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 will affect performance.
The following variables 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. If bold italicised text is shown in Performance Criteria, details of the text are provided in the Range Statement.
Business policies and procedures may include:
reporting requirements
financial analysis assessments
electronic data entry
recording and filing systems
standard financial analysis techniques
financial management manuals
Discrepancies may include:
expenditure report mismatches
incorrect payments
absence of auditable trail
inappropriate authorisations
variances from budget
incorrect report formats
Asset and liabilities may include:
property investments
shares, bonds, securities
loans, leases, debts
plant and equipment
cash
Taxmay include:
Capital Gains Tax (CGT)
individual income tax
partnership
Revenue gathering practices may include:
sales
leasing
investments
billing schedules
lending and financing
fees and charges
Source documentation may include:
order and supplier documentation
financial institution statements
taxation and statutory returns
vehicle log books
statutory declarations
invoices
receipts
Revenue documentation may include:
invoices
declarations
bills
sales proceeds
cash received
debit notes
Returns and statements may include:
financial statements
financial institution statements
asset usage reports
taxation declarations
inventory usage reports
Obligations may include:
lodgement dates
supporting documentation
explanatory statements
repayment schedules
Statutory requirements may include:
reporting periods
taxation payment timings
delegated authorities
internal control procedures

EVIDENCE GUIDE
Assessment of performance requirements in the unit should be undertaken in an industry context. The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competency for the unit. Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the workplace.
Overview of assessment requirements
To achieve competency in this unit, a person must be able to demonstrate:
knowledge of statutory requirements
knowledge of state and territory taxes and charges
knowledge of organisational policies and procedures
knowledge of accounting principles and practices
ability to gather and verify data
ability to calculate taxable income
ability to review compliance
knowledge of relevant taxation legislation
Critical aspects of evidence
Evidence required for demonstration of consistent performance:
Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment.
Delivery/assessment relationship to other units:
This unit may be assessed on its own or it may be assessed with other units that cover related skills and knowledge.
Evidence is most relevant when provided through an integrated activity, which combines the elements of competency for the unit, or a cluster of units of competency.
Assessment requirements
Method of assessment:
For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance.
Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.
As stipulated by the Tax Agents Registration Board, the taxation knowledge components only of this accounting unit of competency must be tested through written examination.
Context of assessment:
Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personal/financial responsibility and accountability.
Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements.
Resources required for assessment:
Assessment of this unit of competence requires access to suitable resources to demonstrate competence.
Assessment instruments, including personal planner and assessment record book.
Access to registered provider of assessment services.