2
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Not legal or financial advice
The information and materials in this resource have been provided by ASIC to assist your financial
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3
Table of contents
About ASIC’s Be MoneySmart ................................................................................................................ 4
Overview .............................................................................................................................................. 4
Purpose of the workbook ................................................................................................................. 4
Audience .......................................................................................................................................... 4
Unit of competency supported ......................................................................................................... 4
Assessment ..................................................................................................................................... 5
Recognition of prior learning (RPL) ................................................................................................. 5
Student resources required for this module ..................................................................................... 5
Module 4: Debt management .................................................................................................................. 6
Assessment activity 1: Using MoneySmart calculators ....................................................................... 6
Assessment activity 2a: Comparing debt products ............................................................................. 8
Assessment activity 2b: The impact of saving................................................................................... 11
Assessment activity 3a: Paying off credit cards ................................................................................ 13
Assessment activity 3b: Comparing credit cards............................................................................... 14
Assessment activity 4: Making the right choice ................................................................................. 16
Assessment activity 5: Staying out of debt ........................................................................................ 17
Optional activity: Check your credit report ......................................................................................... 17
Assessment activities summary ............................................................................................................ 18
Trainer/assessor templates ................................................................................................................... 19
Competency record ........................................................................................................................... 19
Assessment record sheet .................................................................................................................. 19
Supervisor/third party declaration ...................................................................................................... 26
4
About ASIC’s Be MoneySmart
Overview
ASIC’s Be MoneySmart resource has five modules to help people develop the skills, knowledge and
behaviours required to effectively manage their own personal finances.
Module 1 – Saving, budgeting and spending
Module 2 – Personal tax
Module 3 – Superannuation
Module 4 – Debt management
Module 5 – Insurance
Each module comprises an online resource featuring the real-life stories of people who are working
through the challenges of managing their finances. A Trainer/Assessor Guide and Student Workbooks
support the modules.
You should refer to the copies of ASIC’s Be MoneySmart online modules provided by your training
organisation, or alternatively they can be found on ASIC's MoneySmart website at
moneysmart.gov.au/teaching.
Purpose of the workbook
This workbook is designed to be used in conjunction with ASIC’s Be MoneySmart online modules. A
teacher, trainer or workplace assessor can assess the completed activities.
Audience
These materials are designed for use by registered training organisations (RTOs) for vocational
education and training (VET) delivery and assessment. They may be used as part of an Australian
Apprenticeship, pre-apprenticeship or a pre-vocational program. However, they may also be used in
workplaces, schools, adult and community learning organisations or even as an adjunct to the
services provided by counselling and advisory organisations.
Unit of competency supported
These materials support the Be MoneySmart (FNSFLT301) unit of competency from the Financial
Services Training Package (FNS). This unit describes the performance outcomes, skills and
knowledge required to develop, maintain and enhance understanding of personal finance matters,
including taxation, superannuation and insurance.
The Be MoneySmart unit is an elective unit within the Certificate III in Financial Services Training
Package and can be imported for use in other training qualifications.
No licensing, legislative, regulatory or certification requirements apply to this unit at the time of
publication.
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Assessment
The assessment activities in this workbook relate to competency standards and are aligned with the
Financial Services Training Package (FNS) according to information provided by the official National
Register of Information on Training Packages, training.gov.au (TGA).
This workbook provides activities and advice to enable the student to supply the trainer/assessor with
the evidence required to demonstrate competency in Be MoneySmart (FNSFLT301) including the
ability to:
demonstrate knowledge of personal financial matters
set personal financial goals and access opportunities for mentoring or advice on them
access information to build on and maintain knowledge of factors affecting personal finances.
Once the student has completed the module and this workbook, they will need to arrange to complete
the oral assessment questions.
Templates for the trainer/assessor and the student to sign are at the end of this workbook.
Recognition of prior learning (RPL)
Students can use the assessment activities in this workbook to identify their current competency and
as evidence to support formal recognition of prior learning (RPL). Students might already have some
or all of the skills required for this unit. If students believe they can demonstrate these skills, they
should speak with their trainer/assessor about applying for skills recognition.
