Application
This unit describes the skills and knowledge required to gather and analyse data to prepare relevant financial and related returns or reports required by government bodies.
It applies to individuals who use analytical financial skills and systematically plan and sequence work to develop accurate reports that meet legislative and organisational quality specifications.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Identify requirements for returns | 1.1 Liaise with appropriate personnel to establish type and scope of government return required, and statutory requirements of relevant legislation 1.2 Identify all sources of data for return or report and their timing requirements |
2. Plan for provision of returns | 2.1 Establish timelines and procedures to meet reporting deadlines and set lead times to ensure adequate time is available, including allowance for contingencies 2.2 Liaise with appropriate personnel to obtain relevant data and information |
3. Calculate liability in accordance with government guidelines | 3.1 Review and analyse data in relation to liability and prepare spreadsheets as applicable 3.2 Verify data provided to ensure it satisfies obligations in regard to organisational policy and procedures, and compliance and regulatory requirements |
4. Prepare return document | 4.1 Complete proforma supplied by government departments in accurate, timely and thorough manner 4.2 Forward documents or reports to appropriate personnel for consideration and clearance within specified timeframe |
Evidence of Performance
Evidence of the ability to:
clarify requirements and plan the government return or report
analyse data and establish the liability for the return or report
prepare accurate government financial returns or reports that meet the requirements of relevant legislation, codes of conduct and organisational procedures and timeframes.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
Evidence of Knowledge
To complete the unit requirements safely and effectively, the individual must:
describe the key steps in processes to prepare a government return or report
discuss the key aspects of principles and procedures relating to the preparation of government reports and returns
describe the key requirements of relevant legislation and codes of practice relating to government reports and returns.
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial retail services field of work and include access to:
common office equipment, technology, software and consumables
an integrated financial software system and data.
Assessors must satisfy NVR/AQTF assessor requirements.
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill | Performance Criteria | Description |
Reading | 1.1, 1.2, 3.1, 3.2, 4.1 | Researches and analyses complex documents and system information to gather and derive reporting information |
Writing | 1.1, 2.2, 4.1, 4.2 | Prepares draft reports and returns using format, terminology and conventions specific to requirements, audience and purpose Uses language, concepts and terminology appropriate to audience and purpose to convey and clarify explicit information and requirements |
Oral Communication | 1.1, 2.2, 4.2 | Participates in verbal exchanges using active listening and questioning to determine, share and confirm work requirements Uses language, terminology and concepts appropriate to the purpose and audience |
Numeracy | 1.1, 1.2, 4.1 | Analyses complex financial data and performs calculations for reporting |
Navigate the world of work | 1.1, 3.2 | Takes responsibility for preparation of returns and reports that comply with legal and organisational requirements |
Interact with others | 1.1, 2.2 | Selects and uses appropriate communication practices and protocols to obtain key information and data from relevant personnel where outcomes and responsibility are shared |
Get the work done | 1.1, 1.2, 2.1, 3.1, 3.2, 4.2 | Plans and organises work tasks according to defined requirements, taking responsibility for complex schedule needs and contingency plans Ensures information preparation, verification and documentation is managed to meet organisational obligations and liabilities in compliance with legislative requirements Uses familiar digital technologies and systems to access information, enter data and present information |
Sectors
Financial retail services