2

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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.

5

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: ............................................................

8

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.

9

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: .................................

12

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.