This unit applies to personal trustee job roles.

ELEMENT

PERFORMANCE CRITERIA

1. Identify assets and liabilities of the intestate estate

1.1. The existence of assets and liabilities of the intestate estate are researched, established and confirmed

1.2. Accurate valuation is obtained of assets and weighed against liabilities with creditors sought through statutory advertising notices

1.3. Accurate statements of assets and liabilities are prepared

1.4. Relevant legal and statutory requirements are considered and adhered to and intestate succession confirmed

1.5. More complex issues are identified and appropriate action taken based on the administrator's skills and experience

2. Collect and distribute assets

2.1. Beneficiaries are notified in a timely and appropriate manner and advised of any Capital Gains Tax (CGT) implications

2.2. After death administration liabilities are paid and assets distributed promptly in accordance with relevant laws of the relevant State or Territory

2.3. Arrangements are made for a tax return to be lodged to date of death

2.4. Internal audit requirements are completed

3. Finalise the intestate estate

3.1. Final taxation return is prepared for submission to Australian Taxation Office (ATO)

3.2. If required, fees or commissions are calculated and charged and final distribution cheques and final Statements are prepared and sent to beneficiaries

3.3. If required, a clearance to Date of Death (DOD) from the ATO office is confirmed

Required skills

communication skills to:

determine and confirm client requirements, using questioning and active listening as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

research and analysis for accessing, interpreting and managing information

numeracy skills to make basic calculations and accurately prepare and interpret financial statements

IT skills for accessing and using appropriate software such as spreadsheets and databases and using internet information

literacy skills to:

read and interpret documentation from a variety of sources

prepare documentation

record, consolidate and file information

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

Required knowledge

relevant State and Territory legislation and regulation relating to:

wills

intestacies

deceased estates

probate and administration

trusteeships, including investment and obligations of the trustees

taxation and tax obligation as they relate to the administration of estates and trusts

Commonwealth legislation and regulations including:

Income Tax Assessment Act

business law for financial institutions including:

terminology and phrases

statutory charges, taxes and other fees applicable to financial institutions

legal parameters of the customer and financial institution relationship

relevant social services and benefits, and qualification requirements, including:

age

disability

unemployment provisions

the roles, responsibilities and powers of the personal trust officer including:

organisational expectations

limitation of personal authority (e.g. in giving investment advice)

the professional code of conduct in the personal trustee industry including:

ethical principles

integrity

professionalism

confidentiality

techniques for contacting key organisational personnel with expertise in specialised areas relating to the personal trustee industry

the role of external specialists and resources relevant to requirements in the personal trustee industry

organisational policies and procedures

industry and organisation security practices and the reasons for such practices

products and services offered by personal trustee organisations and fees attached

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:

interpret and comply with legislation and procedures relevant to intestate estates

apply taxation requirements relating to intestate estates

identify and manage distribution of assets and liabilities

work within relevant lines of authority.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables.

Method of assessment

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

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

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.

Legal and statutory requirements may include:

Australian Accounting Standards

Financial Services Reform Act (FSRA)

Financial Transaction Reports Act

Income Tax Assessment Act

industry codes of practice

law of intestate succession

Privacy Act

taxation law.

Unit sector

Personal trustee

This unit contains employability skills.