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

FNSTPB501A Mapping and Delivery Guide
Apply legal principles in corporations and trusts law

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSTPB501A - Apply legal principles in corporations and trusts law
Description This unit describes the performance outcomes, skills and knowledge required to apply legal principles in corporation and trusts law matters.
Employability Skills This unit contains employability skills.
Learning Outcomes and Application This unit applies to individuals who apply knowledge of a range of principles in corporation and trusts law matters. Its application in the workplace will be determined by the job role of the individual and the legislation, rules, regulations and codes of practice relevant to different jurisdictions.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites Not applicable.
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: Research legal aspects of corporations and trusts law
  • Research corporation and trusts law and related legislation, regulation and practice
  • Identify different types of corporations and trust law transactions and clearly outline their legal context, establishment procedures and purpose
  • Identify relevant legal principles applying to corporations and trusts matters
       
Element: Analyse issues and risks associated with the operation of a business
  • Identify areas of risk in the application of law in corporations and trusts matters
  • Analyse how legal issues impact on different types of business structures
  • Evaluate the relevance and implication of risks for the structure, operation and performance of different types of business structures
  • Assess the ways in which risk mitigation is addressed in the formation and operation of different types of business structures
       
Element: Apply knowledge of law to business structures
  • Collect and collate business information for analysis
  • Interpret, analyse and process available information to obtain required knowledge
  • Seek advice and guidance of specialist expertise where required, to interpret, analyse and synthesise
  • Provide advice based upon identified facts and relevant law
       
Element: Maintain legal knowledge
  • Relevant legal sources are reviewed regularly and any changes are applied in daily work
  • Systems for maintaining up-to-date knowledge about relevant legal aspects of corporations and trusts law are put in place and used
       


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.

The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

demonstrate knowledge and understanding of the corporations and trusts law such that current statute, common law and equitable principles can be applied, to particular fact circumstances in order to provide advice

draw conclusion having regard to the facts and relevant law

access information on relevant legislation, statutes, regulation and legal judgements

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:

analysis of responses to case studies and scenarios

direct questioning combined with review of portfolios of evidence and third-party workplace reports of on-the-job performance by the candidate

observation of role plays

review of documentation outlining the legal obligations, criteria and purpose

oral or written questioning to assess knowledge of legal terminology, practice and application

conducting a summative assessment of knowledge

Guidance information for assessment

This unit is designed to meet regulatory requirements of the Tax Practitioners Board; assessment must reflect the constraints described by the regulator. These can be accessed on the TPB website and are also reproduced in current regulatory guidelines published on the IBSA website www.ibsa.org.au (under training packages/financial services)

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.

Required skills

communication skills to:

liaise with others, share information, provide advice and guidance

use language and concepts appropriate to cultural differences

research skills to:

access and interpret legislation, regulation and precedent

identify corporations and trusts law related matters that have the potential to impact on businesses

literacy skills to analyse information needs and prepare clear written advice

learning skills to maintain knowledge of changes to legislation and requirements

problem solving skills to:

apply statute, regulation and precedent to a client’s circumstances

develop options to resolve client related matters when they arise

organisational skills, including the ability to plan and sequence work.

Required knowledge

operation of the Australian legal systems and processes relevant to corporations and trusts law

legal concepts of business organisational structures, and underlying regulation including:

public and private companies

trusts

partnerships

sole traders

key features of Australian corporations law and requirements relating to:

nature of a company

company registration

promoters and pre-registration contracts

company constitution and replaceable rules

contracting with others

fundraising

share capital

members meetings

corporate management

directors duties

members remedies

insolvency

legal concepts and scope of law covering trusts:

common law

equity

legislation

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Legislation includes that relating to:

Australian corporations law

principles of equity applying to trusts

state and territory trusts legislation

Different types of business structures include:

association

company limited by guarantee

company limited by shares

company limited by shares and guarantee

franchise

holding company

no-liability company

partnerships, including joint ventures, formal and informal

registrable Australian corporation

shelf company

subsidiary company

trusts, including express, discretionary and bare

unlimited company

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 corporation and trusts law and related legislation, regulation and practice 
Identify different types of corporations and trust law transactions and clearly outline their legal context, establishment procedures and purpose 
Identify relevant legal principles applying to corporations and trusts matters 
Identify areas of risk in the application of law in corporations and trusts matters 
Analyse how legal issues impact on different types of business structures 
Evaluate the relevance and implication of risks for the structure, operation and performance of different types of business structures 
Assess the ways in which risk mitigation is addressed in the formation and operation of different types of business structures 
Collect and collate business information for analysis 
Interpret, analyse and process available information to obtain required knowledge 
Seek advice and guidance of specialist expertise where required, to interpret, analyse and synthesise 
Provide advice based upon identified facts and relevant law 
Relevant legal sources are reviewed regularly and any changes are applied in daily work 
Systems for maintaining up-to-date knowledge about relevant legal aspects of corporations and trusts law are put in place and used 

Forms

Assessment Cover Sheet

FNSTPB501A - Apply legal principles in corporations and trusts law
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

FNSTPB501A - Apply legal principles in corporations and trusts law

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: