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Evidence Guide: FNSPRT401 - Administer an intestate estate

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSPRT401 - Administer an intestate estate

What evidence can you provide to prove your understanding of each of the following citeria?

Identify assets and liabilities of intestate estate

  1. Research, establish and confirm existence of assets and liabilities of intestate estate
  2. Obtain accurate valuation of assets and weigh them against liabilities, with creditors sought through legislative notices
  3. Prepare accurate statements of assets and liabilities
  4. Consider and apply all relevant legislative and organisational requirements and confirm intestate succession
  5. Identify any complex issues and take appropriate action based on administrator’s skills and experience
Research, establish and confirm existence of assets and liabilities of intestate estate

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain accurate valuation of assets and weigh them against liabilities, with creditors sought through legislative notices

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare accurate statements of assets and liabilities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Consider and apply all relevant legislative and organisational requirements and confirm intestate succession

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify any complex issues and take appropriate action based on administrator’s skills and experience

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Collect and distribute assets

  1. Advise beneficiaries of any capital gains tax (CGT) implications in timely and appropriate manner
  2. Ensure liabilities are paid and assets distributed promptly in accordance with legislative requirements
  3. Make arrangements for tax return to be lodged to date of death
  4. Ensure internal audit requirements are completed
Advise beneficiaries of any capital gains tax (CGT) implications in timely and appropriate manner

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure liabilities are paid and assets distributed promptly in accordance with legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make arrangements for tax return to be lodged to date of death

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure internal audit requirements are completed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Finalise intestate estate

  1. Prepare final taxation return for submission to Australian Taxation Office (ATO)
  2. Calculate fees or commissions if required, and prepare and send final distribution cheques and financial statements to beneficiaries
Prepare final taxation return for submission to Australian Taxation Office (ATO)

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Calculate fees or commissions if required, and prepare and send final distribution cheques and financial statements to beneficiaries

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify assets and liabilities of intestate estate

1.1 Research, establish and confirm existence of assets and liabilities of intestate estate

1.2 Obtain accurate valuation of assets and weigh them against liabilities, with creditors sought through legislative notices

1.3 Prepare accurate statements of assets and liabilities

1.4 Consider and apply all relevant legislative and organisational requirements and confirm intestate succession

1.5 Identify any complex issues and take appropriate action based on administrator’s skills and experience

2. Collect and distribute assets

2.1 Advise beneficiaries of any capital gains tax (CGT) implications in timely and appropriate manner

2.2 Ensure liabilities are paid and assets distributed promptly in accordance with legislative requirements

2.3 Make arrangements for tax return to be lodged to date of death

2.4 Ensure internal audit requirements are completed

3. Finalise intestate estate

3.1 Prepare final taxation return for submission to Australian Taxation Office (ATO)

3.2 Calculate fees or commissions if required, and prepare and send final distribution cheques and financial statements to beneficiaries

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify assets and liabilities of intestate estate

1.1 Research, establish and confirm existence of assets and liabilities of intestate estate

1.2 Obtain accurate valuation of assets and weigh them against liabilities, with creditors sought through legislative notices

1.3 Prepare accurate statements of assets and liabilities

1.4 Consider and apply all relevant legislative and organisational requirements and confirm intestate succession

1.5 Identify any complex issues and take appropriate action based on administrator’s skills and experience

2. Collect and distribute assets

2.1 Advise beneficiaries of any capital gains tax (CGT) implications in timely and appropriate manner

2.2 Ensure liabilities are paid and assets distributed promptly in accordance with legislative requirements

2.3 Make arrangements for tax return to be lodged to date of death

2.4 Ensure internal audit requirements are completed

3. Finalise intestate estate

3.1 Prepare final taxation return for submission to Australian Taxation Office (ATO)

3.2 Calculate fees or commissions if required, and prepare and send final distribution cheques and financial statements to beneficiaries