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Evidence Guide: FNSTPB501A - Apply legal principles in corporations and trusts law

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!

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FNSTPB501A - Apply legal principles in corporations and trusts law

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

Research legal aspects of corporations and trusts law

  1. Research corporation and trusts law and related legislation, regulation and practice
  2. Identify different types of corporations and trust law transactions and clearly outline their legal context, establishment procedures and purpose
  3. Identify relevant legal principles applying to corporations and trusts matters
Research corporation and trusts law and related legislation, regulation and practice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify relevant legal principles applying to corporations and trusts matters

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse issues and risks associated with the operation of a business

  1. Identify areas of risk in the application of law in corporations and trusts matters
  2. Analyse how legal issues impact on different types of business structures
  3. Evaluate the relevance and implication of risks for the structure, operation and performance of different types of business structures
  4. Assess the ways in which risk mitigation is addressed in the formation and operation of different types of business structures
Identify areas of risk in the application of law in corporations and trusts matters

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse how legal issues impact on different types of business structures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate the relevance and implication of risks for the structure, operation and performance of different types of business structures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess the ways in which risk mitigation is addressed in the formation and operation of different types of business structures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Apply knowledge of law to business structures

  1. Collect and collate business information for analysis
  2. Interpret, analyse and process available information to obtain required knowledge
  3. Seek advice and guidance of specialist expertise where required, to interpret, analyse and synthesise
  4. Provide advice based upon identified facts and relevant law
Collect and collate business information for analysis

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Interpret, analyse and process available information to obtain required knowledge

Completed
Date:

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Seek advice and guidance of specialist expertise where required, to interpret, analyse and synthesise

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide advice based upon identified facts and relevant law

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain legal knowledge

  1. Relevant legal sources are reviewed regularly and any changes are applied in daily work
  2. Systems for maintaining up-to-date knowledge about relevant legal aspects of corporations and trusts law are put in place and used
Relevant legal sources are reviewed regularly and any changes are applied in daily work

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Systems for maintaining up-to-date knowledge about relevant legal aspects of corporations and trusts law are put in place and used

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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)

Required Skills and Knowledge

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

Range Statement

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