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Elements and Performance Criteria

Required Skills

Required skills

communication skills to

determine and confirm taxation preparation requirements and deal with clients

liaise with others share information provide advice and guidance

use language and concepts appropriate to cultural differences

research skills to

access and manage financial services

access and interpret taxation legislation regulation and precedent

identify any taxation related matters that have the potential to impact on client services

identify client related transactions that are relevant to taxation matters

literacy skills to analyse information needs and prepare clear written advice for clients and taxation lodgement documentation

numeracy skills to perform financial calculations and analysis

IT skills to develop and use spreadsheets and databases and using internet information

learning skills to maintain knowledge of changes to taxation legislation and requirements

problem solving skills to

apply statute regulation and precedent to a clients circumstances

develop options to resolve client related taxation matters when they arise

organisational skills including the ability to plan and sequence work and correctly schedule taxation lodgements

Required knowledge

ethical considerations relevant to the handling of taxation returns including

conflict of interest

confidentiality

disclosure requirements

key elements of Australian taxation law as it relates to taxation returns for individuals

the rules and principles of Australian tax law including an understanding of the legal environment in which these principles operate

key aspects of the income tax law covering concepts of residence and source related elements of international tax assessable income deductions including general specific and decline in value tax rebatesoffsets and tax accounting income test eg reportable superannuation and fringe benefits tax and other reporting requirements

key aspects of taxes that extend the ordinary statutory income tax base including relevant principles and application of the capital gains tax and termination payment rules

goods and services tax

taxation of individuals

administrative aspects of the taxes identified above including returns tax collection and withholding mechanisms assessments obligations rulings penalties and audits

rules addressing specific and general anti tax avoidance for individuals

ethical and professional responsibilities of tax agents including obligations under the Tax Agent Services Act TASA and Tax Agent Services Regulations TASR

Evidence Required

The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria required skills and knowledge range statement and the Assessment Guidelines for the Training Package

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to

demonstrate and apply knowledge of Australian taxation law in the preparation of tax returns for individuals

access interpret and comply with information on relevant legislation statutes regulation and ATO rulings

provide taxation advice having regard to the facts and relevant law

develop organisational procedures to meet compliance requirements

apply organisational policies and procedures and accounting principles and practices

gather and verify data to calculate taxable income and review for compliance

prepare tax returns for individuals

Context of and specific resources for assessment

Assessment must ensure

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment technology software and consumables

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge The following examples are appropriate for this unit

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

verbal or written questioning on underpinning knowledge and skills

setting and reviewing business taxation simulations

evaluating samples of work

accessing and validating third party reports

conducting a summative assessment of knowledge

Guidance information for assessment

Where assessment of this unit is designed to meet regulatory requirements users should refer to the appropriate regulator or current guidelines published on the IBSA website wwwibsaorgau under training packagesfinancial services

Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Business policies and procedures may include:	electronic data entry financial analysis assessments financial management manuals recording and filing systems reporting requirements standard financial analysis techniques
Legislation includes:	Australian commercial law Australian taxation law Australian superannuation legislation Commonwealth and state consumer credit legislation Commonwealth and state property law
Discrepancies may include:	absence of auditable trail expenditure report mismatches inappropriate authorisations incorrect payments incorrect report formats variances from budget
Revenue gathering practices may include:	billing schedules fees and charges investments leasing lending and financing sales
Source documentation may include:	financial institution statements invoices order and supplier documentation receipts statutory declarations taxation and statutory returns vehicle log books
Revenue documentation may include:	bills cash received debit notes declarations invoices sales proceeds
Obligations may include:	explanatory statements lodgement dates repayment schedules supporting documentation
Statutory requirements may include:	delegated authorities internal control procedures reporting periods taxation payment timings