Page 1 of 32
Assessment Coversheet
UNIT/S ASSESSED FNSACC601 Prepare and Administer Tax Documentation for Legal Entities
ASSESSMENT FNSACC601 Assignment
NAME
Type of Assessment
This summative assessment will enable your assessor to make a judgement of competency based on
the submission of your completed assessments against the requirements of the unit/s of competency
in this module.
Benchmark
The Assessment Benchmark developed for each unit of competency is the evidence criteria used to
judge the quality of performance (i.e. the assessment decision-making rules). Assessors use these
benchmarks to make judgements on whether competency has been achieved and to determine if you
have performed to the standard expected to meet the unit requirements.
Reasonable Adjustment
Where appropriate Monarch Institute will allow flexibility in the way in which each unit is assessed
based on the needs of an individual.
Assessment Coding
Assessment of this course is based on competency-based
principles. S = Satisfactory
NS = Not Satisfactory
If you fail to perform satisfactorily for the assessment in the prescribed way you may be assessed as
‘Not Satisfactory’. You are required to be assessed as ‘Satisfactory’ in all assessments for each unit of
competency.
Re-assessment
Your assessment can be submitted after you have reviewed the learning materials and practiced
enough to feel confident in your resubmission. You have two weeks from your last submission
feedback to resubmit. You are re-assessed in only the areas where your assessor has indicated you
were initially assessed as NS. It is at the assessor’s discretion to re-assess the entire assessment
should an overall understanding not be demonstrated. When you are re-assessed as ‘satisfactory’
after re-submission you will achieve competency for this assessment.
Declaration of Understanding and Authenticity
I acknowledge the assessment process has been explained and agree that I am ready to undertake
assessment. I am aware of where to find the assessor’s feedback for the assessment. I am aware of
the appeals process, should the need arise. I also understand I must be assessed as ‘satisfactory’ in all
parts of the assessment/s to gain an overall competent result for the unit/s of competency. If I am
found to be NS after a second attempt, it is at the assessor ‘s discretion whether I may be permitted
one final attempt. I am aware that a ‘not competent’ final outcome means I may incur fees for re-
enrolment in the unit/s.
I certify that the attached material is my original work. No other person’s work has been used
without due acknowledgement. I understand that the work submitted may be reproduced and/or
communicated for the purpose of detecting plagiarism. I understand a person found responsible for
academic misconduct will be subject to disciplinary action (refer to Student Information Guide).
Document Name: FNSACC601 Assignment Version: 180522
Modified By Compliance Modified On: 09/07/2020
, Page 2 of 32
* I understand that by typing my name or inserting a digital signature into this box that I agree and
am bound by the above student declaration.
Student Name*: Date:
Submission instructions:
1. Complete the Declaration of Understanding and Authenticity (above).
2. Once you have completed all parts of the assessment login to the Monarch Learning
Management System (LMS) to submit your assessment.
3. In the LMS, click on the link to ‘Submit [assessment name]’ in your course and upload your
assessment files. Click save and then click submit assignment
4. Please be sure to click ‘continue’ after clicking ‘submit assignment’.
Document Name: FNSACC601 Assignment Version: 180522
Modified By Compliance Modified On: 09/07/2020
, Page 3 of 32
Assessment Activities
Short Answer and Worked Answer Questions
The following questions are based on the material in the textbook “Advanced Income Tax Law” by
Peter Baker, Geoff Cliff & Sonia Deaner, 15th Edition (January 2018)
Activity instructions to candidates
• This is an open book assessment activity.
• You may use a financial calculator or computer application to help calculate values
• You are required to read this assessment and answer all questions that follow.
• Please type your answers in the spaces provided.
• Please ensure you have read “Important assessment information” at the front of
this assessment
• Estimated time for completion of this assessment activity: approximately 3 hours
Document Name: FNSACC601 Assignment Version: 180522
Modified By Compliance Modified On: 09/07/2020
, Page 4 of 32
The following questions are based on the material in Chapter 1:
Q1.
(Comprehensive calculation for a prescribed person)
Ron Veldhuis is aged 16 and is currently studying full-time at high school whilst living with his
parents.
During the 2017/18 tax year, Ron received the following amounts: $
Gross Wages from part-time job (PAYG tax withheld $800) 4,700
Gross Interest received on fund given by his parents (TFN withheld $4,900) 10,000
Income Distribution from Estate of Late Aunt 7,500
Income Distribution from Family Trust (tax paid by Trustee $1,500) 6,000
Unfranked Dividend from shares in QQQ Ltd (these were bought with funds from previous
1,200
Family Trust distributions)
Required:
(a) For the purposes of Div 6AA, how much excepted assessable income has Ron derived?
(b) For the purposes of Div 6AA, how much eligible assessable income has Ron derived?
(c) Calculate net tax payable by Ron for the 2017/18 tax year.
