Required skills

planning and organising skills to develop a recordkeeping system to monitor a personal budget

problemsolving skills to

develop strategies to manage a personal budget

compare financial information and address discrepancies

literacy skills to

read and interpret literature from financial institutions

record financial information and complete tax documentation

numeracy skills to compare income and expenditure

technology skills to complete tax return online

Required knowledge

basic financial management and record keeping to enable development and management of a personal budget

benefits of financial goal setting and personal budgeting to enable effective management of personal finances

processes required to complete a bank reconciliation to enable accurate comparison of financial information

key elements of a reconciliation statement to enable interpretation of key financial information

obligations and responsibilities for paying tax

allowable tax deductions and types of records to be kept for taxation purposes to enable accurate completion of tax return

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 following is essential

carries out financial obligations and responsibilities to effectively plan and manage personal finances

seeks organisational advice or assistance to meet financial requirements and obligations including completing and filing a tax return

applies effective contingency techniques to deal with a problems and issues that may arise in the management of personal finances

Context of and specific resources for assessment

Assessment must ensure preparation of bank reconciliations for a period of time to demonstrate competency and consistency of performance

Assessment must also ensure access to

resources such as information from financial institutions and taxation bodies and online facilities to complete real or simulated tax returns

documentation such as appropriate financial records and sample bank statements

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

observation of planning and management of a personal budget

observation of dealing with contingencies such as addressing discrepancies in the bank reconciliation process

oral and or written questioning to assess knowledge of the process for completing and filing a tax return

thirdparty reports from a supervisor detailing appropriate examples of financial management by the candidate

Holistic assessment with other units relevant to the industry sector workplace and job role is recommended

Information may include:

Personal budget may include:

Money saving strategies may include:

Services may include:

Credit options may include:

Credit conditions may include:

Financial institutions may include:

Bank reconciliation may include:

Allowable tax deductions may include:

Income tax forms may include:

Relevant legislation may include: