Assessor Resource

FNSFLT206
Develop knowledge of taxation

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to understand the role of taxation in the Australian economy, including why and how tax is levied and collected, types of taxes paid by business and individuals, and its impact on investment choices. It has wide application and may be used in workplaces, schools, adult and community learning organisations or registered training organisations to build the financial literacy of learners. The unit may also be used as part of pre-vocational or new apprenticeship programs, or as part of services provided by counselling or advisory organisations.

It applies to individuals who apply new ideas and knowledge to develop and maintain personal financial literacy skills.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Explain and discuss role of taxation in the Australian economy

1.1 Identify and discuss purpose of taxation in the Australian economy at local, state and federal levels, and how this compares with other countries

1.2 Explain various ways and groups from whom tax is collected

1.3 Describe role of Australian Taxation Office

1.4 Explain what taxation revenue is used for and relate to wellbeing and lifestyle of Australian citizens

2. Explain personal tax

2.1 Identify and define key terminology used in personal taxation

2.2 Examine tax declaration forms, Tax File Number requirements and rates of personal tax

2.3 Describe how personal tax is assessed and how tax returns are completed and paid

2.4 Identify, access and discuss sources of ongoing information about personal tax in Australia

3. Explain business tax

3.1 Identify and define key terminology used in business taxation

3.2 Identify and describe different business structures and how this affects taxation

3.3 Describe how business tax is assessed and paid

3.4 Describe how superannuation contributions for employees are assessed and paid

3.5 Identify, access and discuss sources of ongoing information about business tax in Australia

4. Discuss tax liability

4.1 Identify and discuss how individuals can determine their tax liability

4.2 Describe how small business operators pay tax

4.3 Discuss underpayment or overpayment of tax and its implications

Evidence of the ability to:

clearly explain the role of taxation for individuals and small business in Australia

discuss taxation responsibilities and their impact on personal financial management

demonstrate knowledge to manage taxation liabilities.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

describe the purpose of taxation

list ways tax is collected

describe the role of the Australian Tax Office

identify what taxation revenue may be used to provide

define key terminology used in personal taxation

list sources of information about rates of personal taxation and ongoing information

describe ways for completing taxation returns

list and describe different types of business structures

describe how business tax is assessed

explain how individuals can determine their tax liability by assessing income and deductions

describe how small business operators pay tax

list issues relating to underpayment or overpayment of tax.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial literacy field and include access to the internet and current information about Australia’s taxation system.

Assessors must satisfy NVR/AQTF assessor requirements.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Explain and discuss role of taxation in the Australian economy

1.1 Identify and discuss purpose of taxation in the Australian economy at local, state and federal levels, and how this compares with other countries

1.2 Explain various ways and groups from whom tax is collected

1.3 Describe role of Australian Taxation Office

1.4 Explain what taxation revenue is used for and relate to wellbeing and lifestyle of Australian citizens

2. Explain personal tax

2.1 Identify and define key terminology used in personal taxation

2.2 Examine tax declaration forms, Tax File Number requirements and rates of personal tax

2.3 Describe how personal tax is assessed and how tax returns are completed and paid

2.4 Identify, access and discuss sources of ongoing information about personal tax in Australia

3. Explain business tax

3.1 Identify and define key terminology used in business taxation

3.2 Identify and describe different business structures and how this affects taxation

3.3 Describe how business tax is assessed and paid

3.4 Describe how superannuation contributions for employees are assessed and paid

3.5 Identify, access and discuss sources of ongoing information about business tax in Australia

4. Discuss tax liability

4.1 Identify and discuss how individuals can determine their tax liability

4.2 Describe how small business operators pay tax

4.3 Discuss underpayment or overpayment of tax and its implications

Evidence of the ability to:

clearly explain the role of taxation for individuals and small business in Australia

discuss taxation responsibilities and their impact on personal financial management

demonstrate knowledge to manage taxation liabilities.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

describe the purpose of taxation

list ways tax is collected

describe the role of the Australian Tax Office

identify what taxation revenue may be used to provide

define key terminology used in personal taxation

list sources of information about rates of personal taxation and ongoing information

describe ways for completing taxation returns

list and describe different types of business structures

describe how business tax is assessed

explain how individuals can determine their tax liability by assessing income and deductions

describe how small business operators pay tax

list issues relating to underpayment or overpayment of tax.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial literacy field and include access to the internet and current information about Australia’s taxation system.

Assessors must satisfy NVR/AQTF assessor requirements.
Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Identify and discuss purpose of taxation in the Australian economy at local, state and federal levels, and how this compares with other countries 
Explain various ways and groups from whom tax is collected 
Describe role of Australian Taxation Office 
Explain what taxation revenue is used for and relate to wellbeing and lifestyle of Australian citizens 
Identify and define key terminology used in personal taxation 
Examine tax declaration forms, Tax File Number requirements and rates of personal tax 
Describe how personal tax is assessed and how tax returns are completed and paid 
Identify, access and discuss sources of ongoing information about personal tax in Australia 
Identify and define key terminology used in business taxation 
Identify and describe different business structures and how this affects taxation 
Describe how business tax is assessed and paid 
Describe how superannuation contributions for employees are assessed and paid 
Identify, access and discuss sources of ongoing information about business tax in Australia 
Identify and discuss how individuals can determine their tax liability 
Describe how small business operators pay tax 
Discuss underpayment or overpayment of tax and its implications 

Forms

Assessment Cover Sheet

FNSFLT206 - Develop knowledge of taxation
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

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Assessor name:

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Date:

Assessment Record Sheet

FNSFLT206 - Develop knowledge of taxation

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: