Unit of competency Outline

Date retreived
22/07/2026 4:42 PM AWST

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Apply legal principles in corporations and trust law

Apply legal principles in corporations and trust law

Unit of competency
National Code
FNSTPB504
State Code
AUT53
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
081105 - Investment And Securities
Original Release Date
16/09/2015
Nominal Hours
60
Description
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.
Notes
Elements and Performance Criteria
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
No information
No information
Replaces
State Code National Code Title Type
WC250 FNSTPB501A Apply legal principles in corporations and trusts law Unit of competency