Unit of competency Outline

Date retreived
22/07/2026 3:36 AM AWST

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Administer charitable trusts

Administer charitable trusts

Unit of competency
National Code
FNSPRT518
State Code
OEB85
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
55
Description
This unit describes the skills and knowledge required to establish and administer a charitable trust and to manage and monitor the charitable trust’s assets.The unit applies to administrators in the personal trustee sector who have highly developed communication and financial management skills to administer charitable trusts.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant regulatory authorities to confirm those requirements.
Notes
Elements and Performance Criteria
1. Establish charitable trust file
  • 1.1 Identify type of charitable trust and trust parameters from trust instrument
  • 1.2 Identify relevant legislation and regulators in charitable trust area
  • 1.3 Research and identify specific rules and tax status that applies to various charitable entities
  • 1.4 Arrange specialist services and other resources to assist with managing complex issues as required
  • 1.5 Create charitable trust file according to legislative and organisational requirements
2. Manage charitable trust
  • 2.1 Establish and prepare appropriate tools, practices and procedures to manage a charitable trust and to promote the charitable purpose stipulated in trust instrument
  • 2.2 Review grant applications and respond to all applicants according to organisational requirements
  • 2.3 Distribute trust funding to eligible beneficiaries and grant funding to successful applicants
  • 2.4 Prepare and submit information statements and financial reports as required by relevant regulatory agencies
3. Provide for ongoing management and administration of charitable trust
  • 3.1 Invest charitable trust assets according to trust instrument and trustee’s legal investment obligations
  • 3.2 Establish processes to review performance of charitable trust’s assets periodically and confirm suitability from a legal, taxation and long-term perspective
  • 3.3 Prepare and lodge a trustee tax return as required and seek assistance from specialists, as required
  • 3.4 Manage the succession of a charitable trust as required
No information
No information
Replaces
State Code National Code Title Type
AWF11 FNSPRT508 Administer a charitable trust Unit of competency
State Code National Code Title Type
BHU7 FNS42222 Certificate IV in Personal Trust Administration Qualification
BHX2 FNS52022 Diploma of Personal Trusts Qualification