Student resources required for this module
Student Workbook
Computer and link to online module
ASIC’s MoneySmart Interest-free deal calculator moneysmart.gov.au/tools-and-
resources/calculators-and-tools/interest-free-deal-calculator
ASIC’s MoneySmart Personal loan calculator moneysmart.gov.au/tools-and-
resources/calculators-and-tools/personal-loan-calculator
ASIC’s MoneySmart Mortgage calculator moneysmart.gov.au/tools-and-
resources/calculators-and-tools/mortgage-calculator
ASIC’s MoneySmart Credit card calculator moneysmart.gov.au/tools-and-
resources/calculators-and-tools/credit-card-calculator
Calculator
Copies of a credit card statement
6
Module 4: Debt management
Time: 1 hour online and 2 hours Student Workbook
Watch the videos at screens 2 and 3.
Assessment activity 1: Using ASIC's MoneySmart calculators
Select a character scenario to follow or write one yourself. Use the table below to work through some
key considerations when deciding to make a purchase by accessing credit.
Scenarios Your task
Bec’s television has broken down and she has decided to buy a new one to replace it. She went into a shop to check out the televisions and decided on the spot to buy a huge ‘smart’ television, using a 12-month interest-free deal, after talking to the salesperson. Bec was so excited that she didn’t wait to shop around and thought that the interest-free deal sounded good. The television costs $1598.
‘Want’ or ‘Need’?
Does Bec ‘want’ or ‘need’ this television? Explain your answer.
............................................................................
............................................................................
............................................................................
............................................................................
Go to ASIC's MoneySmart Interest-free deal calculator moneysmart.gov.au/tools-and-resources/calculators-and-tools/interest-free-deal-calculator and work out how much Bec will really be paying for her television.
Per month: ...........................................................................
Total cost: ............................................................................
What would happen if Bec couldn’t pay her full instalment or if she missed a payment? Check the advice provided on the Interest-free deal calculator.
............................................................................................
............................................................................................
............................................................................................
............................................................................................
Will bought his dream car for his work at a cost of $25 000 using a secured personal loan over five years charging 9.5% interest with a $10 per month account fee. Will found that he couldn’t keep up the car loan repayments.
‘Want’ or ‘Need’?
Did Will ‘want’ or ‘need’ this car? Explain your answer.
............................................................................
............................................................................
............................................................................
Go to ASIC's MoneySmart Personal loan calculator moneysmart.gov.au/tools-and-resources/calculators-and-tools/personal-loan-calculator and work out how much Will’s loan was costing him.
Per month: ...........................................................................
Total cost: ............................................................................
7
Scenarios Your task
Sally is a ‘snow bunny’ and loves to ski. The trouble is skiing is an expensive hobby. Sally’s friends have asked her to go on a ski holiday to New Zealand in three months and she hasn’t had time to save any money. Sally is thinking about taking out an unsecured personal loan of $3000 over 2 years at 13.9% interest with a $10 per month account fee. Sally needs to cover the cost of a ski package, flights and spending money.
‘Want’ or ‘Need’?
Does Sally ‘need’ or ‘want’ this holiday? Explain your answer.
............................................................................
............................................................................
............................................................................
............................................................................
Go to ASIC's MoneySmart Personal loan calculator moneysmart.gov.au/tools-and-resources/calculators-and-tools/personal-loan-calculator and work out how much Sally’s loan will cost her.
Per month: ...........................................................
Total cost: ............................................................
Develop your own scenario to work on. Select a ‘large ticket’ item that you might plan to purchase (e.g. house, white goods, car etc.).
List a realistic price for the item. Assume that you will require either a personal loan or a home loan (if you are planning a house purchase). Check the market rate for the type of loan you will need by visiting at least two different providers, including one bank and one credit union or building society.
How much do you plan to borrow?
............................................................................
Over what period of time will you repay the loan?
............................................................................
What will the interest rate be?
............................................................................
‘Want’ or ‘Need’?
Do you ‘need’ or ‘want’ this item? Explain your answer.
............................................................................
............................................................................
