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

FNSTPB504 Mapping and Delivery Guide
Apply legal principles in corporations and trust law

Version 1.0
Issue Date: April 2024


Qualification -
Unit of Competency FNSTPB504 - Apply legal principles in corporations and trust law
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to research and analyse legal principles and issues in corporations and trust law matters and then apply this knowledge to provide advice to clients.It applies to individuals who work with corporations and trust laws in the workplace as determined by the job role, legislation, rules, regulations and codes of practice relevant to different jurisdictions.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. This unit is designed to meet educational requirements of the Tax Practitioner Board (TPB). Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
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 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>.
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: 1. Research legal aspects of corporations and trust law relevant to client's circumstances
  • Identify client circumstances that require advice on corporation and trust law matters
  • Research corporations and trust law and related legislation, regulation and practice
  • Identify different types of relevant corporations and trust law transactions, and clearly outline their legal context, establishment procedures and purpose
  • Identify legal principles applying to corporation and trust matters that are relevant to client circumstances
       
Element: Analyse issues and risks associated with operation of a business
  • Identify areas of risk in application of law in corporation and trust matters
  • Analyse how legal issues impact on different types of legal entities
  • Evaluate relevance to client circumstances and implication of risks for structure, operation and performance of different types of legal entities
  • Assess ways in which risk mitigation is addressed in formation and operation of different types of legal entities
       
Element: Apply knowledge of law to business structures
  • 3.1 Collect and collate client's business information for analysis
  • 3.2 Interpret, analyse and process available information to obtain required knowledge on client's business structure requirements
  • 3.3 Seek advice and guidance of specialist where required, to interpret, analyse and synthesise client's relevant information
  • Provide advice to client based on identified facts and relevant laws
       
Element: Maintain legal knowledge
  • 4.1 Review client's circumstances and business structure, and apply any changes in relevant aspects of corporations and/or trust law if necessary
  • Access and use systems for maintaining up-to-date knowledge about relevant legal aspects of corporations and trust law
  • Review relevant legal sources regularly and apply any changes in daily work
       
Element: Research legal aspects of corporations and trust law relevant to client's circumstances
  • Identify client circumstances that require advice on corporation and trust law matters
  • Research corporations and trust law and related legislation, regulation and practice
  • Identify different types of relevant corporations and trust law transactions, and clearly outline their legal context, establishment procedures and purpose
  • Identify legal principles applying to corporation and trust matters that are relevant to client circumstances
       


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. Research legal aspects of corporations and trust law relevant to client's circumstances

1.1 Identify client circumstances that require advice on corporation and trust law matters

1.2 Research corporations and trust law and related legislation, regulation and practice

1.3 Identify different types of relevant corporations and trust law transactions, and clearly outline their legal context, establishment procedures and purpose

1.4 Identify legal principles applying to corporation and trust matters that are relevant to client circumstances

2. Analyse issues and risks associated with operation of a business

2.1 Identify areas of risk in application of law in corporation and trust matters

2.2 Analyse how legal issues impact on different types of legal entities

2.3 Evaluate relevance to client circumstances and implication of risks for structure, operation and performance of different types of legal entities

2.4 Assess ways in which risk mitigation is addressed in formation and operation of different types of legal entities

3. Apply knowledge of law to business structures

3.1 Collect and collate client's business information for analysis

3.2 Interpret, analyse and process available information to obtain required knowledge on client's business structure requirements

3.3 Seek advice and guidance of specialist where required, to interpret, analyse and synthesise client's relevant information

3.4 Provide advice to client based on identified facts and relevant laws

4. Maintain legal knowledge

4.1 Review client's circumstances and business structure, and apply any changes in relevant aspects of corporations and/or trust law if necessary

4.2 Access and use systems for maintaining up-to-date knowledge about relevant legal aspects of corporations and trust law

4.3 Review relevant legal sources regularly and apply any changes in daily work

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.

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.

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. Research legal aspects of corporations and trust law relevant to client's circumstances

1.1 Identify client circumstances that require advice on corporation and trust law matters

1.2 Research corporations and trust law and related legislation, regulation and practice

1.3 Identify different types of relevant corporations and trust law transactions, and clearly outline their legal context, establishment procedures and purpose

1.4 Identify legal principles applying to corporation and trust matters that are relevant to client circumstances

2. Analyse issues and risks associated with operation of a business

2.1 Identify areas of risk in application of law in corporation and trust matters

2.2 Analyse how legal issues impact on different types of legal entities

2.3 Evaluate relevance to client circumstances and implication of risks for structure, operation and performance of different types of legal entities

2.4 Assess ways in which risk mitigation is addressed in formation and operation of different types of legal entities

3. Apply knowledge of law to business structures

3.1 Collect and collate client's business information for analysis

3.2 Interpret, analyse and process available information to obtain required knowledge on client's business structure requirements

3.3 Seek advice and guidance of specialist where required, to interpret, analyse and synthesise client's relevant information

3.4 Provide advice to client based on identified facts and relevant laws

4. Maintain legal knowledge

4.1 Review client's circumstances and business structure, and apply any changes in relevant aspects of corporations and/or trust law if necessary

4.2 Access and use systems for maintaining up-to-date knowledge about relevant legal aspects of corporations and trust law

4.3 Review relevant legal sources regularly and apply any changes in daily work

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
Identify client circumstances that require advice on corporation and trust law matters 
Research corporations and trust law and related legislation, regulation and practice 
Identify different types of relevant corporations and trust law transactions, and clearly outline their legal context, establishment procedures and purpose 
Identify legal principles applying to corporation and trust matters that are relevant to client circumstances 
Identify areas of risk in application of law in corporation and trust matters 
Analyse how legal issues impact on different types of legal entities 
Evaluate relevance to client circumstances and implication of risks for structure, operation and performance of different types of legal entities 
Assess ways in which risk mitigation is addressed in formation and operation of different types of legal entities 
3.1 Collect and collate client's business information for analysis 
3.2 Interpret, analyse and process available information to obtain required knowledge on client's business structure requirements 
3.3 Seek advice and guidance of specialist where required, to interpret, analyse and synthesise client's relevant information 
Provide advice to client based on identified facts and relevant laws 
4.1 Review client's circumstances and business structure, and apply any changes in relevant aspects of corporations and/or trust law if necessary 
Access and use systems for maintaining up-to-date knowledge about relevant legal aspects of corporations and trust law 
Review relevant legal sources regularly and apply any changes in daily work 
Identify client circumstances that require advice on corporation and trust law matters 
Research corporations and trust law and related legislation, regulation and practice 
Identify different types of relevant corporations and trust law transactions, and clearly outline their legal context, establishment procedures and purpose 
Identify legal principles applying to corporation and trust matters that are relevant to client circumstances 

Forms

Assessment Cover Sheet

FNSTPB504 - Apply legal principles in corporations and trust law
Assessment task 1: [title]

Student name:

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

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Result: Competent Not yet competent

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Assessment Record Sheet

FNSTPB504 - Apply legal principles in corporations and trust law

Student name:

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

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

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