Unit of competency Outline

Date retreived
22/07/2026 1:04 AM AWST

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Administer finance, insurance and legal requirements

Administer finance, insurance and legal requirements

Unit of competency
National Code
AHCBUS401A
State Code
D6734
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
10/06/2011
View on TGA
State Implementation and Classification
Approved Date
13/12/2011
Field of Education
080321 - Farm Management And Agribusiness
Original Release Date
13/12/2011
Nominal Hours
60
Description
This unit covers administering finance, insurance and legal requirements and defines the standard required to: administer the legal requirements of the business; process and maintain the insurance requirements for the business; identify sources, types and cost of finance; prepare an application for finance or investment.
Notes
Elements and Performance Criteria
1. Administer the legal requirements of the business
  • 1.1. Legislative requirements are identified, monitored and processed to ensure compliance.
  • 1.2. Legal documents are identified, maintained and stored in accordance with organisational requirements.
  • 1.3. Legislative requirements are reviewed regularly in accordance with organisational requirements.
2. Process and maintain the insurance requirements for the business
  • 2.1. Insurance requirements are identified and assessed in consultation with the management team.
  • 2.2. Suitable insurers or insurance brokers are identified and quotations obtained.
  • 2.3. Adequate insurance policies and cover are acquired in consultation with management team.
  • 2.4. Legislative requirements and insurance cover are reviewed regularly in accordance with organisational requirements.
  • 2.5. Documentation filed is in accordance with organisational requirements to ensure security and accessibility.
3. Identify sources, types and cost of finance
  • 3.1. Research is conducted on the different types of finance available to primary production-based businesses.
  • 3.2. Costs associated with different forms of finance are determined.
  • 3.3. Re-payment structures for finance options are assessed in consultation with the management team.
4. Prepare application for finance or investment
  • 4.1. Farm business and financial data are accessed and an application for finance or investment prepared.
  • 4.2. Overview of the finance application is checked by the management team and submitted to the relevant body.
  • 4.3. Documentation is maintained and stored in accordance with organisational requirements.
RANGE STATEMENT
The range statement relates to the unit of competency as a whole.
Legal requirements may include:
obligations imposed by the choice of the business structure
marketing the business in accordance with consumer legislation
operating with a duty of care (Law of Torts).
Relevant legislation may include:
all levels of government that affect business operations, especially:
Occupational Health and Safety (OHS) environmental
award and enterprise agreements
equal opportunity
anti-discrimination.
Insurance requirements may include:
workers' compensation
public liability
superannuation
life
personal accident and sickness
buildings
plant
crops
vehicles.
Sources of finance may include:
banks
merchant banks
building societies
credit unions
co-operatives
finance companies
solicitors
accountants
private treaty.
Business and financial data in an application for finance may include:
balance sheets
profit and loss statements
production yields
sales
income
security
assets and liabilities
cash flow performance.
EVIDENCE GUIDE
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
The evidence required to demonstrate competency in this unit must be relevant to workplace operations and satisfy holistically all of the requirements of the performance criteria and required skills and knowledge and include achievement of the following:
administer the legal requirements of the business
process and maintain the insurance requirements for the business
identify sources, types and cost of finance
prepare an application for finance or investment.
Context of and specific resources for assessment
Competency requires the application of work practices under work conditions. Selection and use of resources for some worksites may differ due to the regional or enterprise circumstances.
Replaces
State Code National Code Title Type
S3382 RTE4901A Administer finance, insurance and legal requirements Unit of competency
Replaced By
State Code National Code Title Type
BAP55 AHCBUS401 Administer finance, insurance and legal requirements Unit of competency