Go to ASIC's MoneySmart Personal loan calculator moneysmart.gov.au/tools-and-resources/calculators-and-tools/personal-loan-calculator
OR if you are planning a house purchase go to ASIC's MoneySmart Mortgage calculator moneysmart.gov.au/tools-and-resources/calculators-and-tools/mortgage-calculator
How much will your loan cost you?
Per month: ...........................................................
Total cost: ............................................................
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Scenarios Your task
............................................................................
Assessment activity 2a: Comparing debt products
Watch the videos at screens 4 and 5.
If you were looking for a car, you wouldn’t buy the first one you saw. It’s the same when you borrow.
Look at lots of different products and compare interest rates, features, fees and charges. A small
difference in the interest rate can make a big difference to your repayments over time.
Tip:
Use a debit card not a credit card
Obtain a debit card to avoid the high interest charged on credit cards and to make purchases
using your own money to help avoid running into debt.
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Using the internet to assist you in your research, select two different debt products and apply these to
each of the scenarios outlined in Assessment activity 1 above.
Explore the range of debt products available and how they might impact on how much Bec, Will, Sally
or you would have to pay for credit.
Make sure you check current interest rates and use either ASIC's MoneySmart Personal loan
calculator or ASIC's MoneySmart Credit card calculator. Go to moneysmart.gov.au/tools-and-
resources/calculators-and-apps/personal-loan-calculator or moneysmart.gov.au/tools-and-
resources/calculators-and-tools/credit-card-calculator.
If you are investigating home loan products, go to moneysmart.gov.au/borrowing-and-credit/home-
loans/choosing-a-home-loan for a list of products.
10
Scenario Debt product 1 Debt product 2
Bec
Wants to borrow $1598 and wants to pay this back over 12 months.
Product type: ..................................
.......................................................
Interest rate: ...................................
Monthly payment: ...........................
Total payment: ...............................
Product type: ...................................
........................................................
Interest rate: ....................................
Monthly payment: ...........................
Total payment: ................................
Will
Wants to borrow $25 000 and wants to pay this back over 5 years.
Product type: ..................................
.......................................................
Interest rate: ...................................
Monthly payment: ...........................
Total payment: ...............................
Product type: ...................................
........................................................
Interest rate: ....................................
Monthly payment: ...........................
Total payment: ................................
Sally
Wants to borrow $3000 and wants to pay this back over 2 years.
Product type: ..................................
.......................................................
Interest rate: ...................................
Monthly payment: ...........................
Total payment: ...............................
Product type: ...................................
........................................................
Interest rate: ....................................
Monthly payment: ...........................
Total payment: ................................
Your own scenario
Product type: ..................................
.......................................................
Interest rate: ...................................
Monthly payment: ...........................
Total payment: ...............................
Product type: ...................................
........................................................
Interest rate: ....................................
Monthly payment: ...........................
Total payment: ................................
Tip:
VET FEE-HELP
Some people are eligible to borrow money from the government to pay for course tuition fees.
VET FEE-HELP is available to assist eligible students studying higher level vocational
education and training (VET). Higher level VET qualifications are at the diploma level and
above. For further information regarding eligibility requirements visit studyassist.gov.au. There
are loan fees associated with this type of debt.
11
Assessment activity 2b: The impact of saving
Watch the videos at screens 4 and 5 again.
Help Bec, Will and Sally to make their savings work for them by putting their money into an account
where it will grow. Savings accounts are great because you can earn compound interest on your
savings.
Work through the scenarios in the table below to find out how Bec, Will and Sally might save for their
goals.
Scenario Question Answer
Bec
Bec decides she wants to save up to purchase a ‘smart’ television that costs $1598. She has an initial deposit of $300 and she wants to purchase the new television in 12 months. She decides to put money into an interest-earning savings account with a fixed interest rate of 4.5%.
How much money will Bec need to save each month?
Go to ASIC's MoneySmart Savings goals calculator moneysmart.gov.au/tools-and-resources/calculators-and-tools/savings-goals-calculator
Savings per month:
...............................................
Will
Will is 21 years old and has decided he would like to purchase his first home in seven years’ time. Will is committed to saving $500 per month and already has an initial deposit of $3000. He has selected a savings account that has an interest rate of 5.00% per annum (before fees and tax).
Compound frequency is monthly.
