MSFGN3007 — Set up and operate a self-employed contracting business

1 Set up a contracting business

• 1.1Identify and assess the ownership, taxation and liability aspects of relevant business models and determine an appropriate business structure
• 1.2Identify licences and permits required to operate the business and assess one’s ability to meet license/permit requirements
• 1.3Identify and document the business’ legislative, work health and safety, taxation superannuation and other obligations to authorities and subcontractors
• 1.4Identify and communicate with professionals required to meet contractual, accounting, legal, taxation and recordkeeping requirements
• 1.5Identify required insurances for risks related to income loss, public liability, vehicle operation and workers compensation
• 1.6Investigate methods of acquiring motor vehicles and other equipment, and decide on the most suitable method
• 1.7Determine the business’ policy about deposits, payments, timeframes and variations based on information reviewed
• 1.8Follow processes of relevant agencies and businesses to put in place required arrangements

2 Cost and quote work

• 2.1Identify opportunities to find customers
• 2.2Identify the customer’s requirements in sufficient detail for accurate costings
• 2.3Document job instructions according to the customer’s requirements
• 2.4Cost the job by estimating materials, labour and fixed costs, allowances for contingencies and profit margin and goods and services tax
• 2.5Prepare a quotation and contract conditions according to business procedures and submit it to the customer within the agreed timeframe

3 Manage and finalise contracts

• 3.1Maintain records to monitor costs as a job progresses
• 3.2Identify variations from contractual conditions and communicate with the customer to negotiate outcomes
• 3.3On completion of the job, produce and submit an invoice to the customer for final payment.
• 3.4Compare the predicted to the actual financial outcome and modify quoting methods and profit margin for future quotations
• 3.5Provide timely, accurate financial information to a bookkeeper or accountant in line with their requirements.

What does an assessment tool for MSFGN3007 need to cover?

To satisfy the Principles of Assessment and Rules of Evidence, an assessment for MSFGN3007 needs to address all 25 unit components: 3 elements with 18 performance criteria, 4 performance evidence requirements, 3 knowledge evidence requirements, and the foundation skills. A coverage matrix mapping each question and task to these components is what an auditor looks for.

How does Auditori generate an assessment tool for MSFGN3007?

Auditori pulls the current release of MSFGN3007 from training.gov.au and generates a complete package: candidate assessment, assessor guide with model answers and observation criteria, and a coverage matrix mapping every component. A suitably qualified person then reviews and approves the draft in a built-in workflow — consistent with ASQA's guidance on AI use in VET — before export as branded PDF and editable Word.

Is the first assessment tool really free?

Yes. Every new account includes one free credit — enough to generate the complete assessment tool for MSFGN3007 — with no card and no subscription required. After that it's pay-as-you-go per unit.

Can I check my existing MSFGN3007 assessment instead of generating a new one?

Yes — upload your existing assessment or learner guide and Auditori maps it against every element, performance criterion, PE and KE of MSFGN3007, showing exactly what's covered and what's missing. Mapping costs a quarter of a credit.