Elements and Performance Criteria

The Range Statement relates to the unit of competency as a whole. It allows for different work environments and situations that will affect performance.
The following variables 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. If bold italicised text is shown in Performance Criteria, details of the text are provided in the Range Statement.
Tax liabilities may include:
State Government charges (eg payroll taxes)
income tax (including corporate tax and Capital Gains Tax)
Fringe Benefits Tax (FBT)
superannuation requirements
instalments
withholdings
luxury car tax
wine equalisation tax
Taxable transactions may include:
income
purchases
payments
capital gains
superannuation payments
financial adjustments (eg write-offs, revaluations)
allowable deductions
Obligations may include:
lodgement dates
supporting documentation
explanatory statements
repayment schedules
Standard accounting techniques may include:
discounted cash flows
deprival asset valuations
rates of return
pay back periods
impact statements
pro-rata and percentage apportionment
direct allocation
forecasting techniques
Data may include:
budgets and forecasts
financial statements and reports
market valuations
Australian Bureau of Statistics (ABS) economic data
financial markets monitoring services (eg Reuters)
credit ratings
revenue and sales
Methods of determination may include:
income assessment
forecasted income
superannuation contributions
fringe benefits assessments
sales receipts
investment income
Tax bases may include:
employees
revenue gathering practices
superannuation
salaries
Financial management strategies may include:
cost recoveries
budget absorption
purchases
adjustment of borrowings
asset liquidation
long term investments
Record keeping systems may include:
invoices
purchase orders
requisitions
receipts
periodic updates (eg daily, transaction based, monthly)
centralised and decentralised recording
classification by account type
classification by account performance
recording authorities
Management processes may include:
decision making authorities
expenditure authorities
signature approvals
program responsibilities
lending approvals
Variances may include:
budget expenditures
profits and losses
rate of investment returns
unit costs
Assumptions may include:
expenditure limits
productivity levels
cash and business returns
market share growth
competitors' behaviour
regulatory stability

EVIDENCE GUIDE
Assessment of performance requirements in the unit should be undertaken in an industry context. The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competency for the unit. Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the workplace.
Overview of assessment requirements
To achieve competency in this unit, a person must be able to demonstrate:
knowledge of standard accounting techniques
knowledge of organisational policies and procedures
ability to assess tax liabilities
ability to optimise tax position
ability to establish processes and plans
ability to evaluate tax policies
ability to review tax compliance
Critical aspects of evidence
Evidence required for demonstration of consistent performance:
Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment.
Delivery/assessment relationship to other units:
Prerequisite units:
FNSACCT502B Prepare income tax returns.
Assessment requirements
Method of assessment:
For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance.
Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.
Context of assessment:
Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personal/financial responsibility and accountability.
Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements.
Resources required for assessment:
Assessment of this unit of competence requires access to suitable resources to demonstrate competence.
Assessment instruments, including personal planner and assessment record book.
Access to registered provider of assessment services.