his income tax liabilities or refund (if any).<\/p>\n
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.<\/p>\n
3. Use current tax rates available in the e-learning (http:\/\/sydneymetrocollege.edu.au\/SMC-E-Learning\/).<\/p>\n
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.<\/p>\n
Question 2<\/p>\n
Leila Karim is a doctor who made the following payments during the year:<\/p>\n
Doctor union fee 450<\/p>\n
Laundering of compulsory uniform 90<\/p>\n
Jacket when working night shifts 85<\/p>\n
Stethoscope 120<\/p>\n
Text book \u2013Diabetes management 70<\/p>\n
Text book \u2013Law for doctors 65<\/p>\n
Taxi fares when called in at short notice 70<\/p>\n
Plain watch 60<\/p>\n
Phone calls to check shifts 8<\/p>\n
Shoes 85<\/p>\n
Scissors to cut surgical gauze 15<\/p>\n
a) Advise which of these are deductible for tax purpose and cite relevant legislation.<\/p>\n
b) If according to your opinion, any of the expenses are not deductible, briefly mention the reasons to the client.<\/p>\n
c) Explain the substantial requirements that she will need to satisfy.<\/p>\n
Assessment Feedback One Assessment<\/p>\n
Student\u2019s name:<\/p>\n
Trainer\/ Assessor\u2019s name:<\/p>\n
Ada DU<\/p>\n
Date:<\/p>\n
Unit name:<\/p>\n
FNSACC502<\/p>\n
Assessment Submission Checklist to be completed by the Trainer\/Assessor<\/p>\n
Did the student complete and provide evidence for the following:<\/p>\n
Yes<\/p>\n
No<\/p>\n
1. Provide a discussion on the short questions?<\/p>\n
2. Provide an analysis on taxable deductions?<\/p>\n
3. Has the ability to prepare a tax return form?<\/p>\n
4. Submit within agreed timeframe?<\/p>\n
Has the learner proven they can:<\/p>\n
Yes<\/p>\n
No<\/p>\n
1.1. Determine client’s tax documentation preparation requirements<\/p>\n
1.2. Conduct research to identify updates or additions to compliance requirements relevant to client circumstances, and establish recording and reporting requirements<\/p>\n
1.3 Gather current data from appropriate sources, and identify assessable income and allowable deductions<\/p>\n
1.4 Complete and record amounts in accordance with organisational and legislative requirements<\/p>\n
1.6 Identify accrued or prepaid income and expenditure, and record adjustments to value of assets and liabilities<\/p>\n
2.1 Calculate client’s tax obligations, in accordance with legislative requirements and information gathering practices<\/p>\n
2.2 Prepare relevant documentation within established timelines<\/p>\n
2.3 Seek advice and guidance from specialist to evaluate and moderate decision processes<\/p>\n
2.4 Discuss and confirm documentation with client to obtain client signature, authorisation and endorsement, ensuring legislative requirements are met<\/p>\n
3.2 Advise client of current tax obligations and that advice from taxation authorities is to be followed<\/p>\n
FEEDBACK TO STUDENT:<\/p>\n
Assessment outcome<\/p>\n
Satisfactory<\/p>\n
Not Yet Satisfactory<\/p>\n
Re-assessment required<\/p>\n
Student Signature<\/p>\n
The result of my performance in this unit has been discussed and explained to me.<\/p>\n
____________________________ Date: ______________
\nStudent signature<\/p>\n
Trainer\/ Assessor\u2019s Signature<\/p>\n
Trainer\/ Assessor\u2019s declaration:
\nI 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).
\n____________________________ Date: ______________
\nAssessor signature<\/p>\n
V2018.T1. 1.0 FNS50215 Diploma of Accounting\/ FNSACC502\/ 2018\/ T1\/ Assessment Tool Page 8 of 8<\/p>\n","protected":false},"excerpt":{"rendered":"
Prepare income tax returns for individuals| Finance – Accounting Assessment Summary Sheet \u00b7 This form is to be completed by the assessor and used a\u2026<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8827,10099,10540,10536,10892,10538,10539,10537,10891],"tags":[10549,10616,10615,7687,10627,8857,10552,10295,10548,10622,8907],"class_list":["post-130098","post","type-post","status-publish","format-standard","hentry","category-australia-essays","category-buy-essay","category-cheap-essay-writers","category-get-assignments-done","category-page-paper","category-phd-essay-writers","category-research-paper-writing-service-for-any-topic","category-study-bay-essay","category-write-my-assignment-ireland","tag-ai-plagiarism-free-essay-writing-tool","tag-australian-best-tutors","tag-best-trans-tutors","tag-buy-essay-uk","tag-cheap-dissertation-writer","tag-help-with-writing-an-essay","tag-help-write-my-paper-ai-free","tag-homework-for-you","tag-online-essay-writers","tag-phd-essays","tag-write-my-essay-for-me"],"_links":{"self":[{"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/posts\/130098","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/comments?post=130098"}],"version-history":[{"count":0,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/posts\/130098\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/media?parent=130098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/categories?post=130098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/tags?post=130098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}