What will the balance of Will’s account be after seven years?
Go to ASIC's MoneySmart Compound interest calculator moneysmart.gov.au/tools-and-resources/calculators-and-tools/compound-interest-calculator
Balance: .................................
Sally
Sally is 23 and she wants to purchase her first home in seven years’ time. Sally decides to open a bank account to save a deposit. She is committed to saving $300 per fortnight and already has an initial deposit of $1200. Sally selects an account with an interest rate of 5.00% per annum (before fees and tax).
Compound frequency is monthly.
What will the balance of Sally’s account be after seven years?
Go to ASIC's MoneySmart Compound interest calculator moneysmart.gov.au/tools-and-resources/calculators-and-tools/compound-interest-calculator
Balance: .................................
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Tip:
Saving for goals
The best way to save for short-term or long-term goals is to reduce your spending on
non-essential items, like entertainment, dining out, memberships or subscriptions. It is often
easier to stay on top of your spending if you use cash, EFTPOS or a debit card when shopping
instead of using a credit card or signing up to interest-free deals.
Tip:
Lenders’ mortgage insurance
Lenders’ mortgage insurance (LMI) is a type of insurance that credit providers take out to
protect themselves from borrowers not being able to repay the loan. The fee the lender
charges you for LMI can be many thousands of dollars and is usually added to your home loan
amount.
Credit providers normally charge you a one-off fee to cover this insurance if you borrow more
than 80% of the value of your home.
Whether you are charged LMI will also depend on your loan to value ratio (LVR). This is a
percentage that is calculated by dividing the amount of your home loan by the purchase price
(or appraised value) of the property you want to buy.
You can avoid paying LMI by saving a deposit that is more than 20% of the value of your
home. If it is not possible for you to save this much, you’ll need to factor the cost of your credit
provider’s mortgage insurance into your loan.
Generally, the higher the equity you have in the property (or the lower the LVR), the less
chance the lender will charge you a fee for LMI, and where they do, the fee will be less.
You may get a refund of some of the LMI premium you pay if your loan is paid out or if you
refinance in the first year or two. But if you refinance your home loan, you may have to pay a
new LMI premium (especially if you are increasing your loan amount).
13
Assessment activity 3a: Paying off credit cards
Watch the videos at screen 6.
Find a credit card statement to use for this activity. Use one of your own or ask the permission of a
family member to use theirs. The statement tells you how long it will take to pay off the credit card
balance using the minimum monthly amount. It will also identify how much you will need to pay per
month to pay off the balance in a couple of years. If you are not comfortable finding a statement,
assume a balance of $5000 and a minimum monthly payment of 2%.
Use ASIC's MoneySmart Credit card calculator. Go to moneysmart.gov.au/tools-and-
resources/calculators-and-tools/credit-card-calculator to see what happens if you increase the
monthly payment. Write your answers below.
What is the original balance and minimum monthly payment?
What happens if you increase the minimum payment by $40?
What happens if you increase the minimum payment by $80?
Notes
14
Assessment activity 3b: Comparing credit cards
Watch the videos at screen 6 again.
The type of credit card you choose depends on how you want to pay off your debt. When comparing
credit cards you should consider interest rates, features, fees and charges, and interest-free periods.
You can access credit card comparison websites on the internet to help you choose which credit card
might be the right one for you.
Comparison websites can be helpful when you’re shopping around for insurance, credit cards, home
loans, investments or bank accounts. When using comparison websites you should:
identify key features to compare
shop around
make a short list of potential products
get more details
make an informed decision.
Go to moneysmart.gov.au/borrowing-and-credit/borrowing-basics/using-comparison-websites to find
out more about using comparison websites.
Credit card features Card A Card B
Account interest-free period
Interest rates
Annual fee
Other features .............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
Credit card limit
15
Tip:
Credit card: whose money?
Credit cards allow you to borrow money up to a certain limit as long as you make regular
minimum repayments. Most credit cards have an annual fee. Credit cards tend to have higher
interest rates than other forms of credit, and the rate can vary depending on what features the
card offers. You are charged interest on all outstanding transactions if you don’t pay your full
balance each month.
