Unit of competency details
FNSPAY504 - Interpret and apply knowledge of industrial regulations relevant to payroll (Release 1)
Summary
Usage recommendation:
Superseded
Releases:
| 1 1 (this release) |
13/Feb/2018 |
Companion volumes:
Unit of competency
Assessment requirements
Training packages that include this unit
Qualifications that include this unit
Skill sets that include this unit
Classifications
Classification history
| ASCED Module/Unit of Competency Field of Education Identifier | 080101 | Accounting | 11/Apr/2018 | |
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Unit of competency
Modification History
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Release
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Comments
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Release 1
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This version first released with FNS Financial Services Training Package Version 3.0.
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Application
This unit describes the skills and knowledge required to research, analyse and apply knowledge of industrial regulations to the provision of payroll services.
It applies to individuals who, within their level of authority, use specialised knowledge to ensure compliance with industrial regulations in the workplace.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Financial Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on regulatory requirements.
Unit Sector
Payroll
Elements and Performance Criteria
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ELEMENT
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PERFORMANCE CRITERIA
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Elements describe the essential outcomes.
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Performance criteria describe the performance needed to demonstrate achievement of the element.
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1. Research industry regulations relating to payroll service provision
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1.1 Use appropriate sources to research regulations regarding payroll service provision
1.2 Identify how researched regulations apply to business payroll operations
1.3 Seek assistance from sources to interpret context, purpose and impact of regulations on payroll
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2. Interpret impact of regulations on payroll services
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2.1 Analyse how regulations impact on different types of employment contracts and business structures
2.2 Identify areas of risk in applying regulations to organisation’s payroll operations
2.3 Evaluate impacts of that risk on payroll operations
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3. Ensure payroll services comply with regulations
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3.1 Apply knowledge of regulations to determine if payroll operations are compliant with regulations
3.2 Identify changes to payroll operations required to ensure compliance with regulations
3.3 Seek advice and guidance from sources to ensure payroll operations comply with regulations
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4. Maintain compliance of payroll services with regulations
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4.1 Review regulatory sources regularly to ensure payroll operations remain compliant
4.2 Inform stakeholders of changes to regulations and explain impact of changes on payroll operations, including changes to employment contracts and business structures, according to organisational policies and procedures
4.3 Access and use systems to maintain up-to-date knowledge of regulations to ensure continued compliance of payroll operations
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Foundation Skills
This section describes those language, literacy and numeracy and employment skills that are essential to performance.
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Skill
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Description
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Learning
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- Identifies, plans and implements strategies to manage gaps in own knowledge
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Reading
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- Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
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Writing
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- Prepares documents that are constructed logically, succinctly and accurately to express ideas and explore complex issues
- Completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology
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Oral communication
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- Participates in verbal exchanges using active listening and questioning techniques to elicit information from others and to confirm understanding
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Navigate the world of work
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- Develops and implements strategies that ensure organisational policies, procedures and regulatory requirements are met
- Monitors and reviews compliance of organisational policies and procedures with legislative requirements to implement and manage required change
- Ensures knowledge of legislation and regulations is accurate, comprehensive and current to provide advice to others as required by role
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Interact with others
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- Influences and fosters a collaborative culture, facilitating a sense of commitment and workplace cohesion
- Shares knowledge, information and experience openly as an integral part of the working relationship
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Get the work done
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- Develops plans to manage relatively complex routine and non-routine tasks, with an awareness of how they might contribute to broader organisational regulatory compliance strategy and goals
- Gathers and analyses data and seeks feedback to improve plans and processes
- Addresses complex problems involving multiple variables, using formal analytical and lateral thinking techniques, experience and knowledge to generate solutions
- Uses digital systems and technologies to enter, store or access information
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Unit Mapping Information
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Code and title
current version
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Code and title
previous version
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Comments
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Equivalence status
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FNSPAY504 Interpret and apply knowledge of industrial regulations relevant to payroll
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No previous unit.
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New unit.
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No equivalent unit.
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Links
Companion volumes are available from VETNet. - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe
Assessment requirements
Modification History
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Release
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Comments
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Release 1
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This version first released with FNS Financial Services Training Package Version 3.0.
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Performance Evidence
Evidence of the ability to:
- conduct research on changes to, or new, legislative requirements and industrial regulations relevant to payroll
- assess the impact of regulations on payroll operations and comply with applicable regulations when performing payroll operations
- inform stakeholders of changes to payroll operations resulting from changes to industrial regulations in line with organisational policies and procedures
- seek advice from sources when seeking to interpret industrial regulations
- use sources of information to ensure currency of knowledge of industrial regulations to payroll operations, including:
- Fair Work Commission website
- Fair Work Ombudsman website
- Office of the Australian Information Commissioner website
- state government websites
- industry associations
- government media releases.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
Knowledge Evidence
The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.
- Key features and operating principles of industrial regulations relevant to payroll, including:
- Fair Work Act
- modern awards system
- National Employment Standards
- state-based industrial regulations, including:
- long service leave entitlements, and
- workers compensation entitlements
- Impacts of regulations on payroll operations, including:
- how different regulatory instruments interact with each other to impact payroll operations
- Roles and responsibilities of key organisations relating to payroll, including:
- Fair Work Commission
- Fair Work Ombudsman
- Office of Australian Information Commissioner
- state-based industrial regulations regulators
- Sources of information on industrial regulations relevant to payroll that can be accessed to maintain currency of knowledge and to seek advice when interpreting regulations
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the payroll field of work and include access to:
- office equipment, technology, software and consumables required to access information on industrial regulations relevant to payroll, including legislation, regulations, and codes of practice.
Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.
Links
Companion volumes are available from VETNet. - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe
