Course Title: Apply legal principles in corporations and trust law
Part B: Course Detail
Teaching Period: Term1 2020
Course Code: BAFI5223C
Course Title: Apply legal principles in corporations and trust law
School: 650T Vocational Business Education
Campus: City Campus
Program: C6163 - Advanced Diploma of Accounting
Course Contact: Doug Gourlay
Course Contact Phone: +61 3 9925 5944
Course Contact Email: doug.gourlay@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Colin Byron
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
None
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.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSTPB504 Apply legal principles in corporations and trust law |
Element: |
1. Research legal aspects of corporations and trust law relevant to client's circumstances |
Performance Criteria: |
1.1 Identify client circumstances that require advice on corporation and trust law matters 1.2 Research corporations and trust law and related legislation, regulation and practice 1.3 Identify different types of relevant corporations and trust law transactions, and clearly outline their legal context, establishment procedures and purpose 1.4 Identify legal principles applying to corporation and trust matters that are relevant to client circumstances |
Element: |
2. Analyse issues and risks associated with operation of a business |
Performance Criteria: |
2.1 Identify areas of risk in application of law in corporation and trust matters 2.2 Analyse how legal issues impact on different types of legal entities 2.3 Evaluate relevance to client circumstances and implication of risks for structure, operation and performance of different types of legal entities 2.4 Assess ways in which risk mitigation is addressed in formation and operation of different types of legal entities |
Element: |
3. Apply knowledge of law to business structures |
Performance Criteria: |
3.1 Collect and collate client's business information for analysis 3.2 Interpret, analyse and process available information to obtain required knowledge on client's business structure requirements 3.3 Seek advice and guidance of specialist where required, to interpret, analyse and synthesise client's relevant information 3.4 Provide advice to client based on identified facts and relevant laws |
Element: |
4. Maintain legal knowledge |
Performance Criteria: |
4.1 Review client's circumstances and business structure, and apply any changes in relevant aspects of corporations and/or trust law if necessary 4.2 Access and use systems for maintaining up-to-date knowledge about relevant legal aspects of corporations and trust law 4.3 Review relevant legal sources regularly and apply any changes in daily work |
Learning Outcomes
Details of Learning Activities
This unit is clustered with ACCT5430C Monitor Corporate Governance Activities.
Students will be progressively introduced to skills and knowledge required to research corporate governance reporting trends, examine corporate governance standards and practice and review compliance to develop and implement processes and procedures for meeting corporate governance obligations. Students will also develop skills and knowledge required to apply legal principles in corporations and trust law matters.
In-class activities will account for some of the nominal hours allocated to this course and will include a range of self-paced and collaborative learning activities such as class discussion, completion and review of set exercises and work, tests, team presentation and a comprehensive individual assignment.
The hours of self directed/self paced learning by students will be taken up with reading, research, set work on exercises and the completion of the individual assignment outside scheduled class time. F2F classes are in total three (3) hours per week. The learning activities described will be covered in these classes and we expect you to participate and contribute in all scheduled learning activities.
Teaching Schedule
This course is clustered (i.e. co-delivered and co-assessed) with ACCT5430C - Monitor Corporate Governance Activities. As a result, other than the elements and the critical aspects specific to this course, the two course guides will depict the same information.
Please Note: The nominal hours associated with what is described above (as reflected below) are a guide only and represent the total teaching time and student effort required to successfully complete this course. This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.
