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 may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that 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) may also be included.
Information may include:
current income
current expenditure
projection of income
projection of sporting and career commitments
different types of financial institutions and the services they provide
credit options
receipts
group certificate or group certificates
tax file number
tax deductions
other income
taxation advice
Personal budget may include:
living expenses
educational expenses.
Money saving strategies may include:
paying off credit cards on time
automatic transfer to savings account
looking for lower bank fees and charges.
Services may include:
investment
accounts.
financial advice.
Credit options may include:
credit cards
mortgages
personal loans
overdraft.
Credit conditions may include:
interest rates
flexibility
service
fees and charges
credibility.
Financial institutions may include:
banks
credit unions.
Bank reconciliation may include:
debits
credits
outstanding cheques
outstanding deposits
bank fees and charges.
Allowable tax deductions may include:
expenses that relate to work as an athlete
self-education expenses
interest and dividend
gift or donations to eligible organisations
cost of managing tax affairs
non employer sponsored superannuation contributions.
Income tax forms may include:
employment declaration
group certificate
tax file number request
tax return.
Relevant legislation may include:
taxation
privacy.

The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the following is essential:
carries out financial obligations and responsibilities to effectively plan and manage personal finances
seeks organisational advice or assistance to meet financial requirements and obligations including completing and filing a tax return
applies effective contingency techniques to deal with a problems and issues that may arise in the management of personal finances.
Context of and specific resources for assessment
Assessment must ensure preparation of bank reconciliations for a period of time to demonstrate competency and consistency of performance.
Assessment must also ensure access to:
resources such as information from financial institutions and taxation bodies and online facilities to complete real or simulated tax returns
documentation such as appropriate financial records and sample bank statements.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:
observation of planning and management of a personal budget
observation of dealing with contingencies such as addressing discrepancies in the bank reconciliation process
oral and or written questioning to assess knowledge of the process for completing and filing a tax return
third-party reports from a supervisor detailing appropriate examples of financial management by the candidate.
Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended.