Unit of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with FNS Financial Services Training Package Version 1.0. |
Application
This unit describes the skills and knowledge required to identify and distribute assets in intestacy and finalise the estate.
It applies to individuals who are proficient administrators in the personal trustee sector and who may undertake basic genealogical research, and prepare tax returns and simple financial statements.
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. Identify assets and liabilities of intestate estate |
1.1 Research, establish and confirm existence of assets and liabilities of intestate estate 1.2 Obtain accurate valuation of assets and weigh them against liabilities, with creditors sought through legislative notices 1.3 Prepare accurate statements of assets and liabilities 1.4 Consider and apply all relevant legislative and organisational requirements and confirm intestate succession 1.5 Identify any complex issues and take appropriate action based on administrator’s skills and experience |
2. Collect and distribute assets |
2.1 Advise beneficiaries of any capital gains tax (CGT) implications in timely and appropriate manner 2.2 Ensure liabilities are paid and assets distributed promptly in accordance with legislative requirements 2.3 Make arrangements for tax return to be lodged to date of death 2.4 Ensure internal audit requirements are completed |
3. Finalise intestate estate |
3.1 Prepare final taxation return for submission to Australian Taxation Office (ATO) 3.2 Calculate fees or commissions if required, and prepare and send final distribution cheques and financial statements to beneficiaries |
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, 1.2, 1.5, 3.3 |
|
Writing |
1.3, 2.1, 3.1, 3.2 |
|
Oral Communication |
2.1 |
|
Numeracy |
1.2, 1.3, 2.1- 2.4, 3.1, 3.2 |
|
Navigate the world of work |
1.4, 2.2 |
|
Interact with others |
1.1, 1.5, 2.1, 2.3 |
|
Get the work done |
1.1, 1.4, 1.5, 2.1-2.4, 3.1 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
FNSPRT401 Administer an intestate estate |
FNSPRT401A Administer an intestate estate |
Updated to meet Standards for Training Packages. Minor edits to clarify intent 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