FNSACC413 Make decisions in a legal context Student Assessment Tasks

Student assessment agreement

Make sure you read through the assessments in this booklet before you fill out and sign the
agreement below.
If there is anything that you are unsure of, consult your assessor prior to signing this agreement.

Have you read the assessment requirements for this unit?  Yes  No
Do you understand the requirements of the assessments for this unit?  Yes  No
Do you agree to the way in which you are being assessed  Yes  No
Do you have any specific needs that should be considered  Yes  No
If so, explain these in the space below.

Do you understand your rights to reassessment?  Yes  No

Do you understand your right to appeal the decisions made in an  Yes  No
assessment?

Student name Matthew Jesse Henderson

Student ID number 14407410

Student signature

Date 19/10/2023

Assessor name

Assessor signature

Date

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Assessment Task 1 Cover Sheet

Student declaration
To be filled out and submitted with assessment responses
 I declare that this task is all my own work and I have not cheated or plagiarised the work or
colluded with any other student(s).
 I understand that if I am found to have plagiarised, cheated or colluded, action will be taken
against me according to the process explained to me.
 I have correctly referenced all resources and reference texts throughout these assessment
tasks.

Student name Matthew Jesse Henderson

Student ID number 14407410

Student signature

Date 19/10/2023

Assessor declaration
 I hereby certify that this student has been assessed by me and that the assessment has been
carried out according to the required assessment procedures.

Assessor name

Assessor signature

Date

Assessment outcome S NS DNS Resubmission Y N

Feedback

Student result response

 My performance in this assessment task has been discussed and explained to me.
 I would like to appeal this assessment decision.

Student signature

Date

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A copy of this page must be supplied to the office and kept in the student’s file with the evidence.

Assessment Task 1: Written questions

Task summary
This is an open-book test, to be completed in the classroom.
A time limit of 2 hours to answer the questions is provided.
You need to answer all of the written questions correctly.
Your answers must be word processed and sent to the assessor as an email attachment.

Required
 Access to textbooks and other learning materials.

 Computer with Microsoft Office and internet access.

Timing
Your assessor will advise you of the due date of this assessment.

Submit
 Answers to all questions.

Assessment criteria
All questions must be answered correctly in order for you to be assessed as having completed the
task satisfactorily.

Resubmission opportunities
You will be provided feedback on your performance by the assessor. The feedback will indicate if
you have satisfactorily addressed the requirements of each part of this task.
If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide
you with written feedback along with guidance on what you must undertake to demonstrate
satisfactory performance. Reassessment attempt(s) will be arranged at a later time and date.
You have the right to appeal the outcome of assessment decisions if you feel you have been dealt
with unfairly or have other appropriate grounds for an appeal.
You are encouraged to consult with the assessor prior to attempting this task if you do not
understand any part of this task or if you have any learning issues or needs that may hinder you
when attempting any part of the assessment.

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Written answer question guidance

The following written questions use a range of “instructional words” such as “identify” or “explain”,
which tell you how you should answer the question. Use the definitions below to assist you to
provide the type of response expected.
Note that the following guidance is the minimum level of response required.

Analyse: when a question asks you to analyse something, you should do so in detail, and
identify important points and key features. Generally, you are expected to write a response one
or two paragraphs long.
Compare: when a question asks you to compare something, you will need to show how two or
more things are similar, ensuring that you also indicate the relevance of the consequences.
Generally, you are expected to write a response one or two paragraphs long.
Contrast: when a question asks you to contrast something, you will need to show how two or
more things are different, ensuring you indicate the relevance or the consequences. Generally,
you are expected to write a response one or two paragraphs long.
Describe: when a question asks you to describe something, you should state the most
noticeable qualities or features. Generally, you are expected to write a response two or three
sentences long.
Discuss: when a question asks you to discuss something, you are required to point out
important issues or features and express some form of critical judgement. Generally, you are
expected to write a response one or two paragraphs long.
Evaluate: when a question asks you to evaluate something, you should put forward arguments
for and against something. Generally, you are expected to write a response one or two
paragraphs long.
Examine: when a question asks you to examine something, this is similar to “analyse”, where
you should provide a detailed response with key points and features and provide critical
analysis. Generally, you are expected to write a response one or two paragraphs long.
Explain: when a question asks you to explain something, you should make clear how or why
something happened or the way it is. Generally, you are expected to write a response two or
three sentences long.
Identify: when a question asks you to identify something, this means that you are asked to
briefly describe the required information. Generally, you are expected to write a response two or
three sentences long.
List: when a question asks you to list something, this means that you are asked to briefly state
information in a list format.
Outline: when a question asks you to outline something, this means giving only the main points,
Generally, you are expected to write a response a few sentences long.
Summarise: when a question asks you to summarise something, this means (like “outline”) only
giving the main points. Generally, you are expected to write a response a few sentences long.

