Application
This unit may apply to job roles within financial institutions and other organisations of various sizes where the preparation of government returns is a mandatory and legal obligation. |
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
1. Identify requirements for returns | 1.1. Liaison with appropriate personnel is undertaken to establish type and scope of government return required, and statutory requirements of relevant legislation 1.2. All sources of data for return or report and timing requirements are identified |
2. Plan for provision of returns | 2.1. Timelines and procedures are established in order to meet reporting deadlines with lead times set that ensure adequate time is available and allowance is made for contingencies 2.2. Liaison occurs with appropriate personnel to obtain relevant data and information |
3. Calculate liability in accordance with government guidelines | 3.1. Data in relation to liability are reviewed and analysed and spreadsheets prepared as applicable 3.2. Data provided is verified to ensure it satisfies obligations in regard to organisation policies and procedures and compliance and regulatory requirements |
4. Prepare return document | 4.1. Proforma supplied by government departments is completed in an accurate, timely and thorough manner 4.2. Documents or reports are forwarded to appropriate personnel for consideration and clearance within the specified timeframe |
Required Skills
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Required skills |
communication skills to: determine and confirm reporting requirements, using questioning and active listening as required liaise with others, share information, listen and understand use language and concepts appropriate to cultural differences well-developed numeracy and IT skills to: analyse financial data and make calculations for reporting access and use computer-based financial systems, databases and spreadsheets research skills to gather and analyse data and derive reporting information problem solving skills to address reporting and data issues well-developed literacy skills to: read complex documents and system information draft accurate reports and returns risk management skills to identify and ameliorate any reporting risks to the organisation organisational skills, including the ability to plan and sequence work teamwork skills to work cooperatively with others self-management skills for complying with organisational procedures and requirements |
Required knowledge |
financial audit processes financial accounting principles and procedures key result areas for evaluation of financial performance relevant legislation and codes of practice risk management strategies including professional indemnity requirements |
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: accurately prepare government financial returns in accordance with relevant legislation, codes of conduct and organisation's procedures and timeframes interpret and comply with relevant legislation develop accurate reports that meet legislation and organisational quality specifications. |
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 access to an integrated financial software system and data |
Method of assessment | A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, 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 evaluating samples of work accessing and validating third party reports. |
Guidance information for assessment |
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. | |
Appropriate personnel may include: | accounting and investment personnel product and business unit managers and other organisational staff. |
Government returns may include: | documentation required by government in relation to a range of government charges and taxes such as: Goods and Services Tax (GST) Business Activity Statements (BAS) returns or reports required by the Australian Bureau of Statistics (ABS) and prudential supervisors (FINCOM, the Reserve Bank) returns required by Australian Prudential Regulation Authority (APRA) regulated entities including: code of practice compliance report Quarterly Financial Reporting Financial Transactions Reporting. |
Relevant legislation and codes of practice may include: | consumer: Australian Securities and Investments Commission (ASIC) guidelines, polices and reporting requirements industry codes of practice Consumer Credit Code Privacy Act. competition: Australian Competition and Consumer Commission (ACCC) prudential: Anti-Money Laundering and Counter Terrorism Financing Acts Bills of Exchange Act Cheques and Payment Orders Act Commercial Tenancies Act Corporations Law Electronic Funds Transfer (EFT) Code of Conduct Financial Institutions (FI) Code Financial Transaction Reports Act Land Tax Assessment Act Payroll Tax Assessment Act Prescribed Payments Act Stamp Duties Act Taxation Assessment Act. |
The organisations policies and procedures may include: | specific policies and procedures on the format of returns and reports and requirements for reporting. |
Sectors
Unit sector | Financial retail services |
Employability Skills
This unit contains employability skills. |
Licensing Information
Not applicable.