Unit of competency Outline
Date retreived
22/07/2026 10:02 PM AWST
22/07/2026 10:02 PM 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.
Develop knowledge of taxation
Develop knowledge of taxation
Unit of competency
National Code
FNSFLT206
FNSFLT206
State Code
AUQ98
AUQ98
TGA Status
Replaced
Replaced
DTWD Status
Transition (Replaced)
Transition (Replaced)
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
080101 - Accounting
Original Release Date
16/09/2015
Nominal Hours
35
Description
This unit describes the skills and knowledge required to understand the role of taxation in the Australian economy, including why and how tax is levied and collected, types of taxes paid by business and individuals, and its impact on investment choices. It has wide application and may be used in workplaces, schools, adult and community learning organisations or registered training organisations to build the financial literacy of learners. The unit may also be used as part of pre-vocational or new apprenticeship programs, or as part of services provided by counselling or advisory organisations.It applies to individuals who apply new ideas and knowledge to develop and maintain personal financial literacy skills.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Explain and discuss role of taxation in the Australian economy
- 1.1 Identify and discuss purpose of taxation in the Australian economy at local, state and federal levels, and how this compares with other countries
- 1.2 Explain various ways and groups from whom tax is collected
- 1.3 Describe role of Australian Taxation Office
- 1.4 Explain what taxation revenue is used for and relate to wellbeing and lifestyle of Australian citizens
2. Explain personal tax
- 2.1 Identify and define key terminology used in personal taxation
- 2.2 Examine tax declaration forms, Tax File Number requirements and rates of personal tax
- 2.3 Describe how personal tax is assessed and how tax returns are completed and paid
- 2.4 Identify, access and discuss sources of ongoing information about personal tax in Australia
3. Explain business tax
- 3.1 Identify and define key terminology used in business taxation
- 3.2 Identify and describe different business structures and how this affects taxation
- 3.3 Describe how business tax is assessed and paid
- 3.4 Describe how superannuation contributions for employees are assessed and paid
- 3.5 Identify, access and discuss sources of ongoing information about business tax in Australia
4. Discuss tax liability
- 4.1 Identify and discuss how individuals can determine their tax liability
- 4.2 Describe how small business operators pay tax
- 4.3 Discuss underpayment or overpayment of tax and its implications
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| D4114 | FNSFLT206A | Develop understanding of taxation | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| OCZ79 | FNSFLT216 | Develop knowledge of taxation | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| AWB1 | FNS10115 | Certificate I in Financial Services | Qualification |
| AVX4 | FNS20115 | Certificate II in Financial Services | Qualification |