Release  

Comments  

Release 1

This version first released with BSB Business Services Training Package Version 7.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

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

1. Research tax obligations

1.1 Identify reliable sources for research information relevant to practice policies and procedures

1.2 Create and document research strategy and confirm that it contains research of state and federal tax obligations that apply to conveyancing transactions

1.3 Implement research strategy and collect all relevant information

2. Identify tax obligations relevant to transaction

2.1 Identify type of conveyancing transaction that requires tax to be paid or withheld

2.2 Identify parties involved in conveyancing transaction

2.3 Assess conveyancing transaction details against research and identify tax obligations

2.4 Identify relevant tax reduction schemes and exemptions according to completed research that may reduce tax payable

2.5 Assess conveyancing transaction details against tax reduction scheme eligibility criteria

2.6 Calculate amount of tax to be paid or withheld from transaction, where required

2.7 Consult relevant legal or accounting specialists and confirm own assessment, where required

2.8 Document tax obligations that apply to conveyancing transaction

3. Apply obligations to transaction

3.1 Communicate identified tax obligations, withholding amounts, reduction schemes, and exemptions to client

3.2 Apply relevant tax reductions schemes and exemptions, where required

3.3 Pay or withhold relevant amount of tax, where required

4. Record and lodge tax obligations

4.1 Identify relevant online platform and download forms according to legislation, regulation, standards and practice policies and procedures

4.2 Interpret forms and complete using transaction details

4.3 Confirm procedure to lodge completed forms

4.4 Lodge forms with relevant authorities

4.5 Record all details of transaction and lodgement according to practice policies and procedures

5. Finalise and file records

5.1 Identify records required to be archived according to legislation, regulation, standards and practice policies and procedures

5.2 Close and archive records according to legislative, regulatory and practice policies and procedures

Skill 

Description 

Reading

• Accesses information and uses analytical skills to interpret complex documentation from a variety of sources

Writing

• Uses correct language and terminology to prepare complex documents including formal and informal letters, reports and applications
• Accurately completes forms and maintains records

Oral Communication

• Effectively participates in verbal exchanges to convey and clarify information with a range of stakeholders

Planning and organising

• Plans, schedules and implements processes and tasks to maintain currency of legislation, regulation and codes of practice for organisational use

Self-management

• Takes full responsibility for following policies, procedures and legislative requirements and identifies organisational implications of new legislation or regulations

Problem-solving

• Uses problem solving processes to identify, analyse and resolve issues that could have legal consequences

Technology

• Uses main features and functions of digital tools to complete work tasks and access information

Release  

Comments  

Release 1

This version first released with BSB Business Services Training Package Version 7.0.