Unit of competency Outline

Date retreived
22/07/2026 6:10 AM AWST

Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.

Manage finance, insurance and legal requirements

Manage finance, insurance and legal requirements

Unit of competency
National Code
AHCBUS510
State Code
BAQ69
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
27/06/2016
View on TGA
State Implementation and Classification
Approved Date
12/01/2017
Field of Education
080321 - Farm Management And Agribusiness
Original Release Date
12/01/2017
Nominal Hours
70
Description
This unit of competency describes the skills and knowledge required to manage finance, insurance and legal requirements.All work must be carried out to comply with organisational requirements, work health and safety legislation and codes and in consultation with the management team.This unit applies to individuals who take responsibility for their own work and provide and communicate solutions to a range of predictable and sometimes unpredictable problems.No occupational licensing, legislative or certification requirements are known to apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Manage the legal requirements of the business
  • 1.1 Identify, implement and monitor legislative requirements to meet compliance requirements
  • 1.2 Identify where expert legal advice is required to ensure compliance
  • 1.3 Identify, maintain and store legal documents
  • 1.4 Review legislative requirements regularly
2. Process and maintain the insurance requirements for the business
  • 2.1 Identify insurable items of the business
  • 2.2 Conduct a risk assessment to determine the likely consequences of adverse risk outcomes
  • 2.3 Identify suitable insurers or brokers and obtain quotations on price and premium payment options
  • 2.4 Conduct a cost/benefit analysis to determine the effectiveness of insurance
  • 2.5 Identify and evaluate the potential for under- or over-insurance
  • 2.6 Acquire adequate insurance policies and cover
  • 2.7 Review legislative requirements and insurance cover
  • 2.8 File documents to ensure security and accessibility
3. Identify sources, types and cost of finance
  • 3.1 Conduct research on the types of finance for primary production-based businesses
  • 3.2 Determine costs associated with different forms of finance
  • 3.3 Identify the opportunity cost of utilising internal funding sources instead of external sources
  • 3.4 Assess the advantages and disadvantages of each form of finance
  • 3.5 Assess repayment structures for finance options
  • 3.6 Assess the taxation implications of finance options
4. Prepare application for finance or investment
  • 4.1 Access business and financial data and prepare an application for finance or investment
  • 4.2 Check the finance application for accuracy and submit it to the relevant body
  • 4.3 Maintain and store documentation
5. Manage finance repayments
  • 5.1 Develop a budget for the business to demonstrate repayment and interest commitments can be met
  • 5.2 Establish contingencies to ensure finance costs are met when cashflow is restricted
No information
No information
Replaced By
State Code National Code Title Type
OBK25 AHCBUS519 Manage finance, insurance and legal requirements Unit of competency
State Code National Code Title Type
BCX7 AHC51416 Diploma of Agribusiness Management Qualification