only needed assesmnet task 3 i will attach 1 and 2 answers. and i will attach previous task 3 answers and tutor comments on it
FNS60217 | FNSACC601 Prepare and Administer Tax Documentation for Legal Entities Assessment Task | V 1.0 | April 2018 Page 1 of 6 Assessment Tasks You must submit soft copy of your answers in a word document. Upload the softcopy on the link provided in the eLearning site. Assessment Task 1: Assessment Task Review & Written report: ATO: Corporate Management Practice Statement Schedule Week 2 Outcomes Assessed Performance Criteria: 1.1, 1.2, 1.3, 2.3 Addresses some elements of required skills and knowledge as shown in the Assessment Matrix Description: ATOs Corporate Management Practice Statement is issued under the authority of the Commissioner of Taxation and serves a guide to ATO employees for dealing with taxation frauds. It promotes understanding of the Commonwealth Fraud Control Guidelines 2002, the Prosecution Policy of the Commonwealth and the Australian Government Investigation Standards documents its policy and attitude towards fraud. The document can be accessed at; http://www.ato.gov.au/content/downloads/snc00090701fraudcontrol.pdf Review the document, with the context of taxation fraud as a wider issue, and write a summary report covering the following aspects. You will also need to conduct online research on legal requirements related to taxation. 1. A brief overview of the Australian taxation law 2. Definitions of reporting and non-reporting entities 3. Documentation requirements for reporting entities 4. Documentation requirements for non-reporting entities 5. Typical taxation parameters for preparing a tax return 6. A summary of the purposes of the Corporate Management Practice Statement 7. Examples of internal frauds 8. Examples of external frauds 9. Explanation of ATO’s decision tree to deal with taxation fraud related matters 10. Penalties and prosecution provisions under relevant laws/statues There is no specific structure of the report. However, it is expected that a logical structure of introduction, body, conclusions/summary and citations/references will be used. All external sources must be cited using http://www.ato.gov.au/content/downloads/snc00090701fraudcontrol.pdf FNS60217 | FNSACC601 Prepare and Administer Tax Documentation for Legal Entities Assessment Task | V 1.0 | April 2018 Page 2 of 6 Harvard Referencing System. Additional information related to the report can be submitted as attachments/annexures. The summary report should be written in your own words. Straight cut-and-paste should be avoided; and analysis/comments should be supported by relevant legal facts or other supporting theories/concepts. Word Limit: 1000 words Assessment Criteria The following assessment criteria will be used for marking this assessment task. Ensure that you have addressed all of the criteria in your work; Introduction provides a concise and clear overview of the report contents Analysis, legal references, and information sources are well integrated to provide sound context for the report Identified all relevant factors/issues pertinent to the issues of taxation obligations for both reporting and non-reporting entities Legal and regulatory information is appropriately referenced by respective legislations, status and/or standards Overview of the Australian taxation law highlights key rules and principles of the law Overview of the Australian taxation law reflects an understanding of the legal taxation environment in Australian and taxation and taxation parameters for typical entities Aspects and mechanisms of tax returns, tax collection and withholding mechanisms, assessments, obligations, rulings, penalties and audits are summarised in own understanding Taxation laws and rules addressing specific and general anti-tax avoidance are highlighted Corporate Management Practice Statement summary provides a concise and structured overview of fraud prevention and management process at ATO Relevant guidelines, laws and policy instruments are referred to and cited in relation to fraud and tax avoidance Examples of internal fraud are identified and summarised Examples of external fraud are identified and summarised A detailed analysis of the decision making process from identification of fraud to referral for action is summarised in own words Penalties and prosecution provisions under fraud control guidelines and relevant laws are highlighted All relevant ideas, concepts, and theories covered with clear explanation, and with clear perspective and context Used a range of relevant, current and credible sources used to explore the concepts and support the arguments Evidence of synthesis and use of unifying concepts in own language and style throughout the report Cited all external sources using an appropriate referencing system Submission Guidelines Submit: Summary report with a signed assignment cover sheet Reference documents as attachments/annexures Electronic versions of the assessment task and email/electronic submission arrangements are at further discretion of the trainer/assessor. FNS60217 | FNSACC601 Prepare and Administer Tax Documentation for Legal Entities Assessment Task | V 1.0 | April 2018 Page 3 of 6 Assessment Task 2: Assessment Task Prepare Tax Return Preparation Checklists (x4): Company, Trust, Non-complex Super Funds, Sole