Assessment Details
Qualification Code/Title FNS60217 Advanced Diploma of Accounting
Assessment Type Assessment -02 ( Project) Time allowed
Due Date Location AHIC Term / Year
Unit of Competency
National Code/Title FNSACC603 Implement tax plans and evaluate tax obligations
Student Details
Student Name Student ID
Student Declaration: I declare that the work submitted is my own, and has not been copied or plagiarised from any person or source. Signature: ____________________________
Date: _____/______/__________
Assessor Details
Assessor’s Name
RESULTS (Please Circle) SATISFACTORY NOT SATISFACTORY
Feedback to student:
.............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
Student Declaration: I declare that the work submitted is my own, and has not been copied or plagiarised from any person or source.
Signature: _____________________________
Date: ______/_______/___________
Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback.
Signature: _______________________________________
Date: ______/_______/___________
Instructions to the Candidates
? This assessment is to be completed according to the instructions given below in this document.
? Should you not answer the tasks correctly, you will be given feedback on the results and gaps in knowledge. You will be entitled to one (1) resubmit in showing your competence with this unit.
? If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.
? Please refer to the College re-submission and re-sit policy for more information.
? If you have questions and other concerns that may affect your performance in the Assessment, please inform the assessor immediately.
? To be deemed competent for this unit you must achieve a satisfactory result with tasks of this Assessment along with a satisfactory result for another Assessment.
? This is an Open book assessment which you will do in your own time but complete in the time designated by your assessor. Remember, that it must be your own work and if you use other sources then you must reference these appropriately.
? This is Individual Assessments. Once you have completed the assessment, please upload the softcopy of the completed Assessments in the given submission link in AHIC Moodle.
? Submitted document must follow the given criteria. Font must be Times New Roman, Font Size needs to be 12, line spacing has to be Single line, and footer of submitted document must include student ID, Student name and the Page number.
? If any abbreviation/acronym is used, you must write full words in bracket.
? Plagiarism is copying someone else’s work and submitting it as your own. Any Plagiarism will result in a mark of Zero.

PRACTICAL ASSESSMENT
Instructions for Students
The assessment is divided into two (2) parts: The Case Study and the Project Assessment.
The Case Study are hypothetical situations which will not require you to have access to a workplace, although, your past and present workplace experiences may help with the responses you provide. You will be expected to encounter similar situations to these in the future as you work in the accounting and bookkeeping industry.
The Project Assessment is a set of tasks that must be completed in an environment with conditions similar to that of a real workplace.
PROJECT ASSESSMENT
Project Overview
For this assessment, you will need to complete a series of tasks to demonstrate your ability to implement tax plans and evaluate tax obligations.
This project is divided into four (4) parts:
I. Prepare for Assessment
II. Assess Legal Entity’s Tax Obligations
III. Develop Tax Plans
IV. Evaluate and Advise on Tax Plans
I. Prepare for Assessment
1.1 Project Assessment Preparation
This part will require you to prepare for the Project Assessment.
Read the instructions carefully before proceeding.
Steps to take:
1. Review the full assessment before proceeding. Your trainer will provide full instruction on how to complete the assessment. However, detail instructions are also given in each part of the assessment.
2. If you have any confusion in any areas of the assessment, consult with your trainer.
3. You must need assess to MYOB AccountRight in order to complete the assessment. Before proceeding, make sure your computer has the software installed and it is working properly. Contact your trainer if you have any difficulties accessing the software.
4. All templates required to complete this part of the project are provided in this assessment.
5. For this assessment you are require the Awesome Landscapes Case Study, which can be access through the attached file below:

