Unit of competency Outline

Date retreived
22/07/2026 7:44 PM AWST

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Apply taxation requirements when providing tax (financial) advice services

Apply taxation requirements when providing tax (financial) advice services

Unit of competency
National Code
FNSTPB506
State Code
AUT48
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
081105 - Investment And Securities
Original Release Date
16/09/2015
Nominal Hours
55
Description
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.
Notes
Elements and Performance Criteria
1. Research tax requirements
  • 1.1 Identify the client's circumstances and tax (financial) advice services relevant to tax requirements
  • 1.2 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 services
  • 2.2 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 entities
  • 3.2 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 services
  • 4.2 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
No information
No information
Replaced By
State Code National Code Title Type
OEB75 FNSTPB516 Apply taxation requirements when providing tax (financial) advice services Unit of competency