Qualification details

Modification History

Not applicable.

Description

This qualification reflects professional accounting job roles in financial services and other industries. It contributes to, but does not encompass, educational requirements for providing tax agent services. A tax agent service is any service that relates to:

• ascertaining or advising about the liabilities, obligations or entitlements of an entity under a taxation law; or
• representing an entity in their dealings with the Commissioner of Taxation.

A tax agent service includes, but is not limited to, the following:

• a Business Activity Statement (BAS) service;
• preparing or lodging an approved form about a taxpayer's liabilities, obligations or entitlements under a taxation law;
• giving a taxpayer advice about a taxation law that the taxpayer can reasonably be expected to rely upon to satisfy their taxation obligations; or
• dealing with the Commissioner on behalf of a taxpayer in relation to a taxation law.

Persons providing a tax agent service must be registered by the Tax Practitioners Board and meet educational and other requirements for registration including a designated period of experience. Persons seeking tax agent registration should check current registration requirements with the Board as this is regularly under review. More information and contact details for the Tax Practitioners Board are provided in the FNS10 Financial Services Training Package Information Kit available from the IBSA website.

Pathways Information

Qualification Pathway 

Entry requirements 

The entry requirement for this qualification is completion of the 9 units which comprise the core from the FNS40610 Certificate IV in Accounting

Or

Completion of the 10 units which comprise the core from the FNS40604 Certificate IV in Accounting.

The entry requirement can be met by evidence of equivalent competency to either of the above through recognition of prior learning (RPL).

Pathways 

Preferred pathways for candidates entering this qualification include:

• FNS40610 Certificate IV in Accounting
• FNS40210 Certificate IV in Bookkeeping

The primary pathway from this qualification is employment in accounting job roles with duties such as:

• introducing and maintaining accounting systems
• maintaining internal control systems
• preparing financial statements for a non-reporting entity
• preparing tax returns
• reporting on business performance
• managing small teams
• developing business plans
• preparing accounting reports for management.

A further learning pathway utilising qualifications such as FNS60210 Advanced Diploma of Accounting would support career progression.

NOTE  Certain elective units may be required to progress to membership of relevant professional organisations. Learners should establish such requirements where they apply in order to make appropriate choices.

Licensing/Regulatory Information

Not applicable.

Entry Requirements

Not applicable.

Employability Skills Summary

Packaging Rules

Packaging Rules 

9 units  must be achieved:

6 core units 

plus 3 elective units .

• One (1) of the required elective units of competency must be selected from the elective bank below
• the remaining electives may be selected from the elective bank below, other units aligned to Certificate IV, Diploma or Advanced Diploma qualifications in the FNS10 Financial Services or another endorsed Training Package or accredited course.

Elective units must be relevant to the work outcome, local industry requirements and the qualification level.

Units selected from other Training Packages or accredited courses must not duplicate units selected from or available within the FNS10 Financial Services or BSB07 Business Services Training Packages.

Core units of competency :

• FNSACC501A Provide financial and business performance information
• FNSACC502A Prepare income tax returns for individuals
• FNSACC503A Manage budgets and forecasts
• FNSACC504A Prepare financial reports for corporate entities
• FNSACC506A Implement and maintain internal control procedures
• FNSACC507A Provide management accounting information

Elective units of competency :

• BSBITU402A Develop and use complex spreadsheets
• BSBWOR401A Establish effective workplace relationships
• FNSACC505A Establish and maintain accounting information systems
• FNSACC607A Evaluate business performance
• FNSINC601A Apply economic principles to work in the financial services industry
• FNSINC602A Interpret and use financial statistics and tools
• FNSFMK505A Comply with financial services legislation and industry codes of practice
• FNSORG505A Prepare financial reports to meet statutory requirements
• FNSORG506A Prepare financial forecasts and projections

NOTE 1 . Current accredited courses may contain units relevant to accounting for and reporting on organisational sustainability. For example units VPAU324 Develop a carbon inventory for the workplace and VPAU325 Develop a carbon report for the workplace from the Swinburne University of Technology Course in Carbon Accounting. Further details of the course and study options for these units are provided in the FNS10 Financial Services Training Package Information Kit.

NOTE 2 . Certain elective units may be required to progress to membership of professional organisations, articulate with defined credit into the FNS60210 Advanced Diploma of Accounting or further study in higher education programs. Learners should establish such requirements or credit arrangements where they apply in order to make appropriate choices.