Unit of competency Outline

Date retreived
22/07/2026 3:34 AM AWST

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Apply basic concepts of small business to financial counselling

Apply basic concepts of small business to financial counselling

Unit of competency
National Code
CHCFIN010
State Code
OEO29
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
14/12/2022
View on TGA
State Implementation and Classification
Approved Date
03/07/2023
Field of Education
081199 - Banking, Finance And Related Fields, N.e.c.
Original Release Date
03/07/2023
Nominal Hours
75
Description
This unit describes the performance outcomes, skills and knowledge required to identify the structure and current financial position of a small business and to use this information when providing information and advice as part of the delivery of financial counselling services to a client with a small business.This unit applies to financial counsellors who work in agencies that meet the requirements for the Australian Securities and Investments Commission (ASIC) exemptions from holding a financial services licence and provide services to clients who operate small businesses.This unit also applies to financial counsellors who work in rural financial counselling agencies.The skills in this unit must be applied in accordance with Commonwealth and State or Territory legislation, Australian standards and industry codes of practice.No occupational licensing, certification or specific legislative requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Adapt practice to small business context.
  • 1.1. Identify the scope of practice of the financial counsellor working with a small business client.
  • 1.2. Apply financial counselling professional practice frameworks to small business owners.
  • 1.3. Assist small businesses to manage debts and financial stress.
2. Assess small business suitability for financial counselling services.
  • 2.1. Explain purpose and structure of initial consultation.
  • 2.2. Analyse small business information to determine suitability for financial counselling.
  • 2.3. Identify and address any conflicts of interest.
  • 2.4. Determine if the client with a small business is within scope of service.
  • 2.5. Use secondary consultations and referral where matters are beyond the scope of the role.
3. Confirm key information about the business.
  • 3.1. Work with client to identify current small business structure.
  • 3.2. Determine the tax status of the business and implications for the business.
  • 3.3. Identify legal and operational requirements that may impact on the current financial position of the business.
4. Assess and interpret available financial data of small business.
  • 4.1. Identify information the client may need to provide.
  • 4.2. Access and interpret available financial data about current financial position of the small business.
  • 4.3. Work with client to identify and retrieve financial data that is missing or incomplete.
  • 4.4. Use available financial data to determine if the business is at risk of not being able to pay its debts and obligations.
  • 4.5. Determine to what extent client personal financial situation is directly linked to small business.
5. Provide advice to client.
  • 5.1. Provide client with information and advice regarding the financial position of the small business, within scope of own job role.
  • 5.2. Provide client with information and advice regarding the impact of the business on their personal financial position.
  • 5.3. Identify options available to the client, based on analysis of available financial information and position of the business, including how insolvency processes work and closing the business.
  • 5.4. Identify and assist client to access external small business advice and support options.
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State Code National Code Title Type
BIP8 CHC51122 Diploma of Financial Counselling Qualification