Unit of competency Outline
Date retreived
22/07/2026 1:35 AM AWST
22/07/2026 1:35 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.
Apply legal principles in corporations and trusts law
Apply legal principles in corporations and trusts law
Unit of competency
National Code
FNSTPB501A
FNSTPB501A
State Code
WC250
WC250
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
15/05/2012
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
15/05/2012
Nominal Hours
60
Description
This unit describes the performance outcomes, skills and knowledge required to apply legal principles in corporation and trusts law matters.
Notes
Elements and Performance Criteria
1. Research legal aspects of corporations and trusts law
- 1.1 Research corporation and trusts law and related legislation, regulation and practice
- 1.2 Identify different types of corporations and trust law transactions and clearly outline their legal context, establishment procedures and purpose
- 1.3 Identify relevant legal principles applying to corporations and trusts matters
2. Analyse issues and risks associated with the operation of a business
- 2.1 Identify areas of risk in the application of law in corporations and trusts matters
- 2.2 Analyse how legal issues impact on different types of business structures
- 2.3 Evaluate the relevance and implication of risks for the structure, operation and performance of different types of business structures
- 2.4 Assess the ways in which risk mitigation is addressed in the formation and operation of different types of business structures
3. Apply knowledge of law to business structures
- 3.1 Collect and collate business information for analysis
- 3.2 Interpret, analyse and process available information to obtain required knowledge
- 3.3 Seek advice and guidance of specialist expertise where required, to interpret, analyse and synthesise
- 3.4 Provide advice based upon identified facts and relevant law
4. Maintain legal knowledge
- 4.1 Relevant legal sources are reviewed regularly and any changes are applied in daily work
- 4.2 Systems for maintaining up-to-date knowledge about relevant legal aspects of corporations and trusts law are put in place and used
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.
Legislation includes that relating to:
Australian corporations law
principles of equity applying to trusts
state and territory trusts legislation
Different types of business structures include:
association
company limited by guarantee
company limited by shares
company limited by shares and guarantee
franchise
holding company
no-liability company
partnerships, including joint ventures, formal and informal
registrable Australian corporation
shelf company
subsidiary company
trusts, including express, discretionary and bare
unlimited company
Legislation includes that relating to:
Australian corporations law
principles of equity applying to trusts
state and territory trusts legislation
Different types of business structures include:
association
company limited by guarantee
company limited by shares
company limited by shares and guarantee
franchise
holding company
no-liability company
partnerships, including joint ventures, formal and informal
registrable Australian corporation
shelf company
subsidiary company
trusts, including express, discretionary and bare
unlimited company
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:
demonstrate knowledge and understanding of the corporations and trusts law such that current statute, common law and equitable principles can be applied, to particular fact circumstances in order to provide advice
draw conclusion having regard to the facts and relevant law
access information on relevant legislation, statutes, regulation and legal judgements
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:
analysis of responses to case studies and scenarios
direct questioning combined with review of portfolios of evidence and third-party workplace reports of on-the-job performance by the candidate
observation of role plays
review of documentation outlining the legal obligations, criteria and purpose
oral or written questioning to assess knowledge of legal terminology, practice and application
conducting a summative assessment of knowledge
Guidance information for assessment
This unit is designed to meet regulatory requirements of the Tax Practitioners Board; assessment must reflect the constraints described by the regulator. These can be accessed on the TPB website and are also reproduced in current regulatory guidelines published on the IBSA website www.ibsa.org.au (under training packages/financial services)
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
demonstrate knowledge and understanding of the corporations and trusts law such that current statute, common law and equitable principles can be applied, to particular fact circumstances in order to provide advice
draw conclusion having regard to the facts and relevant law
access information on relevant legislation, statutes, regulation and legal judgements
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:
analysis of responses to case studies and scenarios
direct questioning combined with review of portfolios of evidence and third-party workplace reports of on-the-job performance by the candidate
observation of role plays
review of documentation outlining the legal obligations, criteria and purpose
oral or written questioning to assess knowledge of legal terminology, practice and application
conducting a summative assessment of knowledge
Guidance information for assessment
This unit is designed to meet regulatory requirements of the Tax Practitioners Board; assessment must reflect the constraints described by the regulator. These can be accessed on the TPB website and are also reproduced in current regulatory guidelines published on the IBSA website www.ibsa.org.au (under training packages/financial services)
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUT53 | FNSTPB504 | Apply legal principles in corporations and trust law | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S735 | FNS60210 | Advanced Diploma of Accounting | Qualification |
| S718 | FNS50210 | Diploma of Accounting | Qualification |