Assessor Resource

FNSPRT401
Administer an intestate estate

Assessment tool

Version 1.0
Issue Date: May 2024


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.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

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

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

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

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Research, establish and confirm existence of assets and liabilities of intestate estate 
Obtain accurate valuation of assets and weigh them against liabilities, with creditors sought through legislative notices 
Prepare accurate statements of assets and liabilities 
Consider and apply all relevant legislative and organisational requirements and confirm intestate succession 
Identify any complex issues and take appropriate action based on administrator’s skills and experience 
Advise beneficiaries of any capital gains tax (CGT) implications in timely and appropriate manner 
Ensure liabilities are paid and assets distributed promptly in accordance with legislative requirements 
Make arrangements for tax return to be lodged to date of death 
Ensure internal audit requirements are completed 
Prepare final taxation return for submission to Australian Taxation Office (ATO) 
Calculate fees or commissions if required, and prepare and send final distribution cheques and financial statements to beneficiaries 

Forms

Assessment Cover Sheet

FNSPRT401 - Administer an intestate estate
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSPRT401 - Administer an intestate estate

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: