Course Title: Establish and manage a trust account

Part B: Course Detail

Teaching Period: Term2 2017

Course Code: BAFI5204C

Course Title: Establish and manage a trust account

School: 650T Vocational Business Education

Campus: City Campus

Program: C6141 - Advanced Diploma of Legal Practice

Course Contact: Robert Sheen

Course Contact Phone: +61 3 9925 5759

Course Contact Email:

Name and Contact Details of All Other Relevant Staff

Robyn Lang


Linda Boyce


Nominal Hours: 60

Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

Pre-requisites and Co-requisites


Course Description

This unit describes the performance outcomes, skills and knowledge required to establish, manage and administer a trust or controlled money account in a conveyancing practice.

It encompasses reviewing for compliance with trust accounts requirements, establishing and managing trust accounts, maintaining records of trust transactions, and monitoring and reviewing of trust accounts.

This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body.

National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSCNV506A Establish and manage a trust account


1. Review trust account for compliance with trust account requirements

Performance Criteria:

1.1.Practice trust account requirements are clearly identified, accurately recorded and continuously updated in line with relevant legislation and regulations

1.2.Policies and procedures for accurate trust account keeping are developed which comply with trust account requirements, key principles of accounting and financial management, and legislative requirements

1.3.Criteria for evaluating electronic and manual trust accounting systems are identified and applied to ensure compliance with all trust account requirements


2. Establish and manage trust accounts

Performance Criteria:

2.1.Source documents for trust transactions are identified and accessed in line with legislative requirements

2.2.Documentation of trust records and transactions are produced to give an accurate record of practice transactions on behalf of clients

2.3.Transactions are supported by appropriate authorisation and documentation and are in line with practice and legislative requirements

2.4.Entries and transactions are promptly and accurately recorded in line with relevant trust account requirements, and can be provided on demand

2.5.Discrepancies in entries or documentation are promptly followed up to ensure clarification or resolution and are reported to relevant authorities where necessary

2.6.Audit and security arrangements are checked to ensure they provide adequate protection for client confidentiality and client funds held in trust


3. Manage and control trust accounts

Performance Criteria:

3.1.Disbursements to and from trust accounts are authorised and managed within agreed practice protocols and legislative requirements

3.2.Appropriate arrangements are made with third parties and other professionals to ensure that practice trust accounts comply with legislative requirements

3.3.Practice trust administration policies and procedures are disseminated or made readily available to relevant staff in line with practice and legislative requirements

3.4.Ongoing training of relevant practice staff is provided to ensure efficient operation of trust accounts and financial and IT systems, and compliance with practice and legislative requirements

3.5.Procedures for monitoring records and ensuring the security of trust account records are developed and implemented


4. Monitor and review trust accounts

Performance Criteria:

4.1.Documentation and other reporting requirements are regularly reviewed for compliance with legislative requirements

4.2.Trust account entries and transactions are regularly checked and monitored to ensure compliance with practice and legislative requirements

4.3.Trust account transactions are monitored to ensure appropriate authorisation is obtained prior to any disbursements


5. Authorise and verify trust accounts

Performance Criteria:

5.1.Periodic reconciliation is verified in compliance with legislative requirements

5.2.Periodic financial reports are prepared and discussed with clients to ensure their continued accuracy

5.3.Records are maintained to enable them to be conveniently and properly audited

5.4.Legislative audit requirements are met

Learning Outcomes


Details of Learning Activities

A range of learning activities are planned for this course including self-paced and collaborative classroom-based activities.

The self-paced activities will be delivered through various technology platforms and may include your contribution to wikis and discussion threads, reflective journals, quizzes and interactive sessions.

The collaborative classroom-based activities will include group discussions, group problem-solving activities and opportunities to practice your skills in a simulated/real workplace environment. We expect you to participate and contribute in all scheduled learning activities.

Teaching Schedule

Induction Session

Prior to training commencement a program level induction session will be conducted that comprises the following:

  • Program overview and requirements
  • MyRMIT/Blackboard
  • Overview of assessment requirements
  • Pre-Training Review including:
    • Recognition of Prior Learning and Credit Transfers
    • Assessment of current skills and knowledge
  • Competency/Grading Criteria
  • Plagiarism
  • Appeals
  • Extensions
  • Feedback
  • Privacy
  • Submission requirements
  • Resubmission policy
  • Where to get support
  • Student responsibilities 


This course is one of six (6) courses comprising the “Working in a Legal Environment” (WiLE) segment of this program, the details of which are as follows:


 Practise in a Legal Environment (PILE)


 Undertake Career Planning


 Use Communication to Build Relationships


 Develop Keyboarding Speed and Accuracy


 Produce Complex Legal Documents


 Establish and Maintain a Trust Account


The above courses are all co-delivered.

The weekly teaching schedule for this course is located in the attached file named "Weekly schedule 2017Sem 2”. (Please note that this schedule is subject to change).



Learning Resources

Prescribed Texts


Other Resources

Overview of Assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

In order to demonstrate competency in this unit, you must provide evidence of the ability to:

* comply with statutory and legislative requirements for the operation of trust accounts
* apply financial management and accounting principles and knowledge to trust accounts
* apply detailed knowledge of the policies and procedures of the practice
* demonstrate commitment to client service and maintenance of client security, privacy and confidentiality
* undertake high level critical analysis, monitoring and financial performance evaluation
* demonstrate high standards of professional and ethical behaviour in all actions.

Context 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 workplace or a closely simulated work environment
• access to and use of a range of common office equipment, technology, software and consumables
• suitable assessment records showing the establishment and management of a practice trust account. 

You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.


Feedback will be provided throughout the semester in class and/or online discussions. You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed.

You should take note of all feedback received and use this information to improve your learning effectiveness and final performance in the course.

Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.

Assessment Tasks

The details of the assessment tasks for the six (6) co-delivered courses mentioned earlier in this course guide are also located in the attachment named "Weekly schedule 2017Sem 2".

Assessment Matrix

Other Information

Submission Requirements

You should:

  • Ensure that you submit assessments on or before the due date.
  • Always retain a copy of your assessment tasks (both hard copy and soft copy).
  • Use a cover sheet that includes a declaration and statement of authorship when you submit work for assessment at RMIT University. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you must declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of each assessment task is available on Blackboard.
  • Include a footer (appearing on each page of your assessment) with your name, student number, assessment title, course code, course title and page numbers. For example, Kelly Hervey, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.

Late Submission Procedures

You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.

If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days. For more Information go to:

The application form may be obtained from:

Where an extension of greater than seven days is needed, you must apply for Special Consideration. Applications for Special Consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination. For more Information go to:;ID=g43abm17hc9w

The application form may be obtained from:

Resubmissions (VE Programs):

You must satisfactorily complete all assessment tasks in order to achieve competency.

If an assessment task is assessed as not yet satisfactory, you will be allowed one resubmission opportunity only. Your teacher will provide feedback detailing what you need to do in order to satisfactorily complete that task, and will set a new deadline for the resubmission within the current semester.

If your resubmission is deemed to be not yet satisfactory then you must apply in writing to your Program Manager outlining the steps you will take to demonstrate competence in that course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as practical.

If your resubmission is deemed satisfactory then you may still achieve competency for the course, provided that all other assessment tasks are satisfactorily completed. Further, if this satisfactory resubmission is of a task that contributes to the overall grading of this course, then it shall only be entitled to receive a score that equates to 50% of the total marks allocated for that task.

Adjustments to Assessment

In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which an adjustment to the assessment arrangements might be granted please access the following website:;ID=7usdbki1fjf31

Marking Guide (Competency)

You must demonstrate through your performance in the Course Assessment Tasks that you have all the required skills and knowledge as specified in the unit of competency (course) you are studying.

Your submitted assessments are the evidence used to determine if you have met all critical aspects of the assessments, and if any critical aspects have not been met, then you cannot be deemed competent in this course.

On each assessment task you will receive feedback against the competency requirements for that task, and the outcome of the task will be recorded as either satisfactory (all requirements have been met) or not yet satisfactory (one or more requirements has not yet been met).

Only when all assessment tasks have been assessed as satisfactory will you be deemed competent in this course.

Marking Guide (Grading)

This course is graded. However, only after achieving competency in this course will you receive a grade corresponding to your level of performance in the course. 

The reported Final Grade will be one of the following:


 Competent with High Distinction


 Competent with Distinction


 Competent with Credit


 Competency Achieved – Graded


 Not Yet Competent (all assessment tasks submitted)


 Did Not Submit (one or more assessment tasks not submitted)

Further details regarding the application of the grading criteria will be provided by your teacher.

Course Overview: Access Course Overview