Unit of competency Outline

Date retreived
22/07/2026 3:48 PM AWST

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Administer non-complex trusts

Administer non-complex trusts

Unit of competency
National Code
FNSPRT313
State Code
OEC94
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
15/06/2022
View on TGA
State Implementation and Classification
Approved Date
07/12/2022
Field of Education
081105 - Investment And Securities
Original Release Date
07/12/2022
Nominal Hours
45
Description
This unit describes the skills and knowledge required to establish a trust with non-complex matters, conduct preliminary administration of the trust, and develop and implement processes for its ongoing administration.The unit applies to those who work as administrators in the personal trustee sector. They have well-developed communication and financial management skills required to administer trusts that do not have complex matters regarding the trust’s assets and beneficiaries.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Establish trust file
  • 1.1 Identify parameters and instructions of trust
  • 1.2 Conduct preliminary reading of trust, and confirm there are no complex matters to administer
  • 1.3 Contact and consult with internal or external specialists, as required
  • 1.4 Create trust file according to legislative and organisational requirements
  • 1.5 Arrange deposit of trust funds and transfer of assets as required
  • 1.6 Confirm profiles of beneficiaries and obtain relevant records
2. Establish and manage trust
  • 2.1 Identify income and capital needs of beneficiaries and arrange for preparation of investment strategy, as required
  • 2.2 Identify required dates and record in diary management system
  • 2.3 Process application from beneficiaries for an advance of the capital or income of the trust
  • 2.4 Approve 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 arise as a result of the decision, as required
3. Develop and implement processes for ongoing administration of trust
  • 3.1 Establish processes to review trust assets periodically and confirm alignment with best interests of beneficiaries
  • 3.2 Report performance to required stakeholders and advise if changes to trust are required
  • 3.3 Prepare and provide beneficiaries with copies of financial, investment and transaction statements
  • 3.4 Explain all associated fees and charges originating from financial investments and transactions and confirm client understanding
  • 3.5 Prepare and lodge a trustee tax return as required, seeking assistance from specialists as required
No information
No information
Replaces
State Code National Code Title Type
AUS73 FNSPRT303 Administer a non-complex trust Unit of competency