Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSTPB506 Mapping and Delivery Guide
Apply taxation requirements when providing tax (financial) advice services

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSTPB506 - Apply taxation requirements when providing tax (financial) advice services
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to research, identify and analyse the taxation requirements, including taxation administration, that apply to particular clients and 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.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

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).

Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Research tax requirements
  • 1.1 Identify the client's circumstances and tax (financial) advice services relevant to tax requirements
  • 1.2 Identify sources of tax information relevant to client's circumstances and tax (financial) advice services requirements
  • 1.3 Research relevant legislation, including Tax Agent Services Act 2009 and Tax Agent Services Regulations 2009, Australian Taxation Office (ATO) guidelines and other regulatory and ethical requirements relevant to the tax requirements of the client's circumstances and the tax (financial) advice services being provided
       
Element: 2. Explain relevant tax requirements and adviser's scope of authority
  • 2.1 Identify legal, regulatory and ethical requirements that apply to the tax requirements relevant to the client's circumstances and tax (financial) advice services
  • Explain the scope and authority of providing tax (financial) advice services to the client
  • Explain to the client, within scope of authority, the tax requirements that apply to their circumstances and the tax (financial) advice services being provided
  • Advise the client to seek independent tax advice or specialist advice as required
       
Element: Explain implications of tax requirements
  • 3.1 Analyse the implications of the tax requirements relevant to the client's circumstances and tax (financial) advice services, including how it applies to individuals or different legal entities
  • Explain to the client, within scope of authority, the implications of the tax requirements that apply to their circumstances and the tax (financial) advice services provided
       
Element: Maintain knowledge of tax and tax administration requirements
  • 4.1 Identify sources of information for tax administration requirements, including assessments, amendments and objections, relevant to the client's circumstances and tax (financial) advice services
  • 4.2 Review client's circumstances and tax (financial) advice services provided and apply changes in tax or tax administration requirements, as necessary
  • Access and use systems for maintaining up-to-date knowledge about relevant tax and tax administration requirements
  • 4.4 Conduct research to identify updates, or additions to, tax and tax administration requirements relevant to client's circumstances and tax (financial) advice services provided
       
Element: Explain relevant tax requirements and adviser's scope of authority
  • Identify legal, regulatory and ethical requirements that apply to the tax requirements relevant to the client's circumstances and tax (financial) advice services
  • Explain the scope and authority of providing tax (financial) advice services to the client
  • Explain to the client, within scope of authority, the tax requirements that apply to their circumstances and the tax (financial) advice services being provided
  • Advise the client to seek independent tax advice or specialist advice as required
       


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 tax requirements

1.1 Identify the client's circumstances and tax (financial) advice services relevant to tax requirements

1.2 Identify sources of tax information relevant to client's circumstances and tax (financial) advice services requirements

1.3 Research relevant legislation, including Tax Agent Services Act 2009 and Tax Agent Services Regulations 2009, Australian Taxation Office (ATO) guidelines and other regulatory and ethical requirements relevant to the tax requirements of the client's circumstances and the tax (financial) advice services being provided

2. Explain relevant tax requirements and adviser's scope of authority

2.1 Identify legal, regulatory and ethical requirements that apply to the tax requirements relevant to the client's circumstances and tax (financial) advice services

2.2 Explain the scope and authority of providing tax (financial) advice services to the client

2.3 Explain to the client, within scope of authority, the tax requirements that apply to their circumstances and the tax (financial) advice services being provided

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

3. Explain implications of tax requirements

3.1 Analyse the implications of the tax requirements relevant to the client's circumstances and tax (financial) advice services, including how it applies to individuals or different legal entities

3.2 Explain to the client, within scope of authority, the implications of the tax requirements that apply to their circumstances and the tax (financial) advice services provided

4. Maintain knowledge of tax and tax administration requirements

4.1 Identify sources of information for tax administration requirements, including assessments, amendments and objections, relevant to the client's circumstances and tax (financial) advice services

4.2 Review client's circumstances and tax (financial) advice services provided and apply changes in tax or tax administration requirements, as necessary

4.3 Access and use systems for maintaining up-to-date knowledge about relevant tax and tax administration requirements

4.4 Conduct research to identify updates, or additions to, tax and tax administration requirements relevant to client's circumstances and tax (financial) advice services provided

Evidence of the ability to:

research, analyse and apply current relevant legislative requirements, Australian Taxation Office (ATO) guidelines, regulatory and ethical requirements on tax requirements, including tax administration, relevant to the client's circumstances and the tax (financial) advice services being provided

analyse the client circumstances and tax (financial) advice services requiring specialised independent tax advice

present implications of tax requirements to clients relevant to their circumstances and the tax (financial) advice services

access and use systems and relevant resources to maintain knowledge on tax and tax administration requirements.

