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