Trader Schedule Week 3 Outcomes Assessed Performance Criteria: 1.1, 1.2, 1.3, 2.1, 2.2, 2.3, 3.2 Addresses some elements of required skills and knowledge as shown in the Assessment Matrix Description: Registered tax agents play a vital role in influencing participation in our taxation system by ensuring their clients are meeting their tax obligations (Field, ATO, 2012). Registered tax agents should also ensure they keep their personal tax obligations, and those of entities they are associated with, up to date. Instances where registered tax agents do not meet their personal obligations can be forwarded by ATO to the Tax Practitioners Board for consideration as potential breaches of the code of professional conduct under the Tax Agent Services Act 2009 (Field, ATO, 2012). In this assessment task, you will assume the role of a tax agent and prepare comprehensive and detailed checklists for preparing tax returns for Company, Trust, Non-complex Super Funds, and Sole Trader for your own use and reference. The checklists should incorporate all evidences or resources (client information, reports, documents etc.) that you will require under legal and ethical provisions as a tax agent to accurately prepare the tax returns. Ensure that you include all taxation requirements for the relevant entities including, but not limited to, assessable income, foreign income and assets/interests, deductions, tax rebates/offsets, FBT, CGT, Wine Equalisation Tax, Luxury Car Tax, GST, PAYG, superannuation, payroll tax, fuel tax credits, withholdings, and lodgement schedules. Prepare your checklists using separate headings for each type of requirement (e.g. all depreciation related information under “Decline in Value” section). The checklist style could either be a “inquiry” style with questions prepared for clients or a list of things/tasks to be undertaken. You will need to refer relevant legislations and/or guidelines where needed to support the requirement; to enhance the legal importance of it. Items for quarterly and yearly reporting must be clearly identified and listed. As part of the checklist, you will also be required to research and write a brief statement describing your role as a tax agent, relevant laws and regulations relevant to Tax Agent responsibilities and conduct, including ethical conducts (including obligations under the Tax Agent Services Act (TASA) and Tax Agent Services Regulations (TASR)). Starting with your role and responsibility as a tax agent, prepare the above checklists (x4), assuming that you will be using these checklists during client interviews/meetings on tax preparation. FNS60217 | FNSACC601 Prepare and Administer Tax Documentation for Legal Entities Assessment Task | V 1.0 | April 2018 Page 4 of 6 You may use sample checklists provided in your learning sessions as “examples” and reference documents. Your checklists should be prepared according to your own research and understanding of taxation requirements. Assessment Criteria The following assessment criteria will be used for marking this assessment task. Ensure that you have addressed all of the criteria in your work; Separate checklists are prepared for separate entities; Company, Trust, Non-complex Super Funds, Sole Trader Checklists are appropriately formatted and included entity specific taxation information (e.g. Statement of Distribution, TOFA, capital gains, foreign income, Franked Dividends, employee share schemes, fringe benefits, etc.) and requirements Checklists follow a logical pattern and designed to obtain and/or gather all the required information and resources for preparation of a tax return Checklists reflect unique style and format with clearly distinguished areas of taxation Detailed information on specific taxation item is provided with a view to gather the required evidence/supporting document Legal and regulatory information is appropriately referenced by respective legislations, status and/or standards relevant to each item/task/inquiry Checklists include a list of action items the need to be carried forward to the next period Checklist include review provisions and references for respective taxation items/tasks; and a review of taxation preparation process consistent with ATO’s lodgement schedules Checklists are within the scope of taxation and reporting laws relevant to the entity Own role and responsibility as a tax agent are outlined in a clear and a concise manner with reference to relevant standards (TASR)/bodies (TASA) or Tax Practitioners Board Code of conduct as a tax agent and/or ethical guidelines are provided with appropriate reference Cited all external sources using an appropriate referencing system Submission Guidelines Submit: Soft copies of the checklists (x4) with a signed assignment cover sheet Soft/Electronic copies of the checklist on a media or a designated folder on a server Reference documents as attachments/annexures Electronic versions of the assessment task and email/electronic submission arrangements are at further discretion of the trainer/assessor. FNS60217 | FNSACC601 Prepare and Administer Tax Documentation for Legal Entities Assessment Task | V 1.0 | April 2018 Page 5 of 6 Assessment Task 3: Assessment Task Complete a Trust Tax Return: Melbourne Cricket Ground Trust Schedule Week 3 Outcomes Assessed Performance Criteria: 1.1, 1.2, 1.3, 2.1,