Assessment Requirements for FNSTPB504 Apply legal principles in corporations and trust law

Release: 1

Assessment Requirements for FNSTPB504 Apply legal principles in corporations and trust law

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

research changes to, or new, legislative requirements in relation to corporations and trust law relevant to the client’s circumstances and business structure requirements

apply current statute, common law and equitable principles in relation to corporations and trust law relevant to the client’s circumstances

present a recommendation on suitable business structures or legal entities to the client after considering the client’s circumstances.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

describe the operation of the Australian legal systems and processes relevant to corporations and trust law including:

basic principles, current statute, common law and equitable principles

roles and responsibilities of key organisations

constitutional considerations

separation of powers

basic principles of the law of torts, particularly relating to negligence and negligent misstatement

courts and regulatory bodies

outline how laws are enacted and their underlying policy aims

explain how those laws may be interpreted by existing common law and equitable rules and applied to corporations and trusts

analyse legal concepts of business organisational structures, and underlying regulation including the application of these to:

sole traders

partnerships

corporations

trusts

agencies

joint ventures

incorporated associations

examine legal aspects of superannuation with reference to:

ways in which superannuation can be accumulated and taken

who can provide superannuation products and how those providers and their products are prudentially licensed and regulated

duties of superannuation trustees

how superannuation interests are protected and litigated

current and future developments in superannuation law and policy

identify and reference the key features of Australian corporations law and requirements to analyse issues and risks relating to:

nature of a company

company registration

promoters and pre-registration contracts

company constitution and replaceable rules

contracting with others

fundraising

share capital

member meetings

corporate management

directors’ duties

member remedies

bankruptcy and insolvency

examine legal concepts and scope of law covering trusts with particular reference to:

structure of a trust

trust deed

common law duty

role and responsibilities of a trustee

types of trusts

member meetings

corporate management

member remediation

bankruptcy and insolvency.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the tax and legal fields of work and include access to:

office equipment, technology, software and consumables

relevant legislation, regulations and codes of practice.

Assessors must satisfy NVR/AQTF assessor requirements.

This unit is designed to meet the education requirements of the Tax Practitioner Board (TPB). Where registration with the TPB is sought, assessment must reflect the conditions described by the regulator which stipulate that a significant amount (at least 40%) must be completed under some form of independent supervision. Where recognition of prior learning (RPL) is used, it must also meet the requirements of the Board’s policy on RPL.

Details of requirements can be accessed on the TPB website at <http://www.tpb.gov.au>.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe