11. Activity Log

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					11. Activity Log
This Activity Log is used throughout the Practical Experience Component to track your
development of competence. As such, it is the foundation document and forms a critical
component of the final report submitted to the Institute by your mentor.

A soft-copy version of the full Activity Log can be downloaded from myCA > Practical
Experience > Online Activity Log.

SUGGESTION: Do not print the full Activity Log to start with – just the summary of
employment and the example.

When developing your competencies, ensure you are able to achieve the required level of
performance, as defined in the following Activity Log key.


 K    Know             Can explain, summarise, give examples, depict and interpret the professional skills and underpinning
                       knowledge required for competency.

 A    Apply            Can identify and analyse problems on a preliminary basis and identify people with specific expertise
                       capable of undertaking and completing the task or role.

 E    Evaluate         Can identify and complete all elements of a specific task or role and make and/or implement useful
                       recommendations.




 Candidate Name:

 Candidate ID:

 Preferred Phone Contact

 Email:

 Practical Experience Start Date:

 Practical Experience End Date:

 Mentor Name:

 Company Name:

 Company Address:




Candidate Practical Experience Activity Log                                                                                   17
                        Summary of Employment




18
                        Candidate Name:                                                       Candidate ID:

                        This summary should be maintained by the candidate and should be updated each time a change of employer, mentor or line manager/department
                        occurs within the three-year period of Practical Experience. Throughout your period of Practical Experience, you may be required to submit this summary
                        to the Institute for auditing purposes to confirm that you are working for an approved training organisation, under the guidance of a registered Chartered
                        Accountant mentor.

                        This completed summary should be submitted to the Institute with the final mentor assessment when applying for membership admission.

                        Company Name Company Street Position Title                Mentor Name        Department &       Commence           Completion          Mentor Sign-Off
                                     Address                                      & Membership       Line Manager       Date               Date
                                                                                  Number             Name




Chartered Accountants
Activity Log Record Example
On the following pages there is an example of how you might record related activities and
evidence against your chosen technical competencies. Please note, these activity entries
are limited to one per competency for the purposes of providing an example only. It would
be expected that candidates would record one to three examples per competency indicator
throughout the three-year period.




Candidate Practical Experience Activity Log                                             19
                                               Competency                                                                 Level   Evidence reference / example                                  Start date   End date    Line Manager     Mentor review




20
                                                                                                                                                                                                                         (Signature)      (Signature)

                                               1. Explain the legal and economic framework of the Australian
                                                  taxation system:

                                                   (a) Compare and contrast tax evasion and tax avoidance.                 A      Discussed with my manager a client who does not want to       10 Aug 06    24 Aug 06   Sample Manager
                                                                                                                                  disclose their offshore interest in their Australian income
                                                                                                                                  tax return. Reviewed individual income tax return to ensure
                                                                                                                                  correct tax treatment was applied, where shares previously
                                                                                                                                  treated as trading stock are now being treated as a CGT
                                                                                                                                  asset.

                                                   (b) Identify ethical and professional issues for an accountant          E      Checked new client file for professional letter of clearance   Sep 06       Sep 06
                                                       undertaking tax work, taking into account the IFAC Code of                 from previous accountant.
                                                       Ethics and the Institute’s Code of Professional Conduct

                                                   (c) Outline how international trade and economic factors affects        A      Checked trade receivables ledger, for foreign entities,       12 Oct 06    18 Oct 06
                                                       the Australian taxation regime.                                            discussed with client terms of trade for the purpose of
                                                                                                                                  determining whether there were any transfer pricing issues.

                                               2. Determine and advise on the taxpayer’s exposure or liability for
                                                  tax:

                                                   (a) Identify the taxpayer’s profile and associated tax issues            A      Checked a trust income tax return from last year to see if    1 Nov 06     1 Nov 06
                                                       – organisational structure, residency, special types of taxation           family trust election had been made, where a trust had
                                                                                                                                  dividend income.




                        1.3 Taxation Example
                                                   (b) Determine the assessable income, statutory income and               E      Prepared an individual income tax return, which had           2 Jul 06     06 Jul 06   Sample Manager
                                                       allowable deductions for a taxpayer                                        salary, dividend income, a capital gain and work-related
                                                                                                                                  deductions.

                                                   (c) Calculate income tax liability and prepare returns for              E      Reconciled income tax payable to the income tax provision     20 Oct 06    30 Oct 06
                                                       individuals, partnerships, companies, superannuation funds,                recorded in the company’s financial accounts.
                                                       trusts and beneficiaries

                                                   (d) Advise on the implications of international transactions for        E      Drafted a letter of advice outlining the taxation treatment   5 Mar 06     05 Mar 06   Sample Manager
                                                       Australian taxation                                                        of salary income derived offshore by an Australian tax
                                                                                                                                  resident.

                                                   (e) Advise on the GST requirements – registration, taxable              E      Prepared a quarterly business activity statement.             3 Apr 06     10 Apr 06   Sample Manager
                                                       supplies, creditable acquisitions, input tax credits, reporting,
                                                       and payment




Chartered Accountants
                                                                     Competency                                                                 Level   Evidence reference / example                                    Start date   End date    Line Manager     Mentor review
                                                                                                                                                                                                                                                 (Signature)      (Signature)

                                                                         (f) Advise whether benefits are fringe benefits and calculate the         E      Reviewed a client’s trial balance and identified accounts        05 May 06    15 May 06
                                                                             fringe benefits tax of common benefits                                       with potential FBT issues such as entertainment, motor
                                                                                                                                                        vehicle expenses, general and sundry expenses. Discussed
                                                                                                                                                        with client and prepared FBT return.

