PO15 - Tax computations and assessments
You prepare computations of taxable amounts and tax liabilities according to legal requirements.
Performance objective elements
The five elements of each performance objective describe the tasks, skills and behaviours that trainees must demonstrate in order to achieve the objective.
a. Extract and analyse data from financial records and filing information to prepare tax computations and related documents.
b. Prepare or contribute to the computation or assessment of tax for individuals or single companies or groups and other entities.
c. Use appropriate technology to prepare tax computations or assessments and related documents.
d. Prepare or contribute to computations or assessments of indirect tax liabilities.
e. Explain the basis of tax calculations and the interpretation of the effect of current legislation and case law and ethical frameworks.
B. Advises ethically on strategic tax plans and computes the tax liabilities of individuals.
C. Advises ethically on strategic tax plans and computes the corporation tax liabilities of individual companies and groups of companies.
D. Explains and computes the effects of value added tax (VAT) / goods and services tax (GST) and indirect tax on incorporated and unincorporated businesses and advises appropriately.
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