Unit of competency Outline

Date retreived
21/07/2026 11:54 PM AWST

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Administer a non-complex trust

Administer a non-complex trust

Unit of competency
National Code
FNSPRT303
State Code
AUS73
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
2.00
Current Release Date
14/01/2016
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
081105 - Investment And Securities
Original Release Date
16/09/2015
Nominal Hours
45
Description
This unit describes the skills and knowledge required to establish a trust with non-complex matters and conduct preliminary and ongoing administration of the trust.It applies to individuals who are proficient administrators in the personal trustee sector. They have the well developed communication and financial management skills necessary to administer trusts that do not have complex matters in regards to 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. Create trust file
  • 1.1 Conduct preliminary reading of trust instrument to identify parameters and instructions and confirm there are no complex matters to administer
  • 1.2 Create trust file according to legislative and organisational requirements
  • 1.3 Arrange deposit of trust funds and transfer of assets where required
  • 1.4 Confirm beneficiaries’ profiles and obtain relevant records
2. Establish and administer trust
  • 2.1 Identify income and capital needs of beneficiaries and arrange for investment strategy to be prepared where required
  • 2.2 Identify relevant dates and record in diary management system
  • 2.3 Process application from beneficiaries for an advance of the trust's capital or income
  • 2.4 Make a decision to accept 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 may arise as a result of the decision
3. Provide for ongoing administration of trust
  • 3.1 Review performance of trust's assets periodically to ensure relevance and appropriateness to needs of beneficiaries
  • 3.2 Report performance to appropriate persons and advise if changes to trust are required
  • 3.3 Prepare, and provide beneficiaries with copies of financial, investment and transaction statements including detail on the fees and charges that apply
  • 3.4 Prepare and lodge a trustee tax return where required seeking assistance from specialists as necessary
No information
No information
Replaces
State Code National Code Title Type
D9448 FNSPRT303A Administer a non-complex trust Unit of competency
Replaced By
State Code National Code Title Type
OEC94 FNSPRT313 Administer non-complex trusts Unit of competency