If you have a card without an interest-free period, you pay interest either from the day you
make a purchase or from the day your monthly statement is issued. Unless you use a card
that has an interest-free period, is fee-free and you pay it off in full each month, buying items
with a credit card will always cost you more than if you pay with cash.
Some people make the mistake of thinking that their credit card limit is their money to spend.
Don’t forget that it is in your best interests to spend as little as you can on credit as it is not
your money and you may have to pay interest to use it.
16
Assessment activity 4: Making the right choice
Watch the videos at screens 7 to 9.
Consider again the scenarios in Assessment activity 1. Using the information you have learnt
throughout this module, review the original decisions made by Bec, Will, Sally or the decision you
made for yourself in your own scenario.
What advice would you provide to each character? Should they use a particular debt product? If so,
which one suits them best? Or, rather than using a debt product, should each character:
buy something cheaper
save some money first
change their plan?
Write your advice in the table below. Add the information and advice for your own scenario.
Character Original choice Your advice
Bec Debt product: interest-free deal
Will Debt product: secured personal loan
Sally Debt product: unsecured personal loan
You
17
Assessment activity 5: Staying out of debt
Watch the videos at screens 7 to 9 again.
It is easy to borrow money these days – and even easier to get into debt. Don’t give up if you are
having trouble managing your debts. There are always options available to you and people who can
help you. Visit moneysmart.gov.au/managing-your-money/managing-debts and select one category
to explore. Create and list three tips that you could share with others who are struggling to manage
their debts.
Topics may include:
making repayments
trouble with debt
problems paying your mortgage or rent
dealing with debt collectors, including phone and internet providers
consolidating and refinancing debts
financial counselling
free legal advice
how to get out of travel debt.
Tip 1
Tip 2
Tip 3
Optional activity: Check your credit report
If you have a credit card, a personal loan or a home loan, consider getting a free credit report from a
credit-reporting agency. Use the list of credit-reporting agencies on ASIC's MoneySmart website. Go
to moneysmart.gov.au/borrowing-and-credit/borrowing-basics/credit-reports#Get.
Tip:
Credit-reporting agencies
Don’t search for credit-reporting agencies over the internet, as you may find fake sites offering
‘free credit reports’ that are really out to scam you. If you want to contact a credit-reporting
agency online, type its URL into the address bar of your web browser.
18
Assessment activities summary
Comments
Trainers or assessors should use this template to record details of any issues/feedback they
wish to provide to the student in relation to their responses to the assessment activities.
Alternatively they can record feedback next to the appropriate activity in the body of the
Student Workbook.
I declare that completion of the assessment activities in this Student Workbook is my
own work.*
* Students need to arrange for this Student Workbook to be submitted to their trainer/assessor
for signing.
....................................................... ....................................................... ....................
Student name Student signature Date
....................................................... ....................................................... ....................
Trainer/assessor name Trainer/assessor signature Date
19
Trainer/assessor templates
Competency record
After assessment the competency record should be completed and signed by the student,
trainer/assessor and the supervisor. If competency is not achieved at the first attempt, strategies to
address gaps in performance need to be identified and a time for reassessment arranged.
