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.

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

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

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

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.

Unit sector

Financial retail services

This unit contains employability skills.