6. You must use Awesome Landscapes as your client for this assessment.

II. Assess Legal Entity’s Tax Obligations
The first part of the project will require you to assess a legal entity’s tax obligations. This will involve:
? quantifying history and trends of legal entity’s tax obligations arising from its historical taxable transactions, using standard accounting techniques
? analysing data from current transactions to resolve discrepancies and ambiguities and confirm suitability of legal entity
? conducting research to identify updates or additions to compliance requirements relevant to maximising client’s benefit and establish recording and reporting requirements
? identifying legal entity’s tax obligations by analysing data on taxable transactions
? scheduling payments of tax obligations by applying methods of determinations and tax bases
All templates required to complete this part of the project are provided in this workbook.
Instructions are provided for you in the following pages to guide you in completing each task.
Read the instructions in this project carefully before proceeding.
2.1 Analyse Taxable Transactions
For this task, you will:
? quantify the history and trends of a legal entity’s tax obligations arising from its historical taxable transactions, using standard accounting techniques
? analyse data from current transactions to resolve discrepancies and ambiguities and confirm suitability of legal entity
? identify legal entity's tax obligations by analysing data on taxable transactions
? apply methods of determinations and tax bases to tax obligations
Read the instructions carefully before proceeding.
Steps to take:
1. Locate the Taxable Transactions Analysis template on the following pages. Use this to document your analysis of the client’s taxable transactions in this task.
2. Access your client’s integrated financial software system and data. Specifically, you must access the following:
? your client’s historical taxable transactions
The historical taxable transactions analysed in this task must span at least one (1) previous financial quarter.
Taxable transactions may include but are not limited to:
? allowable deductions
? capital gains
? financial adjustments such as write-offs and revaluations
? income
? payments
? purchases
? superannuation payments
? your client’s current taxable transactions
The current taxable transactions analysed in this task must include all taxable transactions in your client’s current taxation period.
? data relevant to your client’s taxable transactions
These may include but are not limited to:
o Australian Bureau of Statistics (ABS) economic data
o budgets and forecasts
o credit ratings
o financial markets monitoring services
o financial statements and reports
o market valuations
o revenue and sales.
3. Complete the Taxable Transactions Analysis template:
i. Identify your client’s legal entity type.
E.g. Sole trader, partnership, trust, company.
ii. Based on your client’s taxable transactions, choose two (2) taxes to be assessed throughout Part 2 of the Project Assessment.
These may include but are not limited to:
? Fringe Benefits Tax (FBT)
? fuel tax credits.
? Goods and Services Tax (GST)
? income tax including corporate tax and CGT
? instalments
? luxury car tax
? Pay-As-You Go (PAYG) tax withheld
? PAYG income tax instalments
? State government charges such as payroll taxes
? superannuation requirements
? wine equalisation tax
? withholdings
iii. Identify your client’s tax data that must be analysed in order to calculate their taxable income, as well as the tax bases for the two (2) taxes.
If there are any other data on the taxable transactions that you need, you must obtain the client’s permission and access these at this point.
iv. Access your client’s historical taxable transactions relevant to the two (2) taxes being assessed.
Use one (1) different standard accounting technique for each tax being assessed and quantify the following:
? history of each tax obligation
? one (1) trend of each tax obligation
v. Analyse data from your client’s current taxable transactions relevant to the two (2) taxes being assessed. Complete the following:
a. Identify two (2) discrepancies and two (2) ambiguities in the data.
‘Discrepancies’ refer to differences relating to the taxable transactions and tax obligations being assessed, e.g. differences in taxable transactions recorded in the accounting system and recorded in the activity statement, differences in actual tax obligation and tax payment.
‘Ambiguities’ refer to issues open to more than one (1) interpretation that are relevant to the taxable transactions and tax obligations being assessed, e.g. deductions claimed for car-related travel when the travel was for personal and private purposes, interpretation of residency for a multinational business operating in Australia.
b. Resolve each discrepancy and each ambiguity identified above based on your analysis of the transactions.
You may do this by carefully checking the data at hand and the data recorded in the client’s financial software. Specifically, you may check the following using the sample guide questions below:
? Data accuracy – Are the records consistent with their source documents? Are the accounts balanced?
? Data completeness – Is the data complete? Are all transactions and relevant details recorded?
? Data reliability – Does the data come with supporting documentation?
c. Based on your analysis so far, confirm whether your client’s business structure is still the most suitable structure for them.
Discuss your reasons for saying so. These may include but are not limited to minimisation of tax obligations, asset protection, tax concessions, increasing deductions, income diversion possibilities, etc.
vi. Analyse the data on the client’s current taxable transactions and identify the tax obligation per tax assessed in this task.
This must be the tax amount to be paid for the current tax period, as of the date of your task completion. Two (2) amounts must be identified, one (1) for each tax assessed in this task.
vii. For each tax being assessed, identify one (1) other relevant obligation that your client must fulfil.
A different obligation must be identified for each tax being assessed.
This may include but is not limited to:
? explanatory statements
? lodgement dates
? repayment schedules
? supporting documentation
4. Save your work in the template provided, DO NOT CREATE A SAPERATE WORKBOOK.

SIMULATED WORKPLACE ENVIRONMENT INSTRUCTION
Complete the steps outlined in Part 2 Task 2.1 and the following additional steps for the simulated pathway.
For the purpose of this task, assume that it is currently September 2017.
Additional steps to take:
1. Access the scenarios and instructions for the case study through the attached file below:
FNSACC603 Task 2.1 Awesome Landscapes Instructions

2. Locate the Taxable Transactions Analysis Template on the following pages. This is the template you will use to document your completion of this task.
3. Complete the template by following the instructions in each set of case study scenarios and instructions outlined in the attachment above.
4. Submit the following along with this workbook:
Submission Filename
Template FNSACC603 Task 2.1 Taxable Transactions Analysis
Screenshots of GST reports for Awesome Landscapes FNSACC603 Task 2.1 AL GST Report Screenshot 1
FNSACC603 Task 2.1 AL GST Report Screenshot 2
FNSACC603 Task 2.1 AL GST Report Screenshot 3
Screenshots of Balance Sheets for Awesome Landscapes FNSACC603 Task 2.1 AL Balance Sheet Screenshot 1
FNSACC603 Task 2.1 AL Balance Sheet Screenshot 2
FNSACC603 Task 2.1 AL Balance Sheet Screenshot 3
Submission Filename
Screenshots of payments for Awesome Landscapes FNSACC603 Task 2.1 AL Payment Screenshot 1
FNSACC603 Task 2.1 AL Payment Screenshot 2
FNSACC603 Task 2.1 AL Payment Screenshot 3
Taxable Transactions Analysis Template
TAXABLE TRANSACTIONS ANALYSIS
Completed by
Workplace/organisation
Date completed
CLIENT 1 DETAILS
Client
Legal entity type
TAXABLE TRANSACTION DETAILS
Tax to be assessed
Tax data to be analysed to calculate client’s taxable income and tax bases
ANALYSIS OF HISTORICAL TAXABLE TRANSACTIONS
Period from which transactions were taken
History & Trend of Tax Obligation
History:
Trend:
ANALYSIS OF CURRENT TAXABLE TRANSACTIONS
Period from which transactions were taken
Discrepancies & Ambiguities Found
Discrepancy:
Provide a short description.

