Unit of competency Outline

Date retreived
22/07/2026 10:04 AM AWST

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Comply with tax obligations in a conveyancing transaction

Comply with tax obligations in a conveyancing transaction

Unit of competency
National Code
BSBCNV616
State Code
OCD75
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
19/10/2020
View on TGA
State Implementation and Classification
Approved Date
16/03/2021
Field of Education
090911 - Taxation Law
Original Release Date
16/03/2021
Nominal Hours
55
Description
This unit describes the skills and knowledge required to research and identify tax obligations for a conveyancing transaction within a range of contexts and environments. It encompasses identifying and applying statutory interpretation techniques, identifying and tracking changes to relevant legislation and codes of conduct, maintaining appropriate records, using online platforms to calculate and pay tax, and complying with reporting obligations.The unit applies to individuals who use specialised knowledge and skills to research and evaluate complex information and tax obligations and apply that information to relevant tasks. Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the BSB Companion Volume Implementation Guide or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Research tax obligations
  • 1.1 Identify reliable sources for research information relevant to practice policies and procedures
  • 1.2 Create and document research strategy and confirm that it contains research of state and federal tax obligations that apply to conveyancing transactions
  • 1.3 Implement research strategy and collect all relevant information
2. Identify tax obligations relevant to transaction
  • 2.1 Identify type of conveyancing transaction that requires tax to be paid or withheld
  • 2.2 Identify parties involved in conveyancing transaction
  • 2.3 Assess conveyancing transaction details against research and identify tax obligations
  • 2.4 Identify relevant tax reduction schemes and exemptions according to completed research that may reduce tax payable
  • 2.5 Assess conveyancing transaction details against tax reduction scheme eligibility criteria
  • 2.6 Calculate amount of tax to be paid or withheld from transaction, where required
  • 2.7 Consult relevant legal or accounting specialists and confirm own assessment, where required
  • 2.8 Document tax obligations that apply to conveyancing transaction
3. Apply obligations to transaction
  • 3.1 Communicate identified tax obligations, withholding amounts, reduction schemes, and exemptions to client
  • 3.2 Apply relevant tax reductions schemes and exemptions, where required
  • 3.3 Pay or withhold relevant amount of tax, where required
4. Record and lodge tax obligations
  • 4.1 Identify relevant online platform and download forms according to legislation, regulation, standards and practice policies and procedures
  • 4.2 Interpret forms and complete using transaction details
  • 4.3 Confirm procedure to lodge completed forms
  • 4.4 Lodge forms with relevant authorities
  • 4.5 Record all details of transaction and lodgement according to practice policies and procedures
5. Finalise and file records
  • 5.1 Identify records required to be archived according to legislation, regulation, standards and practice policies and procedures
  • 5.2 Close and archive records according to legislative, regulatory and practice policies and procedures
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State Code National Code Title Type
BFT8 BSB60220 Advanced Diploma of Conveyancing Qualification