Unit of competency Outline

Date retreived
22/07/2026 11:34 PM AWST

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

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

Unit of competency
National Code
FNSTPB517
State Code
OEB74
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
15/06/2022
View on TGA
State Implementation and Classification
Approved Date
07/12/2022
Field of Education
090999 - Law, N.e.c.
Original Release Date
07/12/2022
Nominal Hours
55
Description
This unit describes the skills and knowledge required to research, identify and analyse commercial law principles and apply relevant principles to a client’s circumstances.The unit applies to individuals who provide tax (financial) advice services as defined in the Tax Agent Services Act 2009. Individuals providing such services may be required to be registered tax agents with a tax (financial) advice services condition.Work functions in the occupational areas where this unit is used are generally subject to regulatory requirements. This unit is designed to meet the education requirements of the Tax Practitioners Board (TPB). Users are advised to check with the relevant regulatory authorities to confirm those requirements.
Notes
Elements and Performance Criteria
1. Research commercial law principles relevant to identified client circumstances
  • 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 relevant to the client’s circumstances and tax (financial) advice services
  • 2.2 Explain scope and authority of advice to client
  • 2.3 Explain to client, within scope of authority, commercial law principles applicable to their circumstances and tax (financial) advice services being provided
  • 2.4 Advise client to seek independent legal and specialist advice as required
3. Establish and explain implications of commercial law principles
  • 3.1 Analyse the implications of commercial law principles that apply to client’s circumstances and tax (financial) advice services
  • 3.2 Explain to client, within scope of authority, implications of commercial law principles applicable to their circumstances and tax (financial) advice services provided
4. Maintain knowledge of commercial law principles
  • 4.1 Review client’s circumstances and 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 Establish process for reviewing relevant legal sources and applying any changes in daily work
No information
No information
Replaces
State Code National Code Title Type
AUT46 FNSTPB507 Apply legal principles in commercial law when providing tax (financial) advice services Unit of competency