Assessment record sheet
FNSFLT301 Be MoneySmart
Element Performance criteria Evidence provided/ observed/context
Initial and date
1. Demonstrate an understanding of personal financial matters
1.1 Determine how career choice, education and skills affect income and goal attainment
Module 1: A3, Q2
1.2 Identify short- and long-term financial goals
Module 1: A3, Q2, Q6
1.3 Identify tax matters relating to personal income
Module 2: A1a, A1b, A2a, A2b, A3, Q1, Q2, Q3, Q4, Q5, Q6, Q7
1.4 Evaluate impact of consumer and financial behaviour on personal spending
Module 1: A1, A2, Q5
Module 4: A2b
1.5 Evaluate how insurance and other risk-management strategies protect against financial loss
Module 5: A1a, A1b, A2a, A2b, A2c, A3, Q1, Q2, Q3, Q4, Q5, Q6
1.6 Identify the components of superannuation relevant to individual income earners
Module 3: A1, A2, A3a, A3b, A4a, A4b, A4c, A5, Q1, Q2, Q3, Q4, Q5, Q6
2. Manage personal finances
2.1 Compare the benefits and costs of alternatives in spending decisions
Module 4: A1, A2a, A4, Q3, Q4
2.2 Identify the purpose of planning personal finances
Module 1: A4a, A5, Q3, Q4
20
Element Performance criteria Evidence provided/ observed/context
Initial and date
2.3 Make personal financial choices based on logical decision-making
Module 1: A4a, A5, A6, Q4
Module 3: Q2
Module 4: A2a, A2b, A4, A5
2.4 Evaluate the consequences of personal financial decisions, including contracts
Module 4: A2a, A4, Q2, Q4
2.5 Develop methods and systems (including electronic) to stay in control of personal cash flow, spending and use of debt
Module 1: A4a, A5, Q1
Module 2: A1a
Module 4: A5, Q5
3. Build knowledge of personal financial matters
3.1 Explore and evaluate factors that affect personal credit worthiness
Module 4: A2b, A3a, Q1
3.2 Seek advice from a specialist or mentor where required
Module 1: A1, Q5
Module 2: A1b, A2b, A3
3.3 Develop systems for maintaining up-to-date knowledge about personal finances and career opportunities to achieve goals
Module 1: Q5
Module 3: Q5
3.4 Identify reliable sources of ongoing information relevant to personal career and financial goals
Module 1: Q5
Module 4: A5
Critical aspects for assessment Evidence provided/ observed/context
Initial and date
Evidence of the ability to demonstrate knowledge of personal financial matters
Module 1: A1, A2, A4a, A4b
Module 2: A2a, A2b
Module 3: A3a, A4
Module 4: A4, A5, OA
21
Critical aspects for assessment Evidence provided/ observed/context
Initial and date
Module 5: A1a, A1b, A3
Evidence of the ability to set personal financial goals and access opportunities for mentoring or advice on them
Module 1: A3, Q2, Q6
Module 3: A1
Evidence of the ability to access information to build on and maintain knowledge of factors affecting personal finances
Module 1: A4a, A5, A6, Q5
Module 2: A3, A4
Module 3: A2, A3a, A3b, A4a, A4b, A5, Q5
Module 4: A1, A2a, A2b, A3a, A3b, A5
Module 5: A1a, A2a, A2b, A2c, A3
Required skills Evidence provided/ observed/context
Initial and date
Numeracy and technology skills to:
Calculate interest and loan repayments and surplus or deficit funds
Module 4: A1, A2b, A3a
Use a calculator, budget and loan calculator tools Module 1: A4a, A5
Module 2: A2b, Q6, Q7
Module 3: A3a, A3b, Q6
Module 4: A1, A2a, A2b, A3a
Module 5: A2a, A2b
Use internet information Module 1: A4a, A5, A6
Module 2: A3, A4
Module 3: A2, A3a, A3b, A4a, A4b, A5, Q5
Module 4: A1, A2a, A2b, A3a, A3b, A5
Module 5: A1a, A2a, A2b, A2c, A3
Implement safe e-security practices for online banking and transactions
Module 1: A5
Self-management skills to:
Manage cash flow to pay bills on time Module 1: A2, A4a, A4b
22
Required skills Evidence provided/ observed/context
Initial and date
Develop and use a budget to control income and expenses
Module 1: A4a
Create a savings and spending plan to achieve financial goals
Module 1: A4a, A5, A6
Module 4: A2b
Learning skills to maintain knowledge of budgeting and saving techniques
Module 1: A4a, A5, A6
Module 4: A2b
Required knowledge Evidence provided/ observed/context
Initial and date
Debt management:
Responsible use of credit Module 4: A2a, A3a, Q3
Advantages of debit cards Module 1: Q1
Module 4: A2a, A2b, Q5
Consequences of debt default Module 4: A3a, A5, Q4
Attitude towards credit and spending Module 1: A1
Module 4: A4
Options for debt repayment:
VET Fee-Help Module 4: A2a
