57787 – Assessment DetailsQualification Code/Title FNS60217 Advanced

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Assessment DetailsQualification Code/Title FNS60217 Advanced Diploma of AccountingAssessment Type Assessment -02 ( Project) Time allowedDue Date Location AHIC Term / YearUnit of CompetencyNational Code/Title FNSACC603 Implement tax plans and evaluate tax obligationsStudent DetailsStudent Name Student IDStudent 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 DetailsAssessor’s NameRESULTS (Please Circle) SATISFACTORY NOT SATISFACTORYFeedback 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 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 ASSESSMENTInstructions for StudentsThe 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 ASSESSMENTProject OverviewFor 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 AssessmentII. Assess Legal Entity’s Tax ObligationsIII. Develop Tax PlansIV. Evaluate and Advise on Tax PlansI. Prepare for Assessment1.1 Project Assessment PreparationThis 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 ObligationsThe first part of the project will require you to assess a legal entity’s tax obligations. This will involve:? quantifying 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 to identify updates or additions to 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 basesAll 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 TransactionsFor 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 obligationsRead 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 transactionsThe 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 transactionsThe 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 transactionsThese may include but are not limited to:o Australian Bureau of Statistics (ABS) economic datao budgets and forecastso credit ratingso financial markets monitoring serviceso financial statements and reportso market valuationso 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? withholdingsiii. 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 obligationv. 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 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. 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 documentation4. Save your work in the template provided, DO NOT CREATE A SAPERATE WORKBOOK.SIMULATED WORKPLACE ENVIRONMENT INSTRUCTIONComplete 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 Instructions2. 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 FilenameTemplate FNSACC603 Task 2.1 Taxable Transactions AnalysisScreenshots of GST reports for Awesome Landscapes FNSACC603 Task 2.1 AL GST Report Screenshot 1FNSACC603 Task 2.1 AL GST Report Screenshot 2FNSACC603 Task 2.1 AL GST Report Screenshot 3Screenshots of Balance Sheets for Awesome Landscapes FNSACC603 Task 2.1 AL Balance Sheet Screenshot 1FNSACC603 Task 2.1 AL Balance Sheet Screenshot 2FNSACC603 Task 2.1 AL Balance Sheet Screenshot 3Submission FilenameScreenshots of payments for Awesome Landscapes FNSACC603 Task 2.1 AL Payment Screenshot 1FNSACC603 Task 2.1 AL Payment Screenshot 2FNSACC603 Task 2.1 AL Payment Screenshot 3Taxable Transactions Analysis TemplateTAXABLE TRANSACTIONS ANALYSISCompleted byWorkplace/organisationDate completedCLIENT 1 DETAILSClientLegal entity typeTAXABLE TRANSACTION DETAILSTax to be assessedTax data to be analysed to calculate client’s taxable income and tax basesANALYSIS OF HISTORICAL TAXABLE TRANSACTIONSPeriod from which transactions were takenHistory & Trend of Tax ObligationHistory:Trend:ANALYSIS OF CURRENT TAXABLE TRANSACTIONSPeriod from which transactions were takenDiscrepancies & Ambiguities FoundDiscrepancy:Provide a short description.Resolution:Ambiguity:Provide a short description.Resolution:Suitability of Legal EntityTax ObligationsTaxAmountSpecify the amount that must be paid per month.Month AmountOther obligation to be fulfilledTaxAmountSpecify the amount that must be paid per month.Month AmountOther obligation to be fulfilledEnd of Taxable Transactions Analysis Template2.2 Legislative RequirementsFor this task, you will be required to conduct 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 Template on the following pages. Use this to document your findings.2. Conduct 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 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 requirementThe 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 findings in the Legislative Requirements Template and cite the source for each requirement included in your . 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 findings are accurate, complete, and reliable.Refer to the guide questions below when reviewing your sources and 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 INSTRUCTIONComplete 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 Template.Legislative Requirements TemplateLEGISLATIVE REQUIREMENTS RESEARCHCompleted byWorkplace/organisationDate completedCLIENT DETAILSClientLegal entity typeTaxes to be assessedLEGISLATIVE REQUIREMENTSUpdated Legislative RequirementsRequirement 1Provide a short description.Date of updateSourceHow the requirement can maximise the client’s benefitRequirement 2Provide a short description.Date of updateSourceHow the requirement can maximise the client’s benefitNew Legislative RequirementsRequirement 1Provide a short description.Date of updateSourceHow the requirement can maximise the client’s benefitRequirement 2Provide a short description.Date of updateSourceHow the requirement can maximise the client’s benefitRecording requirement Description of requirement:Source:Reporting requirement Description of requirement:Source:2.3 Schedule Payments of Tax ObligationsFor 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 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 scheduleE.g., annual, quarterly, monthly.? activity statement lodgement due date for the next tax periodIf 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? superannuationiii. 