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Evidence Guide: FNSPRT303 - Administer a non-complex trust

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSPRT303 - Administer a non-complex trust

What evidence can you provide to prove your understanding of each of the following citeria?

Create trust file

  1. Conduct preliminary reading of trust deed to identify parameters and instructions
  2. Create trust file according to organisational requirements
  3. Arrange deposit of trust funds
Conduct preliminary reading of trust deed to identify parameters and instructions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Create trust file according to organisational requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Arrange deposit of trust funds

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish trust

  1. Identify income and capital needs of beneficiaries and arrange for investment strategy to be prepared where required
  2. Establish beneficiaries’ profiles and obtain relevant records
Identify income and capital needs of beneficiaries and arrange for investment strategy to be prepared where required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish beneficiaries’ profiles and obtain relevant records

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide for ongoing administration of trust

  1. Identify relevant dates and record in diary management system
  2. Prepare regular statements of accounts and make arrangements for lodgement of tax
  3. Respond to applications by beneficiaries for advance of capital or income, managing any conflict that may arise
  4. Periodically review assets and investment strategies, and make changes as necessary
Identify relevant dates and record in diary management system

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare regular statements of accounts and make arrangements for lodgement of tax

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Respond to applications by beneficiaries for advance of capital or income, managing any conflict that may arise

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Periodically review assets and investment strategies, and make changes as necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish and administer trust

  1. Identify income and capital needs of beneficiaries and arrange for investment strategy to be prepared where required
  2. Identify relevant dates and record in diary management system
  3. 2.3 Process application from beneficiaries for an advance of the trust's capital or income
  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
  5. Manage conflicts or complaints that may arise as a result of the decision
Identify income and capital needs of beneficiaries and arrange for investment strategy to be prepared where required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify relevant dates and record in diary management system

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

2.3 Process application from beneficiaries for an advance of the trust's capital or income

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Manage conflicts or complaints that may arise as a result of the decision

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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

Required Skills and Knowledge

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.