Assessor Resource

FNSTPB507
Apply legal principles in commercial law when providing tax (financial) advice services

Assessment tool

Version 1.0
Issue Date: April 2024


This unit describes the skills and knowledge required to research, identify and analyse commercial law principles and apply relevant principles to particular clients and their circumstances.

It applies to individuals who provide tax (financial) advice services as defined in the Tax Agent Services Act 2009. Individuals providing such services are generally required to be registered tax (financial) advisers.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. This unit is designed to meet educational requirements of the Tax Practitioners Board (TPB). Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

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. Research commercial law principles

1.1 Identify client circumstances and tax (financial) advice services relevant to commercial law matters

1.2 Identify sources of commercial law information appropriate to client circumstances and the tax (financial) advice services requirements

1.3 Research commercial law principles regarding different business structures, contract law and law of torts relevant to the client's circumstances and the tax (financial) advice services being provided

2. Explain commercial law principles and adviser's scope of authority

2.1 Identify commercial law principles that apply to the client's circumstances and tax (financial) advice services

2.2 Explain the scope and authority of advice to the client

2.3 Explain to the client, within scope of authority, the commercial law principles applicable to their circumstances and the tax (financial) advice services being provided

2.4 Advise the client to seek independent legal or specialist advice as required

3 Explain implications of the commercial law principles

3.1 Analyse the implications of commercial law principles that apply to the client's circumstances and tax (financial) advice services

3.2 Explain to the client, within scope of authority, the implications of the commercial law principles applicable to their circumstances and the tax (financial) advice services provided

4. Maintain knowledge of commercial law principles

4.1 Review client's circumstances, including any of their business structures and contractual arrangements, and apply changes in relevant principles of commercial law as necessary

4.2 Access and use systems for maintaining up-to-date knowledge about relevant legal principles of commercial law

4.3 Review relevant legal sources regularly and apply any changes in daily work

Evidence of the ability to:

research, analyse and apply current commercial law principles relevant to the client's circumstances and the tax (financial) advice services being provided

identify the client's circumstances and the tax (financial) advice services requiring independent legal or other specialist advice

present commercial law principles and implications to clients, relevant to the their circumstances and the tax (financial) advice services

access and use systems and relevant legal sources to maintain knowledge on commercial law principles.

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:

explain the operation of the Australian legal systems and processes relevant to areas of commercial law including:

basic principles, current statute, common law and equitable principles

roles and responsibilities of key organisations

separation of powers

basic principles of contract law

basic principles of the law of torts, particularly relating to negligence and negligent misstatement

courts and regulatory bodies

requirements and processes for clients who need specialised legal advice in commercial law matters

explain how laws are enacted and their underlying policy aims, and how those laws may be interpreted by existing common law and equitable rules

examine legal concepts and scope of contract law with reference to:

formation – agreement and intention to create legal relations

formation – consideration, form, legality and capacity

contents – express terms, exclusion clauses

contents – implied terms, common law and statute (Commonwealth, State or Territory competition and consumer legislation)

vitiating elements – unconscionability, misrepresentation, capacity

discharge – remedies, including damages, rescission for unconscionable conduct

agency

describe legal concepts and scope of consumer law:

misleading and deceptive conduct

function of the Competition and Consumer Act 2010

role and jurisdiction of the Australian Competition and Consumer Commission (ACCC)

analyse legal concepts of business organisational structures, and underlying regulation including the application of these to:

sole traders

partnerships

corporations

trusts

agencies

joint ventures

incorporated associations

identify and reference the key features of Australian corporations law

examine legal concepts and scope of law covering trusts

Gather evidence to demonstrate consistent performance in conditions that are safe and replicate the workplace. Noise levels, production flow, interruptions and time variances must be typical of those experienced in the tax (financial) advice services field of work and include access to:

office equipment, technology, software and consumables

relevant legislation, regulations and codes of practice.

Assessors must satisfy NVR/AQTF assessor requirements.

This unit is designed to meet the education requirements of the Tax Practitioners Board (TPB). Where registration with the TPB is sought, assessment must reflect the conditions described by the regulator which stipulate that at least 40% of the assessment must be completed under some form of independent supervision. Where recognition of prior learning (RPL) is used, it must also meet the requirements of the TPB’s policy on RPL. Details of requirements can be accessed on the TPB website (www.tpb.gov.au).


