Course Title: Establish and manage a trust account

Part B: Course Detail

Teaching Period: Term1 2017

Course Code: BAFI5210C

Course Title: Establish and manage a trust account

School: 650T Vocational Business Education

Campus: City Campus

Program: C5337 - Diploma of Conveyancing

Course Contact: Robert Sheen

Course Contact Phone: +61 3 9925 5759

Course Contact Email:

Name and Contact Details of All Other Relevant Staff

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 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.

National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

BSBCNV506 Establish and manage a trust account


1 Review trust account for compliance with trust account requirements

Performance Criteria:

1.1 Clearly identify, accurately record and continuously update practice trust account requirements in line with relevant legislation and regulations 1.2 Develop policies and procedures for accurate trust account-keeping which comply with trust account requirements, key principles of accounting and financial management, and legislative requirements 1.3 Identify and apply criteria for evaluating electronic and manual trust accounting systems to ensure compliance with all trust account requirements


2 Establish and manage trust accounts

Performance Criteria:

2.1 Identify and access source documents for trust transactions in line with legislative requirements 2.2 Produce documentation of trust records and transactions to give an accurate record of practice transactions on behalf of clients 2.3 Ensure transactions are supported by appropriate authorisation and documentation and are in line with practice and legislative requirements 2.4 Promptly and accurately record entries and transactions in line with relevant trust account requirements, and provide on demand as required 2.5 Promptly follow up discrepancies in entries or documentation to ensure clarification or resolution and report to relevant authorities where necessary 2.6 Check audit and security arrangements 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 Authorise and manage disbursements between trust and office accounts within agreed practice protocols and legislative requirements 3.2 Make appropriate arrangements with third parties and other professionals to ensure that practice trust accounts comply with legislative requirements 3.3 Disseminate or make readily available practice trust administration policies and procedures to relevant staff in line with practice and legislative requirements 3.4 Provide ongoing training for relevant practice staff to ensure efficient operation of trust accounts and financial and IT systems, and compliance with practice and legislative requirements 3.5 Develop and implement procedures for monitoring records and ensuring the security of trust account records


4 Monitor and review trust accounts

Performance Criteria:

4.1 Regularly review documentation and other reporting requirements for compliance with legislative requirements 4.2 Regularly check and monitor trust account entries and transactions to ensure compliance with practice and legislative requirements 4.3 Monitor trust account transactions to ensure appropriate authorisation is obtained prior to any disbursements


5 Authorise and verify trust accounts

Performance Criteria:

5.1 Verify periodic reconciliation in compliance with legislative requirements 5.2 Prepare and discuss periodic financial reports with clients to ensure continued accuracy 5.3 Maintain records for convenience and proper auditing 5.4 Meet legislative audit requirements

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
•Overview of assessment requirements
•Pre-Training Review including:◦Recognition of Prior Learning and Credit Transfers
◦Assessment of current skills and knowledge
•Competency/Grading Criteria
•Submission requirements
•Resubmission policy
•Where to get support
•Student responsibilities

Full details of the teaching schedule for this unit may be found in the "Course and Program Guide Summary - Semester 1, 2017" (attached).
Please note that this teaching schedule is subject to change.

Learning Resources

Prescribed Texts


Other Resources

Full details of resources required for this unit may be found in the "Course and Program Guide Summary - Semester 1, 2017" referred to earlier.

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.

Assessment Tasks

Full details of the assessment(s) for this unit may be found in the "Course and Program Guide Summary - Semester 1, 2017" referred to earlier.

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 (unresolved)

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:

CHD Competent with High Distinction

CDI Competent with Distinction

CC Competent with Credit

CAG Competency Achieved – Graded

NYC Not Yet Competent (all assessment tasks submitted)

DNS 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