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:

identify the following key issues, ethical considerations, industry obligations and legislative requirements when providing tax (financial) advice services which impacts on taxation matters:

conflicts of interest

responsibilities of tax (financial) advisers, including Code of Professional Conduct obligations, under the Tax Agent Services Act 2009 (TASA) and Tax Agent Services Regulations 2009 (TASR)

requirements and processes for clients who need specialised tax advice in capital gains tax and self managed superannuation funds

anti-avoidance provisions

explain critical and key elements of Australian taxation law, as it relates to tax of individuals, companies, trusts, partnerships and sole traders

describe key aspects of the income tax law covering concepts of :

residence and source

related elements of international tax

assessable income

deductions (general, specific and capital allowance and depreciation)

tax rebates and offsets (including imputation credits)

deferred and tax free trust distributions

income test definitions that include reportable superannuation and fringe benefits tax

describe key aspects of taxes that extend the ordinary statutory income tax base including relevant principles and application of the:

capital gains tax (CGT) including exemptions, disposals, discounts and consequences of CGT on death and CGT concessions for small business

fringe benefits tax including the concept of salary packaging

employee termination payments

employee share schemes

goods and services tax at a basic level

superannuation contributions, funds earnings and benefit payments

at a basic level, the administrative aspects of the taxes identified above including returns, tax collection and withholding mechanisms, assessments, obligations, rulings, penalties, amendments and objections

outline key sources of tax information:

Australian Taxation Office

Australian Securities and Investments Commission

courts

securities dealers

existing or proposed trust deeds

fund managers

industry bodies

legislation

Australian Financial Services licensees

professional associations

regulations

relevant Commonwealth, State or Territory government organisations.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, 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 tax requirements

1.1 Identify the client's circumstances and tax (financial) advice services relevant to tax requirements

1.2 Identify sources of tax information relevant to client's circumstances and tax (financial) advice services requirements

1.3 Research relevant legislation, including Tax Agent Services Act 2009 and Tax Agent Services Regulations 2009, Australian Taxation Office (ATO) guidelines and other regulatory and ethical requirements relevant to the tax requirements of the client's circumstances and the tax (financial) advice services being provided

2. Explain relevant tax requirements and adviser's scope of authority

2.1 Identify legal, regulatory and ethical requirements that apply to the tax requirements relevant to the client's circumstances and tax (financial) advice services

2.2 Explain the scope and authority of providing tax (financial) advice services to the client

2.3 Explain to the client, within scope of authority, the tax requirements that apply to their circumstances and the tax (financial) advice services being provided

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

3. Explain implications of tax requirements

3.1 Analyse the implications of the tax requirements relevant to the client's circumstances and tax (financial) advice services, including how it applies to individuals or different legal entities

3.2 Explain to the client, within scope of authority, the implications of the tax requirements that apply to their circumstances and the tax (financial) advice services provided

4. Maintain knowledge of tax and tax administration requirements

4.1 Identify sources of information for tax administration requirements, including assessments, amendments and objections, relevant to the client's circumstances and tax (financial) advice services

4.2 Review client's circumstances and tax (financial) advice services provided and apply changes in tax or tax administration requirements, as necessary

4.3 Access and use systems for maintaining up-to-date knowledge about relevant tax and tax administration requirements

4.4 Conduct research to identify updates, or additions to, tax and tax administration requirements relevant to client's circumstances and tax (financial) advice services provided

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
1.1 Identify the client's circumstances and tax (financial) advice services relevant to tax requirements 
1.2 Identify sources of tax information relevant to client's circumstances and tax (financial) advice services requirements 
1.3 Research relevant legislation, including Tax Agent Services Act 2009 and Tax Agent Services Regulations 2009, Australian Taxation Office (ATO) guidelines and other regulatory and ethical requirements relevant to the tax requirements of the client's circumstances and the tax (financial) advice services being provided 
2.1 Identify legal, regulatory and ethical requirements that apply to the tax requirements relevant to the client's circumstances and tax (financial) advice services 
Explain the scope and authority of providing tax (financial) advice services to the client 
Explain to the client, within scope of authority, the tax requirements that apply to their circumstances and the tax (financial) advice services being provided 
Advise the client to seek independent tax advice or specialist advice as required 
3.1 Analyse the implications of the tax requirements relevant to the client's circumstances and tax (financial) advice services, including how it applies to individuals or different legal entities 
Explain to the client, within scope of authority, the implications of the tax requirements that apply to their circumstances and the tax (financial) advice services provided 
4.1 Identify sources of information for tax administration requirements, including assessments, amendments and objections, relevant to the client's circumstances and tax (financial) advice services 
4.2 Review client's circumstances and tax (financial) advice services provided and apply changes in tax or tax administration requirements, as necessary 
Access and use systems for maintaining up-to-date knowledge about relevant tax and tax administration requirements 
4.4 Conduct research to identify updates, or additions to, tax and tax administration requirements relevant to client's circumstances and tax (financial) advice services provided 
Identify legal, regulatory and ethical requirements that apply to the tax requirements relevant to the client's circumstances and tax (financial) advice services 
Explain the scope and authority of providing tax (financial) advice services to the client 
Explain to the client, within scope of authority, the tax requirements that apply to their circumstances and the tax (financial) advice services being provided 
Advise the client to seek independent tax advice or specialist advice as required 

Forms

Assessment Cover Sheet

FNSTPB506 - Apply taxation requirements 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

FNSTPB506 - Apply taxation requirements 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: