Unit of competency Outline

Date retreived
22/07/2026 8:26 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
FNSTPB516
State Code
OEB75
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
15/06/2022
View on TGA
State Implementation and Classification
Approved Date
07/12/2022
Field of Education
081105 - Investment And Securities
Original Release Date
07/12/2022
Nominal Hours
55
Description
This unit describes the skills and knowledge required to research, identify and analyse the taxation requirements that apply to taxation administration when providing tax advice services to clients within own role.The unit applies to individuals who provide tax (financial) advice services as defined in the Tax Agent Services Act 2009. Individuals providing such services may be required to be registered tax agents with a tax (financial) advice services condition.Work functions in the occupational areas where this unit is used are generally subject to regulatory requirements. This unit is designed to meet the education requirements of the Tax Practitioners Board (TPB). Users are advised to check with the relevant regulatory authorities to confirm those requirements.
Notes
Elements and Performance Criteria
1. Research tax requirements
  • 1.1 Identify 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, guidelines and other regulatory and ethical requirements relevant to 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 client, within scope of authority, tax requirements that apply to their circumstances and tax (financial) advice services being provided
  • 2.4 Advise client to seek independent tax advice and specialist advice as required
3. Explain implications of tax requirements
  • 3.1 Analyse implications of tax requirements relevant to client’s circumstances and tax (financial) advice services, and how tax requirements that apply to individuals and different legal entities
  • 3.2 Explain to client, within scope of authority, implications of tax requirements that apply to their circumstances and tax (financial) advice services provided
4. Maintain knowledge of tax and tax administration requirements
  • 4.1 Identify sources of information for tax administration requirements, 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 and tax administration requirements, as required
  • 4.3 Access and use systems for maintaining up-to-date knowledge about relevant tax and tax administration requirements
  • 4.4 Establish process to identify updates and additions to tax and tax administration requirements relevant to client’s circumstances and tax (financial) advice services provided
No information
No information
Replaces
State Code National Code Title Type
AUT48 FNSTPB506 Apply taxation requirements when providing tax (financial) advice services Unit of competency