Unit of competency
Modification History
Release |
Comments |
Release 2 |
This version first released with FNS Financial Services Training Package Version 2.0. |
Application
This unit describes the skills and knowledge required to establish a trust with non-complex matters and conduct preliminary and ongoing administration of the trust.
It applies to individuals who are proficient administrators in the personal trustee sector. They have the well developed communication and financial management skills necessary to administer trusts that do not have complex matters in regards to the trust's assets and beneficiaries.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Unit Sector
Personal trustee
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
Elements describe the essential outcomes. |
Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Create trust file |
1.1 Conduct preliminary reading of trust instrument to identify parameters and instructions and confirm there are no complex matters to administer 1.2 Create trust file according to legislative and organisational requirements 1.3 Arrange deposit of trust funds and transfer of assets where required 1.4 Confirm beneficiaries’ profiles and obtain relevant records |
2. Establish and administer trust |
2.1 Identify income and capital needs of beneficiaries and arrange for investment strategy to be prepared where required 2.2 Identify relevant dates and record in diary management system 2.3 Process application from beneficiaries for an advance of the trust's capital or income 2.4 Make a decision to accept or decline the application considering the type of funds available in the trust and the wishes of other concerned parties 2.5 Manage conflicts or complaints that may arise as a result of the decision |
3. Provide for ongoing administration of trust |
3.1 Review performance of trust's assets periodically to ensure relevance and appropriateness to needs of beneficiaries 3.2 Report performance to appropriate persons and advise if changes to trust are required 3.3 Prepare, and provide beneficiaries with copies of financial, investment and transaction statements including detail on the fees and charges that apply 3.4 Prepare and lodge a trustee tax return where required seeking assistance from specialists as necessary |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill |
Performance Criteria |
Description |
Reading |
1.1, 2.3, 3.1 |
|
Writing |
1.2, 2.2, 3.2, 3.3, 3.4 |
|
Oral Communication |
2.5, 3.4 |
|
Numeracy |
1.3, 2.1, 2.4, 3.1, 3.3, 3.4 |
|
Navigate the world of work |
1.1, 1.2, 2.3–2.5 |
|
Interact with others |
2.1, 2.5, 3.2, 3.4 |
|
Get the work done |
1.1–1.4, 2.3, 2.4, 3.1 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
FNSPRT303 Administer a trust with non-complex matters |
FNSPRT303 Administer a non-complex trust |
Minor edits to title and re-ordering of performance criteria. |
Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe