Unit of competency Outline

Date retreived
22/07/2026 6:50 AM AWST

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Apply legal principles in commercial law when providing tax (financial) advice services

Apply legal principles in commercial law when providing tax (financial) advice services

Unit of competency
National Code
FNSTPB507
State Code
AUT46
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
090999 - Law, N.e.c.
Original Release Date
16/09/2015
Nominal Hours
55
Description
This unit describes the skills and knowledge required to research, identify and analyse commercial law principles and apply relevant principles to particular clients and their circumstances.It applies to individuals who provide tax (financial) advice services as defined in the Tax Agent Services Act 2009. Individuals providing such services are generally required to be registered tax (financial) advisers.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. This unit is designed to meet educational requirements of the Tax Practitioners Board (TPB). Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Research commercial law principles
  • 1.1 Identify client circumstances and tax (financial) advice services relevant to commercial law matters
  • 1.2 Identify sources of commercial law information appropriate to client circumstances and the tax (financial) advice services requirements
  • 1.3 Research commercial law principles regarding different business structures, contract law and law of torts relevant to the client's circumstances and the tax (financial) advice services being provided
2. Explain commercial law principles and adviser's scope of authority
  • 2.1 Identify commercial law principles that apply to the client's circumstances and tax (financial) advice services
  • 2.2 Explain the scope and authority of advice to the client
  • 2.3 Explain to the client, within scope of authority, the commercial law principles applicable to their circumstances and the tax (financial) advice services being provided
  • 2.4 Advise the client to seek independent legal or specialist advice as required
3 Explain implications of the commercial law principles
  • 3.1 Analyse the implications of commercial law principles that apply to the client's circumstances and tax (financial) advice services
  • 3.2 Explain to the client, within scope of authority, the implications of the commercial law principles applicable to their circumstances and the tax (financial) advice services provided
4. Maintain knowledge of commercial law principles
  • 4.1 Review client's circumstances, including any of their business structures and contractual arrangements, and apply changes in relevant principles of commercial law as necessary
  • 4.2 Access and use systems for maintaining up-to-date knowledge about relevant legal principles of commercial law
  • 4.3 Review relevant legal sources regularly and apply any changes in daily work
No information
No information
Replaced By
State Code National Code Title Type
OEB74 FNSTPB517 Apply legal principles in commercial law when providing tax (financial) advice services Unit of competency