Resolution:

Ambiguity:
Provide a short description.

Resolution:

Suitability of Legal Entity

Tax Obligations
Tax
Amount
Specify the amount that must be paid per month.
Month Amount

Other obligation to be fulfilled
Tax
Amount
Specify the amount that must be paid per month.
Month Amount

Other obligation to be fulfilled
End of Taxable Transactions Analysis Template
2.2 Research Legislative Requirements
For this task, you will be required to conduct research to identify updates and additions to compliance requirements relevant to maximising your client's benefit and establish recording and reporting requirements.
Read the instructions carefully before proceeding.
Steps to take:
1. Locate the Legislative Requirements Research Template on the following pages. Use this to document your research findings.
2. Conduct research on compliance requirements relevant to maximising your client’s benefit.
Ideally, these requirements should be directly related to the two (2) taxes you are assessing for your client. However, you may also conduct research on other requirements, as long as the requirements are relevant and applicable to your client.
a. Identify the following:
? two (2) updated legislative requirements relevant to maximising the client’s benefit
? two (2) new legislative requirements relevant to maximising the client’s benefit
? one (1) recording requirement
? one (1) reporting requirement
The recording and reporting requirements must be relevant to the compliance requirements identified.
b. For each updated and new legislative requirement you have identified, critically evaluate how each requirement can maximise the client’s benefit.
You may cite any projected reductions in tax liabilities and added taxation benefits to support your evaluation.
Record your research findings in the Legislative Requirements Research Template and cite the source for each requirement included in your research. The release date for each requirement must also be specified.
These updates must have been released within the last five (5) years.
Ensure that your sources and your research findings are accurate, complete, and reliable.
Refer to the guide questions below when reviewing your sources and research findings.
? Accuracy:
o Is the information consistent with information from other sources?
o Are there glaring errors in terminology, grammar, or spelling?
? Complete:
o Are there supporting documentation and/or links for further reading in the information source?
? Reliability:
o Does the information come from an authoritative source?
o Is the source current and up to date?
3. Save your work in the template provided, DO NOT CREATE A SAPERATE WORKBOOK.
SIMULATED WORKPLACE ENVIRONMENT INSTRUCTION
Complete the steps outlined in Part 2 Task 2.2 and the following additional steps for the simulated pathway.
Additional steps to take:
1. Review the Awesome Landscapes scenario provided in Task 2.1.
You are required to complete this task for Awesome Landscapes only.
2. Based on the scenario, complete the Legislative Requirements Research Template.
Legislative Requirements Research Template
LEGISLATIVE REQUIREMENTS RESEARCH
Completed by
Workplace/organisation
Date completed
CLIENT DETAILS
Client
Legal entity type
Taxes to be assessed
LEGISLATIVE REQUIREMENTS
Updated Legislative Requirements
Requirement 1
Provide a short description.
Date of update
Source
How the requirement can maximise the client’s benefit
Requirement 2
Provide a short description.
Date of update
Source
How the requirement can maximise the client’s benefit
New Legislative Requirements
Requirement 1
Provide a short description.
Date of update
Source
How the requirement can maximise the client’s benefit
Requirement 2
Provide a short description.
Date of update
Source
How the requirement can maximise the client’s benefit
Recording requirement Description of requirement:
Source:
Reporting requirement Description of requirement:

Source:
2.3 Schedule Payments of Tax Obligations
For this task, you will be required to create a tax payment schedule for your client’s tax obligations by applying methods of determinations and tax bases.
Read the instructions carefully before proceeding.
Steps to take:
1. Locate the Tax Payment Schedule template on the following pages. Use this to document the tax payment schedule you will develop for your client in this task.
2. Develop a Tax Payment Schedule for your client’s next tax period. The Tax Payment Schedule you develop must include the two (2) taxes being assessed in this part of the Project Assessment. Follow the steps below.
The Tax Payment Schedule developed in this task must comply with the requirements identified in the Legislative Requirements Research Template.
i. Complete the Client Details section of the template. Identify the following:
? your client’s alias
? legal entity type
? accounting method used by your client
? activity statement reporting schedule
E.g., annual, quarterly, monthly.
? activity statement lodgement due date for the next tax period
If the taxes being assessed in this part of the assessment require lodgement separate from the activity statement, identify the tax’s lodgement due date for the next tax period.
ii. Identify all tax bases you applied to determine the client’s tax obligation for each tax being assessed.
The tax bases must be different for each tax being assessed. Tax bases may include but are not limited to:
? employees
? revenue gathering practices
? salaries
? superannuation
iii. Identify the specific method of determination you applied to determine the client’s tax obligation for each tax being assessed.
The method of determination must be different for each tax being assessed. Methods of determination may include but are not limited to:
? forecasted income
? fringe benefits assessments
? income assessment
? investment income
? sales receipts
iv. In the Schedule section, list all tasks that need to be completed in order to lodge your client’s activity statement and pay their liabilities.
The tasks listed in this section must include your own workload. Tasks delegated to others may also be included here, provided that they are relevant to the lodging and payment of your client’s liabilities.
Ensure to follow the recording and reporting requirements you researched in Task 2.2.
These tasks may include but are not limited to:
? reviewing and collating financial records
? calculating tax liabilities
? completing and reconciling the activity statement
? lodging the activity statement and paying the required amounts
v. For each task you listed, identify the following:
? person responsible for completing the task
The person responsible for completing each task must have the required qualification and experience for the task.
? level of priority
? due date
You must ensure that your sequencing of the tasks to be completed in order to lodge and pay the client’s tax obligations will lead to efficient and effective outcomes.
E.g., Sequencing the tasks in such a way that all tasks to be completed in preparation for lodging and paying liabilities are completed before the ATO due dates, with plenty of time to review and check calculations made.
3. Save your work in the template provided, DO NOT CREATE A SAPERATE WORKBOOK.
SIMULATED WORKPLACE ENVIRONMENT INSTRUCTION
Complete the steps outlined in Part II Task 2.3 and the following additional steps for the simulated pathway.
For the purpose of this task, assume that it is currently September 2017.
Additional steps to take:
1. Access the scenario for this task through the attached file below:
FNSACC603 Task 2.3 Awesome Landscapes Scenario

