FNSTPB504 — Apply legal principles in corporations and trust law

Elements & performance criteria

Performance evidence

• research changes to, or new, legislative requirements in relation to corporations and trust law relevant to the client’s circumstances and business structure requirements
• apply current statute, common law and equitable principles in relation to corporations and trust law relevant to the client’s circumstances
• present a recommendation on suitable business structures or legal entities to the client after considering the client’s circumstances.

Knowledge evidence

• describe the operation of the Australian legal systems and processes relevant to corporations and trust law including: • basic principles, current statute, common law and equitable principles • roles and responsibilities of key organisations • constitutional considerations • separation of powers • basic principles of the law of torts, particularly relating to negligence and negligent misstatement • courts and regulatory bodies
• outline how laws are enacted and their underlying policy aims
• explain how those laws may be interpreted by existing common law and equitable rules and applied to corporations and trusts
• analyse legal concepts of business organisational structures, and underlying regulation including the application of these to: • sole traders • partnerships • corporations • trusts • agencies • joint ventures • incorporated associations
• examine legal aspects of superannuation with reference to: • ways in which superannuation can be accumulated and taken • who can provide superannuation products and how those providers and their products are prudentially licensed and regulated • duties of superannuation trustees • how superannuation interests are protected and litigated • current and future developments in superannuation law and policy
• identify and reference the key features of Australian corporations law and requirements to analyse issues and risks relating to: • nature of a company • company registration • promoters and pre-registration contracts • company constitution and replaceable rules • contracting with others • fundraising • share capital • member meetings • corporate management • directors’ duties • member remedies • bankruptcy and insolvency
• examine legal concepts and scope of law covering trusts with particular reference to: • structure of a trust • trust deed • common law duty • role and responsibilities of a trustee • types of trusts • member meetings • corporate management • member remediation • bankruptcy and insolvency.

Foundation skills

• Learning: Identifies, plans and implements strategies to manage gaps in personal knowledge
• Reading: Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
• Writing: Prepares documents that are constructed logically, succinctly and accurately to express ideas and explore complex issues Completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology
• Oral Communication: Participates in verbal exchanges using active listening and questioning techniques to elicit information from others and to confirm understanding Provides instructions and presents information structuring tone, pace and content in line with the audience and purpose
• Navigate the world of work: Works autonomously, making high level decisions to achieve and improve organisational goals Develops and implements strategies that ensure organisational policy, procedures and regulatory requirements are being met Ensures knowledge of legislation and regulations is accurate, comprehensive and current to provide advice to others as required by role
• Interact with others: Selects, implements and manipulates communications systems, processes and practices for maximum impact Uses a variety of relevant communication tools and strategies in building and maintaining effective working relationships
• Get the work done: Develops plans to manage relatively complex routine and non-routine tasks with an awareness of how they might contribute to broader strategy and goals Gathers and analyses data and seeks feedback to improve plans and processes Addresses complex problems involving multiple variables, using formal analytical and lateral thinking techniques, experience and knowledge to generate solutions Identifies key factors that impact on decisions and their outcomes, drawing on experience, competing priorities and decision-making strategies where appropriate Uses digital systems and technologies to enter, store or access information

Unit content sourced from training.gov.au — © Commonwealth of Australia, licensed under CC BY 4.0. Auditori is not affiliated with the Department of Employment and Workplace Relations.

Questions about assessing FNSTPB504