Course Title: Apply legal principles in corporations and trust law

Part A: Course Overview

Program: C6148 Advanced Diploma of Accounting

Course Title: Apply legal principles in corporations and trust law

Portfolio: BUS Portfolio Office

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.

Course Code

Campus

Career

School

Learning Mode

Teaching Period(s)

BAFI5223C

City Campus

TAFE

650T Vocational Business Education

Face-to-Face or Internet

Term2 2016,
Term1 2017

Course Contact: Ben Sethia

Course Contact Phone: +61 3 9925 5982

Course Contact Email: ben.sethia@rmit.edu.au



Course Description

This unit describes the skills and knowledge required to research and analyse legal principles and issues in corporations and trust law matters and then apply this knowledge to provide advice to clients.

It applies to individuals who work with corporations and trust laws in the workplace as determined by the job role, legislation, rules, regulations and codes of practice relevant to different jurisdictions.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. This unit is designed to meet educational requirements of the Tax Practitioner Board (TPB). Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

Pre-requisite Courses and Assumed Knowledge and Capabilities

None



National Competency Codes and Titles

National Element Code & Title:

FNSTPB504 Apply legal principles in corporations and trust law

Elements:

1. Research legal aspects of corporations and trust law relevant to client's circumstances

2. Analyse issues and risks associated with operation of a business

3. Apply knowledge of law to business structures

4. Maintain legal knowledge


Learning Outcomes


Overview of Assessment

In order to achieve competency in this unit, you must provide:

Performance Evidence

 Evidence of the ability to:

◾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

To complete the unit requirements safely and effectively, you must:

◾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

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the tax and legal fields of work and include access to:

  • office equipment, technology, software and consumables
  • relevant legislation, regulations and codes of practice

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

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

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