This is a charming, brief song by Mozart, likely a vocal accompaniment originally, but often performed on piano. It is notable for its simple elegance and Schubertian charm.
Cultivate a beautiful, singing tone and seamless legato phrasing.
Auf das Wohl aller Freunde (K.508) is rated Henle level 5 of 9 — late intermediate repertoire, roughly ABRSM grades 6–7. In the RCM system it corresponds to about level 7.
You should be comfortable at Henle level 5 — meaning you can already play level 4–5 pieces cleanly. Learning it one level early is possible as a stretch piece, but more than that usually leads to months of frustration.
A typical performance of Auf das Wohl aller Freunde (K.508) lasts about 2 minutes.
Auf das Wohl aller Freunde (K.508) is available as free public-domain sheet music on IMSLP — the score is linked directly from this page.