2. Complete the Tax Payment Schedule based on the scenario provided.
Tax Payment Schedule Template
TAX PAYMENT SCHEDULE
Completed by
Workplace/organisation
Date completed
CLIENT DETAILS
Client
Legal entity type
Accounting method
Activity statement reporting schedule
Activity statement lodgement due date for the next tax period
TAX OBLIGATIONS
Tax 1
Lodgement due date for the next tax period
This is only for tax obligations requiring separate lodgement. Write ‘N/A’ if the tax obligation is included in the activity statement.
Tax bases applied
Specify all tax bases you applied to determine the client’s tax obligation.
Method of determination used to determine tax obligation
Tax 2
Lodgement due date for the next tax period
This is only for tax obligations requiring separate lodgement. Write ‘N/A’ if the tax obligation is included in the activity statement.
Tax bases applied
Specify all tax bases you applied to determine the client’s tax obligation.
Method of determination used to determine tax obligation
TAX PAYMENT SCHEDULE for the period
Task Person Responsible Level of Priority
(High, medium, low) Due Date

End of Tax Payment Schedule

III. Develop Tax Plans
This part of the project will require you to develop tax plans for two (2) clients with different legal entity types. These clients may include your client from Part II of this assessment or a new set of clients altogether.
For instance, you may have your client who is a sole trader from Part II participate in this part of the assessment and have another client, a company, participate as well.
Developing tax plans for clients will involve:
? Assessing implications of schedule on tax entity’s operations and structure
? Developing financial management strategies to ensure alignment of cash flow with incidence and schedules of tax obligations
? Developing management process and record-keeping systems to implement financial management strategies and ensure maintenance of audit trail
? Documenting management processes that include application of compliance requirements
? Estimating future taxation obligations from income and expenditure forecasts using standard accounting techniques
All templates required to complete this part of the project are provided in this workbook.
Instructions are provided for you in the following pages to guide you in completing each task.
Read the instructions in this project carefully before proceeding.
3.1 Assess Tax Payment Schedule
For this task, you will be required to assess the implications of client’s tax payment schedules on their respective business operations and structure.
Read the instructions carefully before proceeding.
Steps to take:
1. For your client, choose one (1) tax to use throughout Part III of this assessment.
2. Access the tax payment schedule you chose.
3. Locate the Tax Schedule Assessment template on the following pages. Use this to document your assessment of the implications of your client’s schedule in this task.
4. Complete the Tax Schedule Assessments, for your client.
For Tax Schedule Assessment:
i. Complete the Client Details section of the template. Identify the following:
? your client’s alias
? legal entity type
? the tax you chose to use for this part of the assessment
? the tax payment schedule for the tax you chose
ii. Assess at least one (1) implication of your client’s tax payment schedule on their business operations.
The implication/s assessed here may be relevant to the following:
? deferring assessable income
? accelerating deductions
? capital gains tax
? debt and equity
? debt issues
iii. Assess at least one (1) implication of your client’s tax payment schedule on their business structure/legal entity type.
The implication/s assessed here may be relevant to issues specific to each business structure. A table outlining these issues can be found in the attached file below.
FNSACC603 Issues Specific to Business Structures

5. Save your work in the template provided, DO NOT CREATE A SAPERATE WORKBOOK.
SIMULATED WORKPLACE ENVIRONMENT INSTRUCTION
Complete the steps outlined in Part III Task 3.1 and the following additional steps for the simulated pathway.
Additional steps to take:
1. Access the scenario through the attached file below:
FNSACC603 Task 3.1 Awesome Landscapes Scenario

2. Complete the Tax Schedule Assessment template based on the scenarios above.
Tax Schedule Assessment Template
TAX SCHEDULE ASSESSMENT
Completed by
Workplace/organisation
Date completed
CLIENT DETAILS
Client
Legal entity type
Tax to be assessed
Tax payment schedule
ASSESSMENT
Assess at least one (1) implication of the tax payment schedule on the client’s business operations:

Assess at least one (1) implication of the tax payment schedule on the client’s business structure:

3.2 Develop Tax Plans
For this task, you will be required to develop a tax plan, for your client.
Read the instructions carefully before proceeding.
Steps to take:
1. Consider the Tax Schedule Assessments you completed and your client’s tax and tax schedules from the previous task.
2. Access the following resources from your client’s resources:
? their integrated financial software system and data
? policies, procedures, and protocols relating to tax planning
? income forecast for the following tax period
? expenditure forecast for the following tax period
You may use your client’s integrated software system throughout this task to facilitate the completion of this task or you may use MS Excel.
3. Locate the Relevant Requirements template, Tax Plan template on the following pages.
? Use the Relevant Requirements template to record the relevant requirements that need to be followed when you develop a tax plan for your client.
? Use the Tax Plan template to document the tax plans you will develop in this task.
4. Complete the Relevant Requirements template, for your client.
Identify the following requirements that must be complied with in each Tax Plan:
? one (1) relevant Act
? one (1) regulatory requirement
These may include but are not limited to:
o TPB Code of Professional Conduct
o APES 110 Code of Ethics for Professional Accountants
o Industry association codes of practice
o ASIC regulatory guides
o Regulations relevant to taxes being assessed (e.g. A New Tax System (Goods and Services Tax) Regulations 1999)
? one (1) relevant Australian Taxation Office (ATO) ruling
? one (1) relevant accounting principle that must be followed
E.g., Economic entity assumption, monetary unit assumption, time period assumption, etc.
? one (1) relevant accounting practice that must be followed
Required accounting practices for different transactions and events are outlined in accounting standards, e.g. AASB accounting standards.
? your client’s organisational requirements, including:
o one (1) policy and its corresponding procedures
o one (1) explicit protocol
o one (1) implicit protocol
Protocols refer to etiquette and agreed upon ways to carry out tasks.
Explicit protocols are those that are included in official workplace documentation, e.g. decision-making authorities, required document signatories.
Implicit protocols are the “unofficial rules” that are not necessarily recorded in official workplace documentation, e.g. acting in the client’s best interests, keeping the client updated on outcomes of plans, etc.
IMPORTANT: Each requirement must be updated and current.
Note that you are also required to provide a short description or an outline for each requirement you identify in this template.
Review the requirements outlined in the Relevant Requirements template. The Tax Plans you develop in this task must comply with all of the requirements you recorded here.
5. Based on the client’s resources you accessed, develop a Tax Plan for the tax you assessed in Task 3.1. These Tax Plans must cover your client’s next tax period.
For the Tax Plan:
i. Complete Part I. Tax Plan of the template.
Identify first the following details:
? client’s tax period covered
? the tax covered by the plan
? the tax payment schedule
These must correspond to your responses in Task 3.1 Task Schedule Assessment.
ii. Review your client’s income and expenditure forecasts for the next tax period. Using one (1) standard accounting technique, estimate the client’s future tax obligation/s* relevant to the tax being assessed.
*This must be the estimated amount your client is required to pay at the end of the current tax period.
Record your completion of this step in the Future Tax Obligations section.
iii. Based on the client’s income and expenditure forecasts, your estimate/s of the client’s tax obligation/s, and the Tax Schedule Assessments you completed, develop financial management strategies for the client.
These strategies may include:
? strategy to ensure alignment of cash flow with incidence of tax obligations relating to the tax being assessed in this task or strategy to ensure alignment of cash flow with the payment schedule of the tax being assessed
Financial management strategies may include but are not limited to:
? adjustment of borrowings
? asset liquidation
? budget absorption
? cost recoveries
? long-term investments
? purchases.
iv. For financial management strategy, develop the following:
? a management process for implementing the strategy
The management process developed here must include a clear, logical sequence of tasks for the efficient and effective management of the implementation of the financial management strategy.
It must also include the person/s responsible for each task, the timeframes, key performance indicators, and benchmarks, where possible.
The management process you develop may include steps for the following:
o decision making authorities
o expenditure authorities
o lending approvals
o program responsibilities
o signature approvals.
? a record-keeping system
This must include:
o the resources to be used to implement the record-keeping system
E.g., integrated financial software system, cloud computing software, etc.
o the steps to be followed in implementing the record-keeping system, including the person/s responsible and timeframes, if applicable.
o a short explanation on how the record-keeping system ensures the maintenance of an audit trail.
The record-keeping system you develop may include:
o centralised and decentralised recording
o classification by account performance
o classification by account type
o invoices
o periodic updates (daily, monthly, or transaction-based)
o purchase orders
o receipts
o recording authorities
o requisitions.
v. In Part II. Contingency Plan of the template, develop a contingency plan for your client.
Identify two (2) foreseeable problems relating to the Tax Plan you have developed.
E.g., the actual tax obligations exceeding the cash coming in, incurring large variances between the tax plan estimates and actual tax obligations.
For each problem, identify:
? one (1) possible action to address the problem.
? the person responsible for implementing the action
? the timeframe in which the action should be completed
6. Based on the income and expenditure forecasts that you have previously accessed, prepare the budget for your client’s next taxation period.
You may prepare this using your client’s accounting software or through a spreadsheet software, e.g. MS Excel.
7. Save the completed Relevant Requirements template, the completed Tax Plan, and the budget in the templates provided. DO NOT CREATE A SAPERATE WORKBOOK.
8. Make sure the following templates are submitted.
FNSACC603 Task 3.2 Relevant Requirements Template
FNSACC603 Task 3.2 Tax Plan