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. Research commercial law principles

1.1 Identify client circumstances and tax (financial) advice services relevant to commercial law matters

1.2 Identify sources of commercial law information appropriate to client circumstances and the tax (financial) advice services requirements

1.3 Research commercial law principles regarding different business structures, contract law and law of torts relevant to the client's circumstances and the tax (financial) advice services being provided

2. Explain commercial law principles and adviser's scope of authority

2.1 Identify commercial law principles that apply to the client's circumstances and tax (financial) advice services

2.2 Explain the scope and authority of advice to the client

2.3 Explain to the client, within scope of authority, the commercial law principles applicable to their circumstances and the tax (financial) advice services being provided

2.4 Advise the client to seek independent legal or specialist advice as required

3 Explain implications of the commercial law principles

3.1 Analyse the implications of commercial law principles that apply to the client's circumstances and tax (financial) advice services

3.2 Explain to the client, within scope of authority, the implications of the commercial law principles applicable to their circumstances and the tax (financial) advice services provided

4. Maintain knowledge of commercial law principles

4.1 Review client's circumstances, including any of their business structures and contractual arrangements, and apply changes in relevant principles of commercial law as necessary

4.2 Access and use systems for maintaining up-to-date knowledge about relevant legal principles of commercial law

4.3 Review relevant legal sources regularly and apply any changes in daily work

Evidence of the ability to:

research, analyse and apply current commercial law principles relevant to the client's circumstances and the tax (financial) advice services being provided

identify the client's circumstances and the tax (financial) advice services requiring independent legal or other specialist advice

present commercial law principles and implications to clients, relevant to the their circumstances and the tax (financial) advice services

access and use systems and relevant legal sources to maintain knowledge on commercial law principles.

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:

explain the operation of the Australian legal systems and processes relevant to areas of commercial law including:

basic principles, current statute, common law and equitable principles

roles and responsibilities of key organisations

separation of powers

basic principles of contract law

basic principles of the law of torts, particularly relating to negligence and negligent misstatement

courts and regulatory bodies

requirements and processes for clients who need specialised legal advice in commercial law matters

explain how laws are enacted and their underlying policy aims, and how those laws may be interpreted by existing common law and equitable rules

examine legal concepts and scope of contract law with reference to:

formation – agreement and intention to create legal relations

formation – consideration, form, legality and capacity

contents – express terms, exclusion clauses

contents – implied terms, common law and statute (Commonwealth, State or Territory competition and consumer legislation)

vitiating elements – unconscionability, misrepresentation, capacity

discharge – remedies, including damages, rescission for unconscionable conduct

agency

describe legal concepts and scope of consumer law:

misleading and deceptive conduct

function of the Competition and Consumer Act 2010

role and jurisdiction of the Australian Competition and Consumer Commission (ACCC)

analyse legal concepts of business organisational structures, and underlying regulation including the application of these to:

sole traders

partnerships

corporations

trusts

agencies

joint ventures

incorporated associations

identify and reference the key features of Australian corporations law

examine legal concepts and scope of law covering trusts

Gather evidence to demonstrate consistent performance in conditions that are safe and replicate the workplace. Noise levels, production flow, interruptions and time variances must be typical of those experienced in the tax (financial) advice services field of work and include access to:

office equipment, technology, software and consumables

relevant legislation, regulations and codes of practice.

Assessors must satisfy NVR/AQTF assessor requirements.

This unit is designed to meet the education requirements of the Tax Practitioners Board (TPB). Where registration with the TPB is sought, assessment must reflect the conditions described by the regulator which stipulate that at least 40% of the assessment must be completed under some form of independent supervision. Where recognition of prior learning (RPL) is used, it must also meet the requirements of the TPB’s policy on RPL. Details of requirements can be accessed on the TPB website (www.tpb.gov.au).

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 client circumstances and tax (financial) advice services relevant to commercial law matters 
Identify sources of commercial law information appropriate to client circumstances and the tax (financial) advice services requirements 
1.3 Research commercial law principles regarding different business structures, contract law and law of torts relevant to the client's circumstances and the tax (financial) advice services being provided 
2.1 Identify commercial law principles that apply to the client's circumstances and tax (financial) advice services 
Explain the scope and authority of advice to the client 
Explain to the client, within scope of authority, the commercial law principles applicable to their circumstances and the tax (financial) advice services being provided 
Advise the client to seek independent legal or specialist advice as required 
3.1 Analyse the implications of commercial law principles that apply to the client's circumstances and tax (financial) advice services 
Explain to the client, within scope of authority, the implications of the commercial law principles applicable to their circumstances and the tax (financial) advice services provided 
4.1 Review client's circumstances, including any of their business structures and contractual arrangements, and apply changes in relevant principles of commercial law as necessary 
Access and use systems for maintaining up-to-date knowledge about relevant legal principles of commercial law 
Review relevant legal sources regularly and apply any changes in daily work 
Identify commercial law principles that apply to the client's circumstances and tax (financial) advice services 
Explain the scope and authority of advice to the client 
Explain to the client, within scope of authority, the commercial law principles applicable to their circumstances and the tax (financial) advice services being provided 
Advise the client to seek independent legal or specialist advice as required 

Forms

Assessment Cover Sheet

FNSTPB507 - Apply legal principles in commercial law when providing tax (financial) advice services
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

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:


Assessment Record Sheet

FNSTPB507 - Apply legal principles in commercial law when providing tax (financial) advice services

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: