After one year

  • Understand and comply with Traktion’s GST return process
  • Prepare GST return with limited supervision and review comments
  • Recode Xero transactions
  • Recognise assets vs expense
  • Register an asset and determine its depreciation rate
  • Complete the following WP sections largely unaided:
    • Cash
    • Accounts receivable
    • Accounts payable
    • Equity
    • Fixed assets
    • Entertainment expenses

Second year

  • Communication with the client – written and verbal
  • Understand Outstanding Receipts and Outstanding Payments in Xero bank reconciliations and how to deal with them
  • Consider materiality of transactions and suggested changes – does it have an impact on profit or tax, does the current presentation give an unfair view of the accounts?
  • Be familiar with the purpose of shareholder salaries, how they impact profit and tax returns, and overdrawn balances.
  • Understand the purpose of the Shareholder Current Account and Beneficiary Current Account and the impact of the balances on the company / trust
  • Complete the following additional WP sections largely unaided
    • Loans
    • Wages
    • Home office expenses
  • Understand the purpose of an analytical review (P&L and balance sheet)
  • In an analytical review, be able to identify accounts which require further investigation
  • Prepare tax returns for individuals, companies, and trusts

Third year

  • Prepare financial statements and workpapers
  • Complete the following WP largely unaided
    • Income Tax
    • Imputation Credit Account
    • Imputation Credit to Retained Earnings

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