Unit of competency Outline

Date retreived
22/07/2026 5:48 AM AWST

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Administer a non-complex trust

Administer a non-complex trust

Unit of competency
National Code
FNSPRT303A
State Code
D9448
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
2.00
Current Release Date
07/03/2012
View on TGA
State Implementation and Classification
Approved Date
29/07/2014
Field of Education
081105 - Investment And Securities
Original Release Date
29/07/2014
Nominal Hours
45
Description
This unit describes the performance outcomes, skills and knowledge required to administer a non-completed trust, including establishing the trust and conducting preliminary work for the ongoing management of the trust.
Notes
Elements and Performance Criteria
1. Establish the trust file
  • 1.1. Preliminary reading of the trust establishment document to identify parameters and instructions is conducted
  • 1.2. The trust file is created according to organisational requirements
  • 1.3. Deposit of trust funds is arranged
2. Provide for the ongoing management of the trust
  • 2.1. A diary system is established to efficiently identify relevant dates
  • 2.2. Needs of beneficiaries for both income and capital are identified and arrangements made for an investment strategy to be prepared
  • 2.3. Beneficiaries' profiles are established and relevant records obtained
  • 2.4. Regular statements of accounts are prepared and arrangement made for lodgement of tax
  • 2.5. Applications by beneficiaries for advance of capital or income are responded to
  • 2.6. Assets and investment strategies are reviewed periodically and appropriate changes made
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.
Organisational requirements may include:
professional code of conduct in the personal trustee industry including:
applying ethical principles
integrity
professional attitude
maintaining confidentiality
meeting timelines.
Relevant dates may include:
dates for regular payments, such as:
beneficiaries' vesting dates
inspection dates
insurance.
Beneficiaries' profiles may include:
recording of ages
the nature of the trust:
minor beneficiaries
life tenancy.
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:
assist clients in administering non-completed trusts
prepare and interpret simple financial statements
apply basic investigation skills such as genealogical research.
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 the internet for searches.
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
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaces
State Code National Code Title Type
C9883 FNSPERT303B Administer a non-completed Trust Unit of competency
Replaced By
State Code National Code Title Type
D4294 FNSPRT303C Administer a non-completed trust Unit of competency
AUS73 FNSPRT303 Administer a non-complex trust Unit of competency