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

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

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

What evidence can you provide to prove your understanding of each of the following citeria?

Research commercial law principles

  1. Identify client circumstances and tax (financial) advice services relevant to commercial law matters
  2. Identify sources of commercial law information appropriate to client circumstances and the tax (financial) advice services requirements
  3. 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
Identify client circumstances and tax (financial) advice services relevant to commercial law matters

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

  1. 2.1 Identify commercial law principles that apply to the client's circumstances and tax (financial) advice services
  2. Explain the scope and authority of advice to the client
  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
  4. Advise the client to seek independent legal or specialist advice as required
2.1 Identify commercial law principles that apply to the client's circumstances and tax (financial) advice services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain the scope and authority of advice to the client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain implications of the commercial law principles

  1. 3.1 Analyse the implications of commercial law principles that apply to the client's circumstances and tax (financial) advice services
  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
3.1 Analyse the implications of commercial law principles that apply to the client's circumstances and tax (financial) advice services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain knowledge of commercial law principles

  1. 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
  2. Access and use systems for maintaining up-to-date knowledge about relevant legal principles of commercial law
  3. Review relevant legal sources regularly and apply any changes in daily work
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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain commercial law principles and adviser's scope of authority

  1. Identify commercial law principles that apply to the client's circumstances and tax (financial) advice services
  2. Explain the scope and authority of advice to the client
  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
  4. Advise the client to seek independent legal or specialist advice as required
Identify commercial law principles that apply to the client's circumstances and tax (financial) advice services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain the scope and authority of advice to the client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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

Required Skills and Knowledge

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