Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSPRT303 Mapping and Delivery Guide
Administer a non-complex trust

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSPRT303 - Administer a non-complex trust
Description
Employability Skills
Learning Outcomes and 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.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

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

common office equipment, technology, software and consumables

appropriate legislation and regulations relevant to administering a trust

organisational reference materials such as policies, procedures, manuals and checklists

the internet for searches.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Create trust file
  • Conduct preliminary reading of trust deed to identify parameters and instructions
  • Create trust file according to organisational requirements
  • Arrange deposit of trust funds
       
Element: Establish trust
  • Identify income and capital needs of beneficiaries and arrange for investment strategy to be prepared where required
  • Establish beneficiaries’ profiles and obtain relevant records
       
Element: Provide for ongoing administration of trust
  • Identify relevant dates and record in diary management system
  • Prepare regular statements of accounts and make arrangements for lodgement of tax
  • Respond to applications by beneficiaries for advance of capital or income, managing any conflict that may arise
  • Periodically review assets and investment strategies, and make changes as necessary
       
Element: Establish and administer trust
  • Identify income and capital needs of beneficiaries and arrange for investment strategy to be prepared where required
  • 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
  • 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
  • Manage conflicts or complaints that may arise as a result of the decision
       


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. 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

Evidence of the ability to:

interpret a trust instrument and create a trust file that identifies parameters, instructions and relevant funds and assets

identify complex matters requiring assistance from specialists

establish and administer a trust with non-complex matters according to legislative and organisational requirements

prepare and interpret financial statements and tax documentation relating to the administration of the trust

apply conflict and complaint resolution skills to manage beneficiaries' expectations

assess and monitor the appropriateness of the trust's assets in meeting beneficiaries' needs.

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

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

describe the key legislative requirements of federal, state and territory legislation and regulations relating to:

wills

intestate succession

attorneyships or guardianships

probate and administration

trusteeships including investment obligations of the trustees

investment of trust assets

taxation and tax obligations as they relate to the administration of trusts

outline role, responsibilities and powers of the personal trustee officer including limitation in giving investment advice

explain the trust's beneficiaries' personal circumstances considered in establishing their income, capital needs and profiles

outline the professional code of conduct, where applicable, in the personal trustee sector

describe organisational policies and procedures required when administering and monitoring a trust with non-complex matters, including conflict and complaint resolution

explain the role of, and how and when to contact, internal or external specialists relating to the personal trustee sector

identify complex matters for a trust including:

physical location and maintenance of assets

competing needs of beneficiaries

investment strategy

volume and type of assets

level of detail in tax documentation

number of requests from beneficiaries

explain products and services offered by personal trustee organisations and fees and charges that apply.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, 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. 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

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
Conduct preliminary reading of trust deed to identify parameters and instructions 
Create trust file according to organisational requirements 
Arrange deposit of trust funds 
Identify income and capital needs of beneficiaries and arrange for investment strategy to be prepared where required 
Establish beneficiaries’ profiles and obtain relevant records 
Identify relevant dates and record in diary management system 
Prepare regular statements of accounts and make arrangements for lodgement of tax 
Respond to applications by beneficiaries for advance of capital or income, managing any conflict that may arise 
Periodically review assets and investment strategies, and make changes as necessary 
Identify income and capital needs of beneficiaries and arrange for investment strategy to be prepared where required 
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 
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 
Manage conflicts or complaints that may arise as a result of the decision 

Forms

Assessment Cover Sheet

FNSPRT303 - Administer a non-complex trust
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

FNSPRT303 - Administer a non-complex trust

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: