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Evidence Guide: FNSTPB504 - Apply legal principles in corporations and trust 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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FNSTPB504 - Apply legal principles in corporations and trust law

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

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

  1. Identify client circumstances that require advice on corporation and trust law matters
  2. Research corporations and trust law and related legislation, regulation and practice
  3. Identify different types of relevant corporations and trust law transactions, and clearly outline their legal context, establishment procedures and purpose
  4. Identify legal principles applying to corporation and trust matters that are relevant to client circumstances
Identify client circumstances that require advice on corporation and trust law matters

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse issues and risks associated with operation of a business

  1. Identify areas of risk in application of law in corporation and trust matters
  2. Analyse how legal issues impact on different types of legal entities
  3. Evaluate relevance to client circumstances and implication of risks for structure, operation and performance of different types of legal entities
  4. Assess ways in which risk mitigation is addressed in formation and operation of different types of legal entities
Identify areas of risk in application of law in corporation and trust matters

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse how legal issues impact on different types of legal entities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Apply knowledge of law to business structures

  1. 3.1 Collect and collate client's business information for analysis
  2. 3.2 Interpret, analyse and process available information to obtain required knowledge on client's business structure requirements
  3. 3.3 Seek advice and guidance of specialist where required, to interpret, analyse and synthesise client's relevant information
  4. Provide advice to client based on identified facts and relevant laws
3.1 Collect and collate client's business information for analysis

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide advice to client based on identified facts and relevant laws

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain legal knowledge

  1. 4.1 Review client's circumstances and business structure, and apply any changes in relevant aspects of corporations and/or trust law if necessary
  2. Access and use systems for maintaining up-to-date knowledge about relevant legal aspects of corporations and trust law
  3. Review relevant legal sources regularly and apply any changes in daily work
4.1 Review client's circumstances and business structure, and apply any changes in relevant aspects of corporations and/or trust law if necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

  1. Identify client circumstances that require advice on corporation and trust law matters
  2. Research corporations and trust law and related legislation, regulation and practice
  3. Identify different types of relevant corporations and trust law transactions, and clearly outline their legal context, establishment procedures and purpose
  4. Identify legal principles applying to corporation and trust matters that are relevant to client circumstances
Identify client circumstances that require advice on corporation and trust law matters

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

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. 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

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. 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.