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Unit of competency details

BSBINT408 - Prepare business advice on the taxes and duties for international trade transactions (Release 1)

Summary

Usage recommendation:
Superseded
Mapping:
MappingNotesDate
Is superseded by BSBFIN401 - Report on financial activity 18/Oct/2020
Supersedes and is equivalent to BSBINT408B - Prepare business advice on the taxes and duties for international trade transactionsUpdated to meet Standards for Training Packages 24/Mar/2015

Releases:
ReleaseRelease date
1 1 (this release) 25/Mar/2015

Companion volumes:
Unit of competency Assessment requirements

Delivery:
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Training packages that include this unit

Qualifications that include this unit

Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080311 International Business  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080311 International Business  30/Jul/2015 
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Unit of competency

Modification History

Release 

Comments 

Release 1

This version first released with BSB Business Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to assess the applicability of the relevant taxes and duties for international trade transactions, and to prepare business advice based on the assessments and calculations undertaken.

It applies to individuals with a broad knowledge of taxes and duties who contribute well-developed skills and knowledge to prepare business advice for a client. This unit addresses the application of relevant legislation, determinations, decisions and guidelines pertaining to the Australian Taxation System and Australian Customs regulations to assess the applicability of the GST, Australian Harmonised Export Commodity Codes for tax and duty related to export transactions, and to accurately calculate relevant taxes and duty and to prepare appropriate business advice for a client.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Business Development – International Business

Elements and Performance Criteria

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1 Assess applicability of relevant taxes and duties to international trade transactions

1.1 Research the applicability of relevant taxes and duty to international trade transactions

1.2 Research allowable exemptions and specialised schemes and legislations relating to international taxes or applicability to enterprise operations and specific international trade transactions

1.3 Apply allowable exemptions to trade transactions

1.4 Check accuracy of assessments

2 Calculate taxes and duty

2.1 Identify components of international trade transactions to be included in calculations

2.2 Calculate taxes and duty on international trade transactions

2.3 Check accuracy of calculations

3 Prepare business advice on applicable taxes and duty

3.1 Prepare results of calculations and business advice in required format

3.2 Check calculations for accuracy, and seek and obtain verification from relevant personnel as required

3.3 Pass completed business advice to client and other relevant personnel as required

Foundation Skills

This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.

Skill 

Performance 

Criteria 

Description 

Reading

1.1-1.4, 2.1, 3.1, 3.2
  • Identifies and analyses relevant information in complex texts so advice can be provided on taxes and duties

Writing

1.1-1.3, 2.2, 3.1, 3.2
  • Completes documentation according to specific requirements

Oral Communication

3.2, 3.3
  • Uses appropriate language and features in spoken exchanges with clients
  • Elicits views and opinions of others by listening and questioning

Numeracy

1.3, 1.4, 2.2, 2.3, 3.1-3.3
  • Uses mathematical skills to calculate trade transactions and taxes, and to check figures for accuracy

Navigate the world of work

1.2
  • Recognises relevant international trade requirements in the context of own work

Interact with others

3.2, 3.3
  • Selects and uses appropriate conventions and protocols when communicating in a range of familiar work contexts
  • Seeks assistance from more experienced work colleagues

Get the work done

1.1-1.4, 2.1-2.3, 3.1-3.3
  • Uses logically sequenced steps to plan and implement own work

Unit Mapping Information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

BSBINT408 Prepare business advice on the taxes and duties for international trade transactions

BSBINT408B Prepare business advice on the taxes and duties for international trade transactions

Updated to meet Standards for Training Packages

Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

 

Assessment requirements

Modification History

Release 

Comments 

Release 1

This version first released with BSB Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

  • accurately calculate at least TWO examples of good and services tax (GST), other taxes and duty payable across international trade transactions
  • provide at least TWO examples of situations where an assessment of allowable exemptions and/or incentives have been made including:
  • keep records of relevant documentation used in the workplace
  • provide examples of completed business advice.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

  • identify legislation, codes of practice and standards relevant to taxes and duties for international trade
  • explain allowable exemptions and specialised schemes affecting taxes/duty payable on imports/exports
  • summarise exclusions allowable for GST, related taxes and duty
  • summarise organisational policies and procedures relating to import, export and customs brokerage/freight forwarding activity
  • explain the penalties for incorrect calculation of taxes/duty payable.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the business development – international business field of work and include access to:

  • workplace documentation
  • information about applicable taxes and exemptions
  • office equipment and resources
  • case studies and, where possible, real situations.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

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