Course Title: Establish and manage a trust account

Part A: Course Overview

Program: C5337 Diploma of Conveyancing

Course Title: Establish and manage a trust account

Portfolio: Vocational Education

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




Learning Mode

Teaching Period(s)


City Campus


650T Vocational Business Education

Face-to-Face or Internet

Term1 2016,
Term1 2017

Course Contact: Robert Sheen

Course Contact Phone: +61 3 9925 5759

Course Contact Email:

Course Description

This unit describes the 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 account requirements, establishing and managing trust accounts, maintaining trust transaction records, and monitoring and reviewing trust accounts.

It applies to individuals who use specialised knowledge and systematic approaches to analyse and manage financial information against specified criteria and compliance requirements.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the relevant regulator for specific guidance on requirements.

Pre-requisite Courses and Assumed Knowledge and Capabilities


National Competency Codes and Titles

National Element Code & Title:

BSBCNV506 Establish and manage a trust account


1 Review trust account for compliance with trust account requirements

2 Establish and manage trust accounts

3 Manage and control trust accounts

4 Monitor and review trust accounts

5 Authorise and verify trust accounts

Learning Outcomes

Overview of Assessment

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

Performance Evidence
Evidence of the ability to establish, administer and manage a trust and/or controlled money account in a conveyancing practice that:

  • complies with statutory and legislative requirements for the operation of trust accounts
  • uses standard accounting principles and financial management practices
  • follows practice or agency policies and procedures.

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

  • identify and explain key:
    • accounting and bookkeeping techniques for financial control
    • auditing and reporting requirements relevant to trust account operations
  • discuss issues relating to cost-benefit analysis of establishing/maintaining trust accounts
  • outline key features of commonly used IT and management systems
  • describe key features of policy and procedures of the practice relating to trust and office accounts
  • identify and describe relevant financial, privacy, disclosure and business legislation and regulations relating to trust accounts
  • identify and explain key security and ethical privacy procedures in relation to trust account operations
  • identify and analyse key statutory standards on the operation, reporting and auditing requirements of a trust account
  • analyse and describe key processes required to monitor financial performance evaluation
  • outline professional and ethical behaviour relevant to managing trust accounts
  • outline legislative and professional requirements relating to client security, privacy and confidentiality.

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

  • common office equipment, technology, software and consumables
  • suitable 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 outcomes and final performance in the course. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.