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Unit of competency details

PSPREV017 - Determine stamp duties (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to PSPREV008 - Determine stamp dutiesEquivalent. Unit Code changed. Minor changes to Application, Elements and PCs. FS added. PE and KE amended for clarity and to remove duplication. AC expanded for clarification. 02/Apr/2022

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 03/Apr/2022

Companion volumes:
Unit of competency Assessment requirements

Delivery:
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Training packages that include this unit

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Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  03/Apr/2022 
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Unit of competency

Modification History

Supersedes and is equivalent to PSPREV008 Determine stamp duties.

Application

This unit describes the performance outcomes, skills and knowledge required to determine stamp duties imposed on various documents (‘instruments’) and transactions.

Those undertaking this unit work independently, performing complex tasks in familiar contexts.

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.

Pre-requisite Unit

Nil

Competency Field

Revenue administration

Elements and Performance Criteria

ELEMENTS 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes

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

1. Identify legislative, regulatory and procedural requirements relating to stamp duties.

1.1. Maintain up-to-date knowledge of legislation, regulations, rulings, commissioner practices and organisational procedures about instruments and transactions that generally attract duties.

1.2. Locate and confirm current rates and thresholds that apply to calculation of stamp duties, relative to the liability date.

1.3. Identify and confirm eligibility and liability criteria related to stamp duties to ensure consistency of interpretation and application.

1.4. Identify and confirm exemptions and concessions for instruments, transactions or organisations.

2. Assess stamp duties.

2.1. Identify instruments and transactions liable for duty.

2.2. Identify instruments and transactions exempt from duty or eligible for concessions and explain to customers in accordance with their requests.

2.3. Implement general principles affecting stamp duties to ensure correct duty is applied.

2.4. Identify parties liable to pay duty and confirm date of liability.

2.5. Confirm lodgement and due dates and apply any interest or penalties incurred for late lodgement or payment.

2.6. Apply rates of duty, confirm assessment and record decision.

3. Assess and process enquiries and complaints.

3.1. Process enquiries and complaints in accordance with organisational procedures.

3.2. Record decisions and notify taxpayers.

3.3. Explain to taxpayers their rights to have decisions reviewed if they are dissatisfied.

Foundation Skills

Foundation skills essential to performance in this unit, but not explicit in the performance criteria are listed here, along with a brief context statement. 

SKILLS 

DESCRIPTION 

Reading skills to:
  • navigate and interpret complex formal documents.

Numeracy skills to:
  • read and apply numerical data in familiar frameworks related to stamp duty calculations.

Unit Mapping Information

Supersedes and is equivalent to PSPREV008 Determine stamp duties.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=bebbece7-ff48-4d2c-8876-405679019623

 

Assessment requirements

Modification History

Supersedes and is equivalent to PSPREV008 Determine stamp duties.

Performance Evidence

Evidence of the ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and on at least one occasion:

  • research information about stamp duties
  • interpret and explain legal language
  • confirm accuracy of duties applied to various instruments and transactions
  • communicate with others on matters involving exchanges of complex information about stamp duties
  • use technology to conduct research, make enquiries, review available data, access legislative requirements and record outcomes.

Knowledge Evidence

Demonstrated knowledge required to complete the tasks outlined in elements and performance criteria of this unit:

  • legislation, regulations, rulings and commissioner practices relating to stamp duty requirements
  • general principles from legislation that assist in ascertaining nature of instruments and transactions and how the stamp duty regime is to be applied
  • legislative changes and why they occur
  • legislative decision-making process
  • confidentiality provisions.

Assessment Conditions

Skills must be demonstrated in the workplace or in a simulated environment that reflects workplace conditions.

Assessment must ensure access to:

  • legislation, regulations, rulings, commissioner practices and other applicable case law relating to stamp duties
  • legislative decision-making process
  • organisational procedures and protocols for stamp duty determinations
  • information systems, equipment and resources required of the working environment.

Assessors must satisfy the Standards for Registered Training Organisations’ requirements for assessors.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=bebbece7-ff48-4d2c-8876-405679019623

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