Document Name: FNSACC601 Assignment Version: 180522
Modified By Compliance Modified On: 09/07/2020
Assessment Coversheet
UNIT/S ASSESSED FNSACC601 Prepare and Administer Tax Documentation for Legal Entities
ASSESSMENT FNSACC601 Assignment
NAME
Type of Assessment
This summative assessment will enable your assessor to make a judgement of competency based on
the submission of your completed assessments against the requirements of the unit/s of competency
in this module.
Benchmark
The Assessment Benchmark developed for each unit of competency is the evidence criteria used to
judge the quality of performance (i.e. the assessment decision-making rules). Assessors use these
benchmarks to make judgements on whether competency has been achieved and to determine if you
have performed to the standard expected to meet the unit requirements.
Reasonable Adjustment
Where appropriate Monarch Institute will allow flexibility in the way in which each unit is assessed
based on the needs of an individual.
Assessment Coding
Assessment of this course is based on competency-based
principles. S = Satisfactory
NS = Not Satisfactory
If you fail to perform satisfactorily for the assessment in the prescribed way you may be assessed as
‘Not Satisfactory’. You are required to be assessed as ‘Satisfactory’ in all assessments for each unit of
competency.
Re-assessment
Your assessment can be submitted after you have reviewed the learning materials and practiced
enough to feel confident in your resubmission. You have two weeks from your last submission
feedback to resubmit. You are re-assessed in only the areas where your assessor has indicated you
were initially assessed as NS. It is at the assessor’s discretion to re-assess the entire assessment
should an overall understanding not be demonstrated. When you are re-assessed as ‘satisfactory’
after re-submission you will achieve competency for this assessment.
Declaration of Understanding and Authenticity
I acknowledge the assessment process has been explained and agree that I am ready to undertake
assessment. I am aware of where to find the assessor’s feedback for the assessment. I am aware of
the appeals process, should the need arise. I also understand I must be assessed as ‘satisfactory’ in all
parts of the assessment/s to gain an overall competent result for the unit/s of competency. If I am
found to be NS after a second attempt, it is at the assessor ‘s discretion whether I may be permitted
one final attempt. I am aware that a ‘not competent’ final outcome means I may incur fees for re-
enrolment in the unit/s.
I certify that the attached material is my original work. No other person’s work has been used
without due acknowledgement. I understand that the work submitted may be reproduced and/or
communicated for the purpose of detecting plagiarism. I understand a person found responsible for
academic misconduct will be subject to disciplinary action (refer to Student Information Guide).
Document Name: FNSACC601 Assignment Version: 180522
Modified By Compliance Modified On: 09/07/2020
, Page 2 of 32
* I understand that by typing my name or inserting a digital signature into this box that I agree and
am bound by the above student declaration.
Student Name*: Date:
Submission instructions:
1. Complete the Declaration of Understanding and Authenticity (above).
2. Once you have completed all parts of the assessment login to the Monarch Learning
Management System (LMS) to submit your assessment.
3. In the LMS, click on the link to ‘Submit [assessment name]’ in your course and upload your
assessment files. Click save and then click submit assignment
4. Please be sure to click ‘continue’ after clicking ‘submit assignment’.
Document Name: FNSACC601 Assignment Version: 180522
Modified By Compliance Modified On: 09/07/2020
, Page 3 of 32
Assessment Activities
Short Answer and Worked Answer Questions
The following questions are based on the material in the textbook “Advanced Income Tax Law” by
Peter Baker, Geoff Cliff & Sonia Deaner, 15th Edition (January 2018)
Activity instructions to candidates
• This is an open book assessment activity.
• You may use a financial calculator or computer application to help calculate values
• You are required to read this assessment and answer all questions that follow.
• Please type your answers in the spaces provided.
• Please ensure you have read “Important assessment information” at the front of
this assessment
• Estimated time for completion of this assessment activity: approximately 3 hours
Document Name: FNSACC601 Assignment Version: 180522
Modified By Compliance Modified On: 09/07/2020
, Page 4 of 32
The following questions are based on the material in Chapter 1:
Q1.
(Comprehensive calculation for a prescribed person)
Ron Veldhuis is aged 16 and is currently studying full-time at high school whilst living with his
parents.
During the 2017/18 tax year, Ron received the following amounts: $
Gross Wages from part-time job (PAYG tax withheld $800) 4,700
Gross Interest received on fund given by his parents (TFN withheld $4,900) 10,000
Income Distribution from Estate of Late Aunt 7,500
Income Distribution from Family Trust (tax paid by Trustee $1,500) 6,000
Unfranked Dividend from shares in QQQ Ltd (these were bought with funds from previous
1,200
Family Trust distributions)
Required:
(a) For the purposes of Div 6AA, how much excepted assessable income has Ron derived?
(b) For the purposes of Div 6AA, how much eligible assessable income has Ron derived?
(c) Calculate net tax payable by Ron for the 2017/18 tax year.
Document Name: FNSACC601 Assignment Version: 180522
Modified By Compliance Modified On: 09/07/2020
