FNSPRT303 Administer a non-complex trust

Release: 2

FNSPRT303 Administer a non-complex trust

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	Analyses and consolidates information and data from a range of sources against defined criteria and requirements and checks for accuracy and completeness
Writing	1.2, 2.2, 3.2, 3.3, 3.4	Accurately records and completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology
Oral Communication	2.5, 3.4	Articulates clearly using vocabulary suitable to the audience to convey or request information Uses listening and questioning techniques to confirm understanding
Numeracy	1.3, 2.1, 2.4, 3.1, 3.3, 3.4	Performs mathematical calculations to analyse financial information, costs and values for investment strategies and reports
Navigate the world of work	1.1, 1.2, 2.3–2.5	Complies with explicit policies and procedures Explores and implements, where identified, the implicit expectations of policies and procedures
Interact with others	2.1, 2.5, 3.2, 3.4	Identifies and takes steps to follow accepted communication practices and protocols Uses a limited range of accepted practices for communicating in a work environment
Get the work done	1.1–1.4, 2.3, 2.4, 3.1	Plans and implements routine tasks and workload, making limited decisions on sequencing, timing and collaboration, and seeks assistance in setting priorities Makes low impact decisions within familiar situations based on a range of predefined or routine solutions and evaluates the effectiveness of the outcome Uses digital systems and technologies to access, enter and store information

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