SIMULATED WORKPLACE ENVIRONMENT INSTRUCTION
Complete the steps outlined in Part III Task 3.2 and the following additional steps for the simulated pathway.
Additional steps to take:
1. Access the scenario and task instructions through the attachment below:
FNSACC603 Task 3.2 Awesome Landscapes Instructions

2. Complete the Relevant Requirements template, the Tax Plan, and the budget using the information from the scenarios and instructions above.
3. In addition to the submissions outlined in the general instructions, you must also submit the following:
Submission Filename
Profit and Loss – Budget analysis for Awesome Landscapes FNSACC603 Task 3.2 AL Profit and Loss Budget Analysis
Relevant Requirements Template
RELEVANT REQUIREMENTS
Completed by
Workplace/organisation
Date completed
CLIENT DETAILS
Client
Legal entity type
RELEVANT REQUIREMENTS
Compliance Requirements
Relevant Act:
Description:
Provide a short description only.

Regulatory requirement:
Description:
Provide a short description only.

Australian Taxation Office (ATO) ruling:
Description:
Provide a short description only.

Accounting principle:
Description:
Provide a short description only.

Accounting practice:
Description:
Provide a short description only.


Organisational Requirements
Organisational policy:
Description:
Provide a short description only.

Procedures:
Provide a short description only.

Explicit organisational protocol
Description:
Provide a short description only.

Implicit organisational protocol
Description:
Provide a short description only.


Tax Plan Template
TAX PLAN
Completed by
Workplace/organisation
Date completed
CLIENT DETAILS
Client
Legal entity type
I. TAX PLAN FOR THE PERIOD
Tax covered
Tax payment schedule
Future Tax Obligations
Forecasted income for the period covered by the tax plan
You may specify the total forecasted income for the period or break it down into the amount per month.
Forecasted expenditure for the period covered by the tax plan
You may specify the total forecasted expenditure for the period or break it down into the amount per month.
Estimated taxation obligation/s
You may specify the total estimated taxation obligation for the period or break it down into the amount per month.
Standard accounting technique used
Financial Management Strategies
1. Ensuring alignment of cash flow with incidence of tax obligations
Financial management strategy:
Description:
Provide a short description only.



Management Process
Task Person/s Responsible Timeframe Key Performance Indicator Benchmark

Add more rows as needed.

Record-keeping System
Resources to be used:

Steps to be followed:
Include the person/s responsible and the timeframes, if applicable.
Task Person/s Responsible Timeframes

Add more rows as needed.
How the system ensures the maintenance of an audit trail:

II. CONTINGENCY PLAN
Foreseeable Problems
Problem 1
Problem 2
Actions to Address Problems
Action Person Responsible Timeframe