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Assessment Task 1 Instructions as provided to students

Provide answers to all of the questions below:

1. Explain the difference between public law and private law.

Answer: The main and important difference between public and private law are public law
usually deals with matters that involving with the state, government, and all issues that affects
public, on the other hand private law addresses rights and dispute between individuals and
private entities, private law usually handles disputes that are private in nature.

2. Explain the difference between civil law and criminal law.

Answer: Civil law deals with disputes between individuals seeking for remedies and criminal
law addresses offenses against the state with aim of punishing the offender and to mantain
social order. Civil law deals with matters such as divorce, child custody, personal injury.
Criminal law deals with crimes such as theft, assault, murder, and drug trafficking.

3. Explain the term common law.

Answer: Common law is a legal system that was originated in medieval England and has been
influental in many countries that mostly use English as their main language. It is a system of
law based on judicial decisions and predecents, rather that on written laws or statutes.

4. Explain the term statute law.

Answer: Statute law also known as statutory law or legislation, refers to laws that enacted and
formally written by a legislative body such as parliament, congress, or local government
council. Example of statute laws include criminal codes, traffic regulations, tax laws, labor
laws, etc. Statute law plays a crucial role in providing a stable and predictable legal
framework, helping maintaining order, and addressing social, economic, and political issues.

5. Explain how the Australian Constitution divides legislative powers.

Answer: Australian Constitution divides legislative powers between the federal government
and the state government.

6. Explain the roles of the High Court of Australia and the Federal Court of Australia.

Answer: High court of Australia primarily deals with constitutional and legal matters of the
highest importance, interpreting the Constitution and safeguarding individual rights, while
Federal court of Australia focuses on a broader range of federal law matters, including
administrative, civil, and commercial cases. The High court serving as ultimate authority in
constituional matters and the Federal court handling a wide spectrum of federal law cases.

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7. Explain the term separation of powers.

Answer: Separation of powers is a doctrine that aims to distribute and balance governmental
authority among different branches or institutions. The idea behind the separation of powers is
to prevent any branchof government becoming too powerful and potentially abusing its
authority.

8. Explain the tort of negligence and how negligence is proven under this law.

Answer: The tort of negligence is a legal concept that forms the basis for many personal injury
claims and lawsuits. It revolves around the idea that individuals or entities have a duty of care
to avoid causing harm or injury to others. Negligence occurs when someone breaches their
duty of care that resulting in harm or damages to another person. To prove negligence several
key elements such as duty of care, breach of duty, causation, proximate cause, and damages
must be established.

9. What is a negligence misstatement and how might this apply to professional roles in
accounting?

Answer: A negligence misstatement, often referred to as a negligent misrepresentation, occurs

when a person or entity makes a false statement, either by omission or commission, with a
careless or negligent disregard for the truth. It's crucial for accounting professionals to adhere
to ethical and professional standards, exercise due care and diligence, and maintain accurate
records and documentation to avoid negligence misstatements and potential legal liability.
Additionally, professional liability insurance is often carried by accountants and auditing firms
to provide financial protection in the event of legal claims related to negligence misstatements.

10. Explain the purpose of Australian Consumer Law. How does this impact on financial products
and services?

Answer: The Australian Consumer Law is a set of laws that provide consumer protection in
Australia. It is a national law that are designed to protect rights and interests of consumers in
their interaction with businesses. The impact of this law how financial products are marketed,
sold, and serviced in Australia. This legal framework helps maintain consumer trust in the
financial sector and promotes ethical practices within the industry.

11. Explain the relevant of the Corporations Act to financial services.

Answer: The Corporations Act is highly relevant to financial services in Australia as it regulates
various aspects of the financial industry, including market operations, licensing, consumer
protection, corporate governance, and the conduct of financial institutions. Compliance with
the Act is essential for maintaining the integrity of financial markets and ensuring that
consumers are treated fairly and transparently. Violations of the Act can result in regulatory
action and legal consequences for financial service providers.

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12. Outline key features of the following business structures:

a. Public companies

 Owned by shareholders, widely traded.

 Limited liability, strict regulation.

 Managed by a board of directors.

 Easily raise capital through stock markets.

b. Pty Ltd companies

 Private companies with limited shareholders.

 Limited liability, fewer regulations.

 Managed by a board of directors.

 Capital raised from a limited group.

c. Trust

 No shareholders; assets held for beneficiaries.

 Variable liability based on trust type.

 Subject to tax and regulatory requirements.

 Managed by a trustee for beneficiaries.

d. Partnerships

 Owned by two or more partners.

 Liability varies; general partners are fully liable.

 Fewer regulations, shared management.

 Flexible, profits and losses shared.

e. Sole traders

 Owned and operated by a single individual.

 Unlimited personal liability.

 Simplicity in setup and management.

 Full control and responsibility.

13. Explain it is important for accountants to understand different types of business structures.

Answer: Accountants should understand various business structures to provide tailored

financial advice, help clients lower their tax burdens within the bounds of the law, safeguard
assets, ensure regulatory compliance, secure financing, align with long-term goals, streamline
operations, minimize risks, produce accurate financial reports, and plan for the transfer of
businesses or assets. This knowledge allows accountants to offer practical guidance, enhance

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financial well-being, and support clients in making sound financial decisions based on their
unique business needs and future plans.

14. Explain the purpose of property law.

Answer: Property law is like the rulebook for stuff you own, like your home, land, or things. It
makes sure you can own things and keep them safe. It also says how you can sell or give
away your things and how to solve problems if someone disagrees about who owns what. This
law helps things run smoothly and fairly in our homes and neighborhoods.

15. Explain the purpose of the Superannuation Guarantee Act 1992.

Answer: The Superannuation Guarantee Act 1992 in Australia has a clear purpose: to make
sure that employees save money for their retirement. It makes it compulsory for employers to
regularly put a portion of their employees' pay into a retirement fund, usually around 9.5% of
their earnings. This helps employees save for when they stop working and ensures they have
money to support themselves after retirement. The Act also sets rules for managing these
retirement funds and makes sure employees have the right to receive these savings. This law
is important for securing a more financially stable future for retirees and reducing the need for
government-funded pensions. It also encourages employees to have control over their own
retirement savings, with some tax benefits.

16. Explain the purpose of the income tax assessment act.

Answer: The Income Tax Assessment Act is the rulebook that tells you and the government
how to figure out and pay your income taxes correctly and fairly.

17. Review the case study at the link below under Investments, Life Insurance and
Superannuation and referred to as “Statement of Advice).
What implications does the case have for statements of advice?
https://www.fos.org.au/resolving-disputes/case-studies/#SOA
Answer: the attached link cannot be opened.

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Assessment Task 1 Checklist

Student’s name:

Did the student provide a Completed

sufficient and clear answer successfully? Comments
that addresses the
suggested answer for the Yes No
following?

Question 1

Question 2

Question 3

Question 4

Question 5

Question 6

Question 7

Question 8

Question 9

Question 10

Question 11

Question 12

Question 13

Question 14

Question 15

Question 16

Question 17

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FNSACC413 Make decisions in a legal context Student Assessment Tasks

Task outcome:  Satisfactory  Not satisfactory

Assessor signature:

Assessor name:

Date:

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FNSACC413 Make decisions in a legal context Student Assessment Tasks

Assessment Task 2: Legislation and decisions project

Task summary
The assessment tasks in this unit require you to develop a legislation report for a case study
organisation and review and update existing procedures to ensure compliance.
This assessment is to be completed in the simulated work environment in the RTO.

Required
 Access to textbooks and other learning materials

 Computer with Microsoft Office and internet access

 Legislation Template

 Access to legislation and regulatory documentation such as at:

o https://www.accc.gov.au

Timing
Your assessor will advise you of the due date of these submissions.

Submit
 Legislation Report

 Updated Human Resources Policy and Procedures.

Assessment criteria
For your performance to be deemed satisfactory in this assessment task, you must satisfactorily
address all of the assessment criteria. If part of this task is not satisfactorily completed, you will be
asked to complete further assessment to demonstrate competence.