                                                                         (g) Advise on the taxation effects of transactions, operations,         E      Prepared income tax return for individual who acquired          24 Jul 06    28 Jul 06   Sample Manager
                                                                             investments and financing                                                   rental property. Allocated payments to the cost base,
                                                                                                                                                        borrowing costs and amounts deductible.

                                                                         (h) Interpret and advise on existing and new tax laws.                  E      Advised client who has borrowed monies from their               12 Feb 06    12 Feb 06
                                                                                                                                                        company of the changes to Division 7A in relation to the
                                                                                                                                                        timing of when a loan needs to be fully repaid.




Candidate Practical Experience Activity Log
                                                                     3. Develop effective tax planning to maximise after-tax returns:

                                                                         (a) Identify any possible tax planning opportunities based on the       A      Reviewed previous year’s trust return for beneficiary details.   25 Jun 06    27 Jun 06
                                                                             entity’s profile [link to 2(a) above]                                       Discussed with client age of any potential beneficiaries
                                                                                                                                                        and income of beneficiaries. Streamed trust distributions to
                                                                                                                                                        beneficiaries in order to minimise tax payable by the family
                                                                                                                                                        group.

                                                                         (b) Determine the entity’s current taxation position and identify       E      Reconciled a company’s accounting income to taxable             12 Mar 06    22 Mar 06
                                                                             potential risks                                                            income. Reviewed repairs and maintenance ledger and
                                                                                                                                                        legal ledger for potential non-deductible expenses.

                                                                         (c) Identify alternative courses of action and advise on                A      Advised client on tax benefit obtained by claiming an            15 Jul 06    15 Jul 06
                                                                             corresponding opportunities and risks                                      arguable deduction. Discussed with client the cost of
                                                                                                                                                        obtaining a private ruling in view of tax certainty of




                                              1.3 Taxation Example
                                                                                                                                                        deduction.

                                                                         (d) Develop a taxation strategy for an entity based on its stated       E      Discussed with my manager, clients who are shareholders         02 Jun 06    10 Jun 06   Sample Manager
                                                                             strategic risk targets, financial objectives and reporting                  of a private company and approaching retirement, whether
                                                                             requirements                                                               any of the small business relief provisions may be available
                                                                                                                                                        to them. Checked clients’ superannuation members account
                                                                                                                                                        balance to assess whether clients are overfunded.

                                                                         (e) Plan the incidence and timing of taxation liabilities and relate    E      Prepared an annual time line of payments for a company.         01 Nov 06    08 Nov 06
                                                                             this to the entity’s funds management processes.                           Time line included an estimate of required tax payments
                                                                                                                                                        and estimated time for payment. Tax payments in relation




 21
                                                                                                                                                        to GST, FBT, PAYG instalments and company tax payments
                                                                                                                                                        were estimated based on prior year’s lodgement details and
                                                                                                                                                        client’s estimated growth.
                                                Competency                                                           Level   Evidence reference / example                                  Start date   End date    Line Manager     Mentor review
                                                                                                                                                                                                                    (Signature)      (Signature)

                                                4. Conduct representation, negotiation, litigation support and
                                                   litigation on taxation matters:




22
                                                    (a) Analyse assessments and re-assessments                        E      Reviewed an amended notice of assessment, with estimate       05 Feb 06    06 Feb 06
                                                                                                                             of tax payable to client on lodgement of an amended
                                                                                                                             income tax return.

                                                    (b) Outline options and prepare documentation to support          A      Drafted a letter of advice for my manager in relation to a    12 Jul 07    12 Jul 07   Sample Manager
                                                        representation or negotiations                                       deduction claimed by a client, which is being audited by
                                                                                                                             ATO. Researched and formed an opinion as to whether the
                                                                                                                             deduction is arguably deductible.

                                                    (c) Assist in developing evidence or expert opinion to support    A      Assisted my partner in drafting an expert witness report      01 Sep 08    04 Sep 08   Sample Manager
                                                        litigation                                                           for damages being sought by a teacher against the
                                                                                                                             Department of Education and Training. Estimated future
                                                                                                                             earnings lost and medical damages to the teacher, unable
                                                                                                                             to work due to an incident at school.

                                                    (d) Represent the taxpayer in litigation action.                  A      Provided assistance to my partner in collating information    07 Sep 08    14 Sep 08
                                                                                                                             required for his expert witness testimony.

                                                5. Contribute to debates about taxation in the public domain:

                                                    (a) Review and advise on proposals, policy or legislation         A      Attending regular taxation updates to keep up to date with    15 Feb 06




                         1.3 Taxation Example
                                                                                                                             potential legislation changes.

                                                                                                                             Provided feedback to the Institute on proposed legislation.   07 May 07    07 May 07

                                                    (b) Make recommendations on proposals, policy or legislation      A      As per (a) above

                                                    (c) Contribute views to relevant forums in the public domain      A      As per (a) above

                                                    (d) Understand laws in relation to declaration and payments of    A      Noted dividends paid during the financial year, by a           05 Jul 07    08 Jul 07
                                                        dividends                                                            proprietary limited company when preparing the company’s
                                                                                                                             income tax return. Asked client for copies of distribution
                                                                                                                             statements to ensure compliance with tax legislation.

                                                    (e) Understand regulations that provide funds for business        K      Researched on the web, application requirements for the       16 Aug 08    18 Aug 08
                                                        (e.g. export grants, charity grants, R&D grants).                    export market development grants.

                                                    Total competency indicators                                       25     Total competency indicators achieved                              08          32%




Chartered Accountants
                        End of Example

				
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Description: 11. Activity Log