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 receiptsiv. 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 amountsv. For each task you listed, identify the following:? person responsible for completing the taskThe person responsible for completing each task must have the required qualification and experience for the task.? level of priority? due dateYou 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 INSTRUCTIONComplete 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 Scenario2. Complete the Tax Payment Schedule based on the scenario provided.Tax Payment Schedule TemplateTAX PAYMENT SCHEDULECompleted byWorkplace/organisationDate completedCLIENT DETAILSClientLegal entity typeAccounting methodActivity statement reporting scheduleActivity statement lodgement due date for the next tax periodTAX OBLIGATIONSTax 1Lodgement due date for the next tax periodThis is only for tax obligations requiring separate lodgement. Write ‘N/A’ if the tax obligation is included in the activity statement.Tax bases appliedSpecify all tax bases you applied to determine the client’s tax obligation.Method of determination used to determine tax obligationTax 2Lodgement due date for the next tax periodThis is only for tax obligations requiring separate lodgement. Write ‘N/A’ if the tax obligation is included in the activity statement.Tax bases appliedSpecify all tax bases you applied to determine the client’s tax obligation.Method of determination used to determine tax obligationTAX PAYMENT SCHEDULE for the periodTask Person Responsible Level of Priority(High, medium, low) Due DateEnd of Tax Payment ScheduleIII. Develop Tax PlansThis 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 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 techniquesAll 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 ScheduleFor 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 choseii. 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 issuesiii. 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 Structures5. Save your work in the template provided, DO NOT CREATE A SAPERATE WORKBOOK.SIMULATED WORKPLACE ENVIRONMENT INSTRUCTIONComplete 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 Scenario2. Complete the Tax Schedule Assessment template based on the scenarios above.Tax Schedule Assessment TemplateTAX SCHEDULE ASSESSMENTCompleted byWorkplace/organisationDate completedCLIENT DETAILSClientLegal entity typeTax to be assessedTax payment scheduleASSESSMENTAssess 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 PlansFor this task, you will be required to develop a tax plan, for your client.Read the instructions carefully before proceeding.Steps to take:1. 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 periodYou 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 requirementThese may include but are not limited to:o TPB Code of Professional Conducto APES 110 Code of Ethics for Professional Accountantso Industry association codes of practiceo ASIC regulatory guideso 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 followedE.g., Economic entity assumption, monetary unit assumption, time period assumption, etc.? one (1) relevant accounting practice that must be followedRequired 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 procedureso one (1) explicit protocolo one (1) implicit protocolProtocols 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 scheduleThese 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 assessedFinancial 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 strategyThe 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 authoritieso expenditure authoritieso lending approvalso program responsibilitieso signature approvals.? a record-keeping systemThis must include:o the resources to be used to implement the record-keeping systemE.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 recordingo classification by account performanceo classification by account typeo invoiceso periodic updates (daily, monthly, or transaction-based)o purchase orderso receiptso recording authoritieso 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 completed6. 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 TemplateFNSACC603 Task 3.2 Tax PlanSIMULATED WORKPLACE ENVIRONMENT INSTRUCTIONComplete 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 Instructions2. 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 FilenameProfit and Loss – Budget analysis for Awesome Landscapes FNSACC603 Task 3.2 AL Profit and Loss Budget AnalysisRelevant Requirements TemplateRELEVANT REQUIREMENTSCompleted byWorkplace/organisationDate completedCLIENT DETAILSClientLegal entity typeRELEVANT REQUIREMENTSCompliance RequirementsRelevant 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 RequirementsOrganisational policy:Description:Provide a short description only.Procedures:Provide a short description only.Explicit organisational protocolDescription:Provide a short description only.Implicit organisational protocolDescription:Provide a short description only.Tax Plan TemplateTAX PLANCompleted byWorkplace/organisationDate completedCLIENT DETAILSClientLegal entity typeI. TAX PLAN FOR THE PERIODTax coveredTax payment scheduleFuture Tax ObligationsForecasted