Unit of competency Outline

Date retreived
23/07/2026 7:39 AM AWST

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Develop knowledge of taxation

Develop knowledge of taxation

Unit of competency
National Code
FNSFLT216
State Code
OCZ79
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
02/02/2021
View on TGA
State Implementation and Classification
Approved Date
22/04/2021
Field of Education
080101 - Accounting
Original Release Date
22/04/2021
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.The unit applies to those 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. Identify the role of taxation in the Australian economy
  • 1.1 Identify the purpose of taxation in the Australian economy at local, state and federal levels
  • 1.2 Identify how taxation in Australia compares with other countries
  • 1.3 Identify methods of collection and groups from whom tax is collected
  • 1.4 Identify the role of Australian Taxation Office
  • 1.5 Identify the uses of taxation revenue
2. Develop knowledge of personal tax
  • 2.1 Identify key terminology used in personal taxation and associated definitions
  • 2.2 Identify documents and information applicable to personal tax
  • 2.3 Identify personal tax assessment methods and tax return processes
  • 2.4 Identify and access sources of personal tax information in Australia
  • 2.5 Document the locations and uses of the identified sources
3. Develop knowledge of business tax
  • 3.1 Identify key terminology used in business taxation and associated definitions
  • 3.2 Identify different business structures and associated effects on taxation
  • 3.3 Identify methods by which business tax is assessed and paid
  • 3.4 Identify methods used by businesses to assess and pay employee superannuation contributions
  • 3.5 Identify and access sources of information about business tax in Australia
  • 3.6 Document the locations and uses of the identified sources
4. Develop knowledge of tax liability
  • 4.1 Identify methods for individuals to determine their tax liability
  • 4.2 Identify methods for small business operators to pay tax
  • 4.3 Identify the implications of underpayment and overpayment of tax
No information
No information
Replaces
State Code National Code Title Type
AUQ98 FNSFLT206 Develop knowledge of taxation Unit of competency
State Code National Code Title Type
BGN7 FNS10120 Certificate I in Basic Financial Literacy Qualification
BGX7 FNS20120 Certificate II in Financial Services Qualification