Course schedule
Week Start |
Topic Outline |
Class Work |
Assessment |
Unit(s) of Competency |
Elements & Performance Criteria |
Week 1 |
Corporate Governance Introduction Course delivery and assessment details Definition of Corporate Governance Corporate Collapses Corporate Governance Structures in Australia Corporate Governance Regulators Good Corporate Governance Standards |
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Week 2 |
Corporate Ethics Definition Importance of Ethics Ethical Professional Self Regulation Company Code of Conduct |
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Week 3 |
Internal Controls, Risk & Compliance Internal Control Systems Definition Controls The Control environment Types of Internal Controls Risk definition Types of Risk GFC Risk Management Governance, Risk & Compliance |
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Week 4 |
ASX Guidelines for Listed Companies The role of the ASX ASX Corporate Governance Council Corporate Governance Principles and Recommendations |
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Week 5 |
Choosing a Business Structure Types of Business Structures Advantages / Disadvantages of Business Structures |
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Week 6 |
The Company The Corporations Act 2001 Seperate Legal Entity Shareholders and Limited Liability Classification of Companies Registration Company Obligations Promoters and Pre-incorporation Contracts |
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Week 7 |
Management Division of Power within a Company Types of Directors How Directors are appointed Resignation and removal from Office Appointment of Company Secretary Remuneration of Directors Membership |
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Submit Assessment 1 in Canvas |
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MID SEMESTER BREAK
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Week 8 |
Directors’ Duties Fiduciary Duties Statutory Duties The insolvent trading rule |
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Week 9 |
Share Capital & Fundraising Financial resources of a Company Classes of Shares Issuing Shares Retention of Capital Share Buy-Backs Going Public |
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Week 10 |
External Administration of Companies Voluntary Administration Receivership Winding Up or Liquidation |
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Week 11 |
Associations Unincorporated Associations Incorporated Associations Eligibility Not-for-Profit Advantages and Disadvantages of Incorporation
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Submit Assessment 2 |
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Week 12 |
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Week 13 |
Trusts Elements of a Trust Types of Trusts Continuity of Existence Winding up Trusts |
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Week 14 |
Accounts, Reporting & Auditing Corporate Reporting Record-keeping Financial Reporting Directors’ Report Continuous Disclosure Main function of an Audit Independence Appointment and Removal Duties and responsibilities of an Auditor |
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Assessment 3 Due |
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Week 15 |
Environmentally Sustainable Work Practices Sustainability Sustainability Policies and Legislation Developing Strategies and Implementing Change
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Week 16 |
Resubmissions |
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Learning Resources
Prescribed Texts
References
Other Resources
The recommended textbook is: The application of Legal Principles in Business Corporation & Trust Law by Penelope McCann
Overview of Assessment
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.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
Knowledge Evidence
To complete the unit requirements safely and effectively, the individual 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.
Assessors must satisfy NVR/AQTF assessor requirements.
This unit is designed to meet the education requirements of the Tax Practitioner Board (TPB). Where registration with the TPB is sought, assessment must reflect the conditions described by the regulator which stipulate that a significant amount (at least 40%) must be completed under some form of independent supervision. Where recognition of prior learning (RPL) is used, it must also meet the requirements of the Board s policy on RPL.
Details of requirements can be accessed on the TPB website at <http://www.tpb.gov.au>;.
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.
Assessment Tasks
Assessment Tasks
Please note that this course is clustered/co-delivered and co-assessed holistically as a group of two (2) course being, ACCT5430C - Monitor Corporate Governance Activities and BAFI5223C Apply Legal Principles in Corporation and Trust Law. As a result, other than the elements and critical aspects to this course, the two course guides will depict the same information.
Task 1: Short answer assessment task (40 questions) - To be submitted online via CANVAS in Week 7
Task 2: Product assessment task - There are 3 parts to this task, you will be required to complete research and prepare a report on Part A -Australian legal systems, corporations and trust law, Part 2 Superannuation and Part 3 Corporate governance failure. Due Week 11
Task 3: This practical assessment will allow students to demonstrate their ability to research and analyse legal principles and issues in corporations and trust law matters and then apply this knowledge to provide advice to clients. there will be 4 parts to this task using a business scenario. Due Week 14
The Teacher or Course Coordinator may at any time ask students to demonstrate and/or reproduce assessments to validate authenticity. AND Students must satisfactorily complete all assessment tasks in order to obtain competency in this course. | |||
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Assessment Matrix
The assessment matrix that maps all the assessment is available on CANVAS under Assignments.
All assessments will utilise a competency-based model and will be deemed as either Satisfactory or Not Yet Satisfactory.
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. (hard copy and soft copy)
- When you submit work for assessment at RMIT University you need to use the Assessment task document that includes a declaration and statement of authorship.
- Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers.
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.
More Information: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/extensions-of-time-for-submission-of-assessable-work
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 five working days after the assessment task deadline or scheduled examination.
More Information: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/special-consideration
Re-submissions (VE Programs):
If you are found to be unsuccessful (Not satisfactory/Unsatisfactory) in a Course Assessment Task you will be allowed one resubmission. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.
Adjustments to Assessment
In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website:
Final Results
You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying. You will receive feedback on each assessment task that will inform you about your progress and how well you are performing. The following grades are available for this course:
CA Competency Achieved
NYC Not Yet Competent
DNS Did Not Submit for Assessment
Course Overview: Access Course Overview