Unit of competency Outline
Date retreived
22/07/2026 10:02 AM AWST
22/07/2026 10:02 AM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Administer a complex trust
Administer a complex trust
Unit of competency
National Code
FNSPRT404A
FNSPRT404A
State Code
D4298
D4298
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
29/07/2014
Field of Education
081105 - Investment And Securities
Original Release Date
29/07/2014
Nominal Hours
60
Description
This unit describes the performance outcomes, skills and knowledge required to administer a complex trust, including determining the most prudent location and investment for the assets, managing and monitoring the assets, and reviewing performance.This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body.
Notes
Elements and Performance Criteria
1. Establish trust file
- 1.1. Preliminary reading of the trust establishment document is conducted to identify complex issues or needs, parameters and instructions
- 1.2. Trust file is created according legal, statutory and organisational requirements
2. Administer the trust appropriately
- 2.1. Assets are held at appropriate locations meeting all statutory and legal requirements
- 2.2. Appropriate tools are established and prepared to manage the trust with needs of beneficiaries for both income and capital reviewed
- 2.3. Applications by beneficiaries for advance of capital or income are responded to in a manner most appropriate to all parties concerned
- 2.4. Trust assets are invested appropriately and investment obligations of the trustee are satisfied with assets and funds distributed appropriately
- 2.5. Customer service strategies that assess and respond to customers' needs are used to ensure maximum customer satisfaction and conflict resolution skills are used to recognise and defuse potential conflict
3. Evaluate and review trust performance
- 3.1. Trust performance is reviewed periodically to ensure its relevance and appropriateness to client needs
- 3.2. Trust performance is reported to appropriate persons and clients are advised if changes to the trust are appropriate
- 3.3. Ongoing management of the trust is provided and additional considerations dealt with in a timely and professional manner
- 3.4. If required, private companies are directed, managed or wound up and appropriate taxation effective strategies are put in place
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.
Complex issues or needs may include:
companies
family trusts
international and interstate assets
partnerships
pastoral properties
any other unusual circumstances.
Legal, statutory and organisational requirements may include:
State and Territory legislation and regulation relating to:
wills
intestacies
trusts
attorneyships/guardianships
partnerships
investment of trust assets
Commonwealth legislation and regulations including:
Income Tax Assessment Act
organisational requirements may include professional code of conduct in the personal trustee industry including:
ethical practices
integrity
professionalism
confidentiality.
Appropriate tools may include:
a diary system
account and taxation returns
beneficiary profiles and relevant records.
Ongoing management of the trust may include:
assessing special needs of clients
calculation of fees
conducting and investment review
monitoring of property
payment of rates and insurance
preparing statements of account
preparing tax returns
selling or purchase of assets.
Additional considerations may include:
Capital Gains Tax (CGT)
insurance of assets
investment of assets
minor beneficiaries
payment of personal representative's fee for administration
trusts.
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.
Complex issues or needs may include:
companies
family trusts
international and interstate assets
partnerships
pastoral properties
any other unusual circumstances.
Legal, statutory and organisational requirements may include:
State and Territory legislation and regulation relating to:
wills
intestacies
trusts
attorneyships/guardianships
partnerships
investment of trust assets
Commonwealth legislation and regulations including:
Income Tax Assessment Act
organisational requirements may include professional code of conduct in the personal trustee industry including:
ethical practices
integrity
professionalism
confidentiality.
Appropriate tools may include:
a diary system
account and taxation returns
beneficiary profiles and relevant records.
Ongoing management of the trust may include:
assessing special needs of clients
calculation of fees
conducting and investment review
monitoring of property
payment of rates and insurance
preparing statements of account
preparing tax returns
selling or purchase of assets.
Additional considerations may include:
Capital Gains Tax (CGT)
insurance of assets
investment of assets
minor beneficiaries
payment of personal representative's fee for administration
trusts.
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:
undertake relevant tasks associated with assisting clients in administering trusts using customer service strategies that allow for customers' needs to be assessed and responded to, in complex situations, to ensure maximum customer satisfaction
apply conflict resolution skills to recognise potential conflict in a variety of situations, including internal and using strategies to defuse the situation
prepare and interpret complex financial statements
use high level investigation skills such as genealogical research
manage status reports on complex matters with competing priorities.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to appropriate legislation and regulations relevant to preparing a trust, workplace manuals and reference material such as company policy, procedural manuals and checklists.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
verbal or written questioning on underpinning knowledge and skills
setting and reviewing simulations or scenarios
accessing and validating third party reports.
Guidance information for assessment
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:
undertake relevant tasks associated with assisting clients in administering trusts using customer service strategies that allow for customers' needs to be assessed and responded to, in complex situations, to ensure maximum customer satisfaction
apply conflict resolution skills to recognise potential conflict in a variety of situations, including internal and using strategies to defuse the situation
prepare and interpret complex financial statements
use high level investigation skills such as genealogical research
manage status reports on complex matters with competing priorities.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to appropriate legislation and regulations relevant to preparing a trust, workplace manuals and reference material such as company policy, procedural manuals and checklists.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
verbal or written questioning on underpinning knowledge and skills
setting and reviewing simulations or scenarios
accessing and validating third party reports.
Guidance information for assessment
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUS71 | FNSPRT404 | Administer a trust dealing with complex matters | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D712 | FNS41311 | Certificate IV in Personal Trust Administration | Qualification |