IV. Evaluate and Advise on Tax Plans
This part of the project will require you to evaluate and advise on the tax plans of your client. This must:
? have a tax plan and a corresponding contingency plan for the next tax period
The tax plan must include the following:
o income forecast for the next tax period
o expenditure forecast for the next tax period
o estimates of the client’s tax obligation for the next tax period
o at least one (1) benchmark and at least one (1) key performance indicator for the tax plan
o financial management strategies, including:
• management process for the strategies
• record-keeping system
Ideally, these should be your clients from Part III of this assessment. So, make sure your complete the previous parts of the assessment before proceeding.
Read the instructions in this part carefully before proceeding.
4.1 Monitor and Review Implementation
For this task, you will be required to monitor and review the implementation of the Budgets you prepared in the previous task, client’s tax plan, and the tax documentation produced during implementation.
IMPORTANT: This task must be completed during the taxation period covered in your client’s Budget and tax plan.
Ideally, these should be your clients from Part III of this assessment. So, make sure your complete the previous parts of the assessment before proceeding.
Read the instructions carefully before proceeding.
Steps to take:
1. Review the following documentation and information from your client:
? the client’s budget for the current tax period
? tax plan and contingency plan for the current tax period
? at least one (1) benchmark and at least one (1) key performance indicator for the tax plan
For example, the tax plan may use as benchmarks the tax obligations from a specific financial year in which the business was especially tax efficient. The KPI for this may be the client’s monthly tax obligations measured against the benchmark.
? relevant legislative, professional, and organisational requirements
These requirements, particularly the organisational requirements, may be found in the client’s Staff Handbook or policy and procedures manual.
2. Locate the Monitoring Sheet, the Tax Evaluation Template on the following pages.
Use the Monitoring Sheet to document the outcomes of your reviews of the budget and your monitoring of your client’s tax plan.
Use the Tax Evaluation Template to document your evaluation of your client’s tax plan.
You must submit all the templates provided in the following pages.
IMPORTANT: The steps that follow must be completed for this task.
3. Review the Relevant Requirements you have completed for in Task 3.2.
IMPORTANT: Each requirement must be updated and current.
You will be asked to identify additional requirements in the Monitoring Sheet.
4. Identify additional legislative requirements that must be complied with in preparing the client’s tax documentation.
Tax documentation may include but are not limited to activity statements, invoices, taxation records, receipts, taxation and statutory returns, etc.
These requirements must include:
? one (1) new requirement
? one (1) changed requirement
These updates must have been released within the last five (5) years.
Record these in the Part I. Additional Requirements section of the Monitoring Sheet.
5. Schedule the review and monitoring of your client’s budget and tax plan.
Your schedule must:
? include at least two (2) reviews within the period covered by each Budget and tax plan.
? be conducted at set intervals, e.g. every first of the month, every other week, etc.
6. During each review and monitoring, you must be able to complete the following tasks.
Budget:
? determine the client’s actual tax obligation so far
? review the accuracy of tax obligation estimates in the tax plan
? determine any variances between actual tax obligations and tax obligation estimates in the tax plan
Tax Plan:
? monitor the performance of the tax plan using the client’s benchmark/s and key performance indicator/s for the tax plan
? monitor the compliance of the tax plan with the requirements outlined in the Relevant Requirements template
Tax Documentation:
? monitor the compliance of the client’s tax documentation with the requirements recorded in the Relevant Requirements template and Part I. Additional Requirements of the Monitoring Sheet
? review the client’s tax documentation to identify improvements that can be made to the tax documentation to make them compliant
You must be able to identify at least one (1) improvement throughout the implementation period.
In addition to the above, you must be able to complete the following at least once during the review and monitoring process:
? identify at least one (1) problem
? implement one (1) action from the client’s contingency plan to address the problem
Record the outcomes of each review and instance of monitoring in Part II Review and Monitoring Outcomes section of the template.
7. Complete the Tax Evaluation Template.
Based on the outcomes of your review and monitoring, evaluate the performance of your client’s tax plan.
Your evaluation must include the following:
? analysis of the variances between the actual tax obligations and the tax obligation estimates in the tax plan.
Based on your analysis, identify:
o one (1) error in the tax plan
o two (2) adjustments to the tax plan:
• one (1) adjustment required to the financial management strategy
• one (1) adjustment required to the management process
This may include adjusting specific steps or tasks in the management process.
All adjustments identified here must be in line with the client’s organisational policies and procedures.
? effectiveness of one (1) record-keeping system in the tax plan
? effectiveness of one (1) management process in the tax plan
? one (1) improvement each for the following:
o record-keeping system
o management process
You must also include a brief explanation on how each improvement will be implemented. This may include a brief outline of the task/s to be undertaken, the timeframes and the people involved, etc.
? the compliance of the tax plan with all legislative requirements recorded in the Relevant Requirements template
? overall performance of the tax plan using the client’s benchmarks and key performance indicators
8. Save and submit the completed Monitoring Sheets, the completed Tax Evaluation Templates provided in the following pages.
9. Use the Submissions Checklists and make sure the following templates are submitted.
FNSACC603 Task 4.1 Monitoring Sheet
FNSACC603 Task 4.1 Tax Evaluation Template
Save your work in the template provided, DO NOT CREATE A SAPERATE WORKBOOK.
SIMULATED WORKPLACE ENVIRONMENT INSTRUCTION
Complete the steps outlined in Part IV Task 4.1 and the following additional steps for the simulated pathway.
Additional steps to take:
1. Access the instructions through the attachment below:
FNSACC603 Task 4.1 Awesome Landscapes Instructions

2. Complete the Monitoring Sheet and the Tax Evaluation template for your client based on the information found in the attachment above.
3. In addition to the submissions outlined in the general instructions, you must also submit the following:
Submission Filename
Screenshots of the three (3) Google Forms email received for Awesome Landscapes FNSACC603 Task 4.1 AL Email Screenshot 1
FNSACC603 Task 4.1 AL Email Screenshot 2
FNSACC603 Task 4.1 AL Email Screenshot 3
Cashflow - Awesome Landscapes FNSACC603 Task 4.1 Provide the Cashflow
Monitoring Sheet Template
MONITORING SHEET
Completed by
Workplace/organisation
Date completed
CLIENT DETAILS
Client
Legal entity type
I. ADDITIONAL REQUIREMENTS
Legislative Requirements
New requirement:
Act from which requirement was taken:
Description of requirement:
Provide a short description only.

Changed requirement:
Act from which requirement was taken:
Description of requirement:
Provide a short description only.



MONITORING SHEET
Date Outcomes Reviewer’s Remarks Trainer’s Comments

Add rows as needed.


One (1) problem encountered during the review and monitoring process:
Provide a short description only.

Action from the client’s contingency plan that was implemented to address the problem:
Provide a short description only.

Tax Evaluation Template
TAX EVALUATION
Completed by
Workplace/organisation
Date completed
CLIENT DETAILS
Client
Legal entity type
VARIANCE ANALYSIS
Date Tax Plan Estimate Actual Tax Obligation Variance Favourable or Unfavourable?

Add rows as needed.
Based on the variance analysis conducted above, identify the following:
One (1) error in the tax plan:
Provide a short description only.

One (1) adjustment required to the financial management strategy:
Clearly specify the financial management strategy and provide a short description of the adjustment required.

One (1) adjustment required to the management process:
Clearly specify the management process and provide a short description of the adjustment required.

TAX PLAN
Effectiveness of one (1) record-keeping system in the tax plan:
Clearly specify the record-keeping system and provide a short evaluation of the effectiveness of the system.

One (1) improvement that can be made to the system:
Provide a short description of the improvement and a brief explanation on how the improvement will be implemented.

Effectiveness of one (1) management process in the tax plan:
Clearly specify the management process and provide a short evaluation of the effectiveness of the process.

