This unit forms part of the following Nationally Accredited Courses with Applied Education
|Tax Financial Advisers|
|Release 1||This version first released with FNS Financial Services Training Package Version 1.0.|
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.
Elements and 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 requirements1.2 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 services2.2 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 entities3.2 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 services4.2 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
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
|Learning||4.3||· Identifies and implements strategies to manage gaps in personal knowledge|
|Reading||1.2, 1.3, 2.1, 3.1, 4.1, 4.3, 4.4||· Accesses, comprehends, assesses and interprets complex documents with a high level of technical detail|
|Oral Communication||2.2, 2.3, 2.4, 3.2||· Presents information choosing language appropriate to audience· Asks questions and listens to responses from clients and others using appropriate vocabulary and non-verbal features|
|Numeracy||3.1||· Extracts, comprehends and analyses mathematical information embedded in a range of complex documents related to taxation and with taxation implications|
|Navigate the world of work||2.1, 2.2, 2.3||· Accepts responsibility for providing advice according to requirements of own role and relevant legislation|
|Interact with others||2.2, 2.3, 2.4, 3.2||· Uses a range of strategies to establish connection and build rapport with client· Selects and uses appropriate conventions and protocols when liaising or sharing information with clients|
|Get the work done||1.1, 1.2, 1.3, 4.1, 4.2, 4.3, 4.4||· Plans, organises and implements tasks required to provide accurate information to the clients· Applies systematic and analytical processes to decide on most appropriate advice for clients in complex and non-routine situations
· Uses the main features and functions of digital tools to complete work tasks and to access information
Unit Mapping Information
|Code and titlecurrent version||Code and titleprevious version||Comments||Equivalence status|
|FNSTPB506 Apply taxation requirements when providing tax (financial) advice services||Not applicable||New unit||No equivalent unit|
Companion volumes are available at: http://www.ibsa.org.au – http://www.ibsa.org.au