Personal loans and payment plans Module 4: A1, A2a, A3a, A4, Q3
Employee entitlements under:
Fair Work Act Module 3: A3
Equal opportunity legislation Module 3: A3
Superannuation Act Module 3: A3
Income Tax Assessment Act Module 2: A3
Taxation Administration Act Module 2: A3
Credit history and saving:
How to establish and maintain a good credit history Module 4: A3a, A4, A5, OA, Q1
Importance of saving money as a concept to assist and improve life situation
Module 1: A5
Module 4: A2b, A4
Insurance matters:
23
Required knowledge Evidence provided/ observed/context
Initial and date
Value of insurance Module 5: A1a, A1b, A2a, A2b, A2c, A3, Q5, Q6
Disclosure obligations Module 5: A2c, A3
Suitable insurance covers:
Personal income Module 3: A2, A4c
Module 5: A3
Trade tools, including mobile phone Module 5: A3, Q6
House Module 5: A2a, A2b, A2c
Car Module 5: A1a, A1b, Q5
Health Module 5: A3, Q4
Personal implications of taxation matters:
Role of the Australian Taxation Office and why we pay tax on income
Module 2: A2a, A3
Personal tax liabilities and allowable deductions Module 2: A2a, A2b, A4, Q1, Q2, Q3, Q4
Tax rates Module 2: A2a, Q3
Lodgement dates Module 2: A3, Q5
Awareness of goods and services tax (GST), pay as you go (PAYG), Australian business number (ABN), tax file number (TFN) and business activity statements (BAS)
Module 2: A4
Principles of budgeting, cash flow and saving, including:
Role of credit and savings in establishing personal wealth
Module 1: A4a
Module 4: A2b, Q2, Q3, Q4, Q5
Understanding of financial institutions and their savings, investment and credit products
Module 1: A5, A6
Module 4: A2a, A2b, A3b, A4
Personal financial aspects of:
Bank accounts:
Savings Module 1: A5
Module 4: A2b
24
Required knowledge Evidence provided/ observed/context
Initial and date
Credit Module 4: A2b, A3b, Q2, Q3, Q4, Q5
Investment Module 1: A6
Insurance:
Health Module 5: A3, Q4
Car Module 5: A1a, A1b, Q5
Phone Module 5: A3, Q6
Warranty Module 5: A3
Tools Module 5: A3
Household Module 5: A2a, A2b, A2c, Q3
Income protection Module 3: A2, A4c
Module 5: A3
Superannuation:
Types of funds – retail versus industry Module 3: A2
Fund options – death or total and permanent disability (TPD) insurance
Module 3: A1, A2
Contracts:
Phones Module 4: Q1
Data Module 4: A5
Tenancy Module 4: A5
Finance Module 4: Q2
Superannuation matters:
Planning for the future Module 3: A1
Power of compound interest Module 3: A3a, Q4
Module 4: A2b
Superannuation guarantee Module 3: A3a, Q1, Q6
Co-contributions Module 3: A3a, A3b
Personal contributions Module 3: A3a, A3b, Q2, Q3
Fees and charges Module 3: A1
25
Required knowledge Evidence provided/ observed/context
Initial and date
Value of consolidating super funds Module 3: A5
Locating lost super Module 3: A4a, A4b, Q5
26
Supervisor/third party declaration
I confirm that I have observed the student perform the tasks associated with the elements,
performance criteria, critical aspects for assessment and required skills and knowledge for
this unit efficiently and consistently over the allocated timeframe.
........................................................ ....................................................... ...................
Supervisor/third party name Supervisor/third party signature Date
Assessor declaration
I confirm that I have observed the student demonstrate the skills associated with the
elements, performance criteria, critical aspects for assessment and required skills and
knowledge for this unit competently.
........................................................ ....................................................... ...................
Assessor name Assessor signature Date
Student*
........................................................
Student name
* Students need to arrange for this Student Workbook to be submitted to their
trainer/assessor for signing.
ASIC’s MoneySmart Teaching initiative builds the consumer and financial literacy capabilities
of young Australians by developing knowledge, skills, values and behaviours to enable them
to make confident, informed consumer choices and responsible financial decisions that are
essential to their future financial wellbeing. To access more ASIC's MoneySmart Teaching
packages, resources, calculators, apps and consumer information visit moneysmart.gov.au.
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