Resubmission opportunities
You will be provided feedback on your performance by the assessor. The feedback will indicate if
you have satisfactorily addressed the requirements of each part of this task.
If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide
you with written feedback along with guidance on what you must undertake to demonstrate
satisfactory performance. Reassessment attempt(s) will be arranged at a later time and date.
You have the right to appeal the outcome of assessment decisions if you feel that you have been
dealt with unfairly or have other appropriate grounds for an appeal.
You are encouraged to consult with the assessor prior to attempting this task if you do not
understand any part of this task or if you have any learning issues or needs that may hinder you
when attempting any part of the assessment.

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Assessment Task 2 Instructions as provided to students

Complete the following activities:

Carefully read the following scenario.

Burleigh Financial Services is a company of accountants. The company is just

about to launch a new arm of the business which is financial planning services.
You are the new Accounts Officer for Burleigh Financial Services.
Part of your role is to ensure that all compliance standards are met within the
organisation. This includes identifying all of the regulatory obligations that apply to
the organisation, as well as monitoring any changes.
As a new employees, the General Manager has asked you to prepare a report to
assist in understanding compliance requirements in relation to your own role. .
The CEO has also advised you that he would like you to investigate new
qualification requirements for financial planners and the impact that this will have in
relation to the new services.
Furthermore, he would like to know what restrictions there are in relation to
advertising and promoting financial services if any.

1. Examine legal context of financial services work.

The first part of this assessment requires you to develop a report to discuss with the
General Manager at a meeting.
Your report should include a review of:

 Sources of information that can be used to identify information about

compliance requirements relevant to the company. You should identify at least
three sources of information,
 Legislation and regulations that impact on advertising and promoting the
business.
 Implications of the legislation and regulations you have identified for
advertising and promoting the business.
 Compliance requirements that relate to your role as an Account Officer

 Analysis of the impact of the new qualification requirements for financial

planners.
Use Legislation Report Template to guide your report.
Save your report in preparation for the meeting.

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2. Participate in a meeting.

You are required to discuss your report with the General Manager (our assessor).
Carefully go through your report discussing each point.
During the meeting, you should seek advice and guidance on the analysis you have
prepared in your report and in order to moderate the decisions you have made.
During the meeting you are required to demonstrate effective communication skills
including:

 Speaking clearly and concisely

 Using non-verbal communication to assist with understanding

 Asking questions to identify required information

 Responding to questions as required

 Using active listening techniques to confirm understanding

3. Develop procedures.

Assume that following the meeting the General Manager has asked you to update
the Human Resources Policies and Procedures to ensure compliance with the
requirements for financial planners.
Review the existing Human Resources Policy and Procedures and update it. Save
your work as updated Human Resources Policy and Procedures and submit it to
your assessor.

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Assessment Task 2 Checklist

Student’s name:

Completed
successfully? Comments

Did the student: Yes No

Interpret and document compliance

requirements of an Accounts Officer?

Review and report on changes to

compliance requirements based on a
review of legislative and regulatory
sources of information?

Analyse impact of changes to

compliance requirements on current
business operations, policies and
procedures?

Confirm interpretation of compliance

requirements with the General
Manager?

Seek advice and guidance from the

General Manager on decisions in report?

Discuss procedures for updating of

human resources policy and procedure
with the General Manager?

Develop procedures to address

compliance requirements?

Apply findings in decision-making

process?

Establish timeframes to meet

compliance requirements to align with
statutory deadlines?

During the meeting, demonstrate

effective communication skills including:

 Speaking clearly and concisely

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 Using non-verbal communication to

assist with understanding

 Asking questions to identify

required information

 Responding to questions as
required

 Using active listening techniques to

confirm understanding

Task outcome:  Satisfactory  Not satisfactory

Assessor signature:

Assessor name:

Date:

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Final results record

Student name:

Assessor name:

Date

Final assessment results

Result

Task Type Satisfactory Unsatisfactory Did not submit

Assessment Task 1 Written questions S U DNS

Legislation and decisions

Assessment Task 2 S U DNS
project

Overall unit results C NYC

Feedback

 My performance in this unit has been discussed and explained to me.

 I would like to appeal this assessment decision.

Student signature: _________________________________________ Date: _________________

 I hereby certify that this student has been assessed by me and that the assessment has been
carried out according to the required assessment procedures.

Assessor signature: _______________________________________ Date: _________________

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