income for the period covered by the tax planYou 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 planYou may specify the total forecasted expenditure for the period or break it down into the amount per month.Estimated taxation obligation/sYou may specify the total estimated taxation obligation for the period or break it down into the amount per month.Standard accounting technique usedFinancial Management Strategies1. Ensuring alignment of cash flow with incidence of tax obligationsFinancial management strategy:Description:Provide a short description only.Management ProcessTask Person/s Responsible Timeframe Key Performance Indicator BenchmarkAdd more rows as needed.Record-keeping SystemResources to be used:Steps to be followed:Include the person/s responsible and the timeframes, if applicable.Task Person/s Responsible TimeframesAdd more rows as needed.How the system ensures the maintenance of an audit trail:II. CONTINGENCY PLANForeseeable ProblemsProblem 1Problem 2Actions to Address ProblemsAction Person Responsible TimeframeIV. Evaluate and Advise on Tax PlansThis 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 periodThe tax plan must include the following:o income forecast for the next tax periodo expenditure forecast for the next tax periodo estimates of the client’s tax obligation for the next tax periodo at least one (1) benchmark and at least one (1) key performance indicator for the tax plano financial management strategies, including:• management process for the strategies• record-keeping systemIdeally, 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 ImplementationFor 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 planFor 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 requirementsThese 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 requirementThese 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 planTax 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 templateTax 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 compliantYou 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 problemRecord 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 plano two (2) adjustments to the tax plan:• one (1) adjustment required to the financial management strategy• one (1) adjustment required to the management processThis 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 systemo management processYou 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 indicators8. 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 SheetFNSACC603 Task 4.1 Tax Evaluation TemplateSave your work in the template provided, DO NOT CREATE A SAPERATE WORKBOOK.SIMULATED WORKPLACE ENVIRONMENT INSTRUCTIONComplete 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 Instructions2. 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 FilenameScreenshots of the three (3) Google Forms email received for Awesome Landscapes FNSACC603 Task 4.1 AL Email Screenshot 1FNSACC603 Task 4.1 AL Email Screenshot 2FNSACC603 Task 4.1 AL Email Screenshot 3Cashflow – Awesome Landscapes FNSACC603 Task 4.1 Provide the CashflowMonitoring Sheet TemplateMONITORING SHEETCompleted byWorkplace/organisationDate completedCLIENT DETAILSClientLegal entity typeI. ADDITIONAL REQUIREMENTSLegislative RequirementsNew 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 SHEETDate Outcomes Reviewer’s Remarks Trainer’s CommentsAdd 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 TemplateTAX EVALUATIONCompleted byWorkplace/organisationDate completedCLIENT DETAILSClientLegal entity typeVARIANCE ANALYSISDate 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 PLANEffectiveness 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 PlanClient’s benchmarkClient’s key performance indicatorEvaluation 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 AdviceFor 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 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 plano one (1) adjustment required to the financial management strategyo 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 itYou 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 itYou 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 periodTo facilitate your , you must create a digital presentation to share your findings with your client.Document your 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 MinutesFNSACC603 Task 4.2 Meeting ScriptFNSACC603 Task 4.2 Client Meeting Observation ChecklistSIMULATED WORKPLACE ENVIRONMENT INSTRUCTIONFor 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 activityAdditional steps to take:1. Review the Monitoring Sheets and Tax Evaluation Templates you completed in the previous task. Your 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 TemplateMEETING MINUTESDate:Time:Location:FacilitatorAttendeesAdd rows as needed.Name Signature (must be handwritten)Key Points of the DiscussionAgenda Item 1: Outcomes of review and monitoring of budget and tax planAgenda Item 2: Variance analysis findingsAgenda Item 3: Effectiveness of record-keeping system in the tax planAgenda Item 4: Tax plan complianceAgenda Item 5: Overall performance of tax plan using client benchmark/s and key performance indicatorAgenda Item 6: General recommendations to improve client’s tax planning for the next tax periodEnd of Meeting Minutes4.3 Analyse Evidence of Non-ComplianceFor 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 Scenario2. 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 TemplateNON-COMPLIANCE ANALYSISNON-COMPLIANCEDescription 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.

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