Income tax, BAS and accounting fundamentals (90807431) - Learning manual

Currently unpublished based on advice from L&D - should not be sold in Global shop.  If agreed to sell in the Global shop in future, must review pricing first.

• Demonstrate familiarity with and knowledge of the required format for income tax returns for individuals
• Complete an individual tax return using the 2018 Individual Tax Return form for common income and deductions items
• Demonstrate knowledge of the Australian Taxation Office (ATO) requirements for record-keeping and substantiation
• Discuss the various issues applying to businesses such as employing staff, the personal services income (PSI) rule, and concessions relating to small business entities
• Discuss the different structures available for structuring a business
• Demonstrate an understanding of the basic tax treatments of business profits for individuals, partnerships, trusts and proprietary limited companies
• Demonstrate knowledge of the requirements for calculation of decline in value of assets
• Demonstrate understanding of the various methods for calculating decline in value of assets and when each method is appropriate
• Demonstrate alternate methods of calculating the decline in value of assets including low value pooling and the simplified depreciation rules for small business entities
• Demonstrate how to deal with other capital allowances such as business-related costs (blackhole expenditure)
• Demonstrate how to determine whether capital gains tax is payable, and whether any concessions, exemptions or rollovers apply to a capital gain
• Demonstrate knowledge of common errors made by clients when keeping their own records
• Complete journal entries to correct the common errors
• Demonstrate knowledge of common problems frequently found in client data
• Demonstrate obligations of GST payers including calculating:
  • GST collected on supplies and GST paid on purchases
  • statistical information such as total sales, export and other GST-free supplies, capital and other acquisitions
  • GST under the quarterly GDP-adjusted method
  • a varied instalment from information supplied
• Demonstrate other obligations in the business activity statement (BAS) including:
  • identifying payments from which PAYG must be withheld, calculating the amount to withhold, and when and how amounts should be paid to the Commissioner
  • identifying who is affected by the PAYG instalment system, calculating instalments, and understanding the requirements for obtaining variations
  • calculating a varied FBT instalment
  • LCT and WET requirements
  • the fuel tax credit system requirements