One (1) improvement that can be made to the process:
Provide a short description of the improvement and a brief explanation on how the improvement will be implemented.

Compliance with legislative requirements:
Evaluate the tax plan’s compliance with the legislative requirements recorded in the Relevant Requirements template. Provide a short explanation below.

Overall Performance of the Tax Plan
Client’s benchmark
Client’s key performance indicator
Evaluation of the tax plan’s overall performance:
Use the client’s benchmark/s and key performance indicator/s to evaluate the performance of the tax plan for this tax period.

4.2 Provide Taxation Advice
For this task, you will be required to provide taxation advice based on the results of your review, monitoring, and evaluation in Task 4.2.
Read the instructions carefully before proceeding.
Steps to take:
1. Arrange a meeting with your client.
2. Locate the Meeting Minutes template and the Client Meeting Observation Checklist on the following pages.
Use the Meeting Minutes template to document your discussion with your client. You are required to submit the copy of the Meeting Minutes, the script.
The Client Meeting Observation Checklist will be completed by your trainer.
Review the requirements outlined in the Client Meeting Observation Checklist before the actual meeting. You are required to demonstrate all of the requirements outlined in this form.
3. Conduct the meeting with your client. Based on your findings from the review and monitoring and the Tax Evaluation Template you completed in Task 4.3, provide taxation advice to your clients.
During the meeting, you must be able to discuss the following:
? a brief summary of the outcomes of your review and monitoring of the client’s budget and tax plan
? a brief summary of the findings from your variance analysis in the Tax Evaluation Template, including:
o one (1) error identified in the tax plan
o one (1) adjustment required to the financial management strategy
o one (1) adjustment required to the management process
? the effectiveness of the record-keeping system in the tax plan and one (1) improvement that can be made to it
You must include a brief explanation on how the improvement will be implemented.
? the effectiveness of the management process in the tax plan and one (1) improvement that can be made to it
You must include a brief explanation on how the improvement will be implemented.
? the compliance of the tax plan with all legislative requirements recorded in the Relevant Requirements template
? overall performance of the tax plan using the client’s benchmark/s and key performance indicator/s
? at least one (1) general recommendation to improve the client’s tax planning for the next tax period
To facilitate your discussion, you must create a digital presentation to share your findings with your client.
Document your discussion with the client using the Meeting Minutes. Your client meeting must be documented in a separate Meeting Minutes.
Ensure that your minutes is logically structured, using plain, clear language and the correct terminology (e.g., taxation and accounting terms).
4. Save and submit the completed Meeting Minutes of the meeting and the Client Meeting Observation Checklists.
5. Make sure the following templates are submitted.
FNSACC603 Task 4.2 Meeting Minutes
FNSACC603 Task 4.2 Meeting Script
FNSACC603 Task 4.2 Client Meeting Observation Checklist
SIMULATED WORKPLACE ENVIRONMENT INSTRUCTION
For this part of the assessment, you are required to conduct a roleplay the meeting with your client in order to provide taxation advice.
To complete this task, you will require access to:
? one (1) volunteer to play the following role:
o Kim Nguyen, director of Awesome Landscapes
? A safe place to conduct the roleplaying activity
Additional steps to take:
1. Review the Monitoring Sheets and Tax Evaluation Templates you completed in the previous task. Your discussion in the roleplay meeting must be based on the information in these templates.
2. Discuss the task instructions and the requirements in the Client Meeting Observation Checklist with your volunteer/s in order to prepare for the roleplaying activity.
3. Conduct the roleplay meetings with your client. Ensure to follow the steps outlined in Part IV Task 4.2 general instructions.
4. Submit the Meeting Minutes and script of the roleplay meeting.
Meeting Minutes Template
MEETING MINUTES
Date:
Time:
Location:
Facilitator
Attendees
Add rows as needed.
Name Signature (must be handwritten)

Key Points of the Discussion
Agenda Item 1: Outcomes of review and monitoring of budget and tax plan


Agenda Item 2: Variance analysis findings

Agenda Item 3: Effectiveness of record-keeping system in the tax plan

Agenda Item 4: Tax plan compliance


Agenda Item 5: Overall performance of tax plan using client benchmark/s and key performance indicator

Agenda Item 6: General recommendations to improve client’s tax planning for the next tax period

End of Meeting Minutes
4.3 Analyse Evidence of Non-Compliance
For this task, you will be required to analyse evidence of non-compliance to diagnose its origin and develop a resolution.
Read the instructions carefully before proceeding.
Steps to take:
1. Access the scenario through the attachment below:
FNSACC603 Task 4.3 Scenario

2. Locate the Non-Compliance Analysis template on the following pages.
Use the Non-Compliance Analysis template to document your analysis of your client’s non-compliance.
3. Complete the Non-Compliance Analysis template on the following pages.
Analyse the evidence of non-compliance that you have gathered. Based on your analysis, complete the following:
? Briefly describe the non-compliance and the legislative requirement not complied with by the client.
? Diagnose the origin of the non-compliance.
? Develop a resolution for the non-compliance.
Non-Compliance Analysis Template
NON-COMPLIANCE ANALYSIS
NON-COMPLIANCE
Description of non-compliance:
Provide a short description only. Specify the legislative requirement not complied with here.

Origin of non-compliance:
Provide a short description only.

Resolution for the non-compliance:
Provide a short description only.