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Unit of competency details

AHCAGB607 - Manage succession planning (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to AHCAGB602 - Manage estate planningTitle updated. Performance criteria clarified. Foundation skills added. Assessment requirements updated. 20/Oct/2019

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 21/Oct/2019

Companion volumes:
Unit of competency Assessment requirements

Delivery:
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Training packages that include this unit

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Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080321 Farm Management And Agribusiness  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080321 Farm Management And Agribusiness  21/Oct/2019 
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Unit of competency

Modification History

Release

Comments

Release 1

This version released with AHC Agriculture, Horticulture, Conservation and Land Management Training Package Version 4.0.

Application

This unit of competency describes the skills and knowledge required to manage and plan the succession and distribution of an estate within a family agricultural business context.

This unit applies to individuals who take personal responsibility and exercise autonomy in undertaking complex work. They must analyse information and exercise judgement to complete a range of advanced skilled activities.

All work must be carried out to comply with workplace procedures, work health and safety legislation and codes, and sustainability practices.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Pre-requisite Unit

Nil

Unit Sector

Agribusiness (AGB)

Elements and Performance Criteria

Elements

Performance Criteria

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify succession planning requirements

1.1 Identify and assess contingency and succession arrangements against enterprise and individual requirements

1.2 Identify and evaluate income continuation options to find best fit for enterprise requirements

1.3 Identify and distinguish personal and business goals

1.4 Consider needs of those affected by succession arrangements in estate planning

2. Clarify succession planning arrangements

2.1 Make clear plans for retirement of, and inheritance to, all relevant parties

2.2 Consider legal and financial implications of succession planning in determining succession arrangements and estate distribution

2.3 Discuss, clarify and mediate apparent inequities in estate distribution

2.4 Seek external advice as required to clarify obligations and potential effects on business performance

3. Implement succession planning

3.1 Determine and implement strategies for estate distribution and succession

3.2 Monitor and review estate structures and transfer arrangements against tax and legislative requirements

3.3 Monitor estate planning and succession against enterprise performance

3.4 Complete relevant documentation to meet legal and procedural obligations

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential for performance in this unit of competency but are not explicit in the performance criteria.

Skill

Description

Reading
  • Access and interpret legislation, regulations and guidelines relevant to estate planning

Unit Mapping Information

Code and title current version

Code and title previous version

Comments

Equivalence status

AHCAGB607 Manage succession planning

AHCAGB602 Manage estate planning

Title updated

Performance criteria clarified

Foundation skills added

Assessment requirements updated

Equivalent unit

Links

Companion Volumes, including Implementation Guides, are available at VETNet: - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c6399549-9c62-4a5e-bf1a-524b2322cf72

 

Assessment requirements

Modification History

Release

Comments

Release 1

This version released with AHC Agriculture, Horticulture, Conservation and Land Management Training Package Version 4.0.

Performance Evidence

An individual demonstrating competency must satisfy all of the elements and performance criteria in this unit. There must be evidence that the individual has managed succession planning for at least one agricultural business, including:

  • identified estate planning requirements
  • clarified estate planning arrangements
  • clarified and mediated apparent inequities in estate distribution with relevant parties
  • documented agreements and contracts
  • identified and assessed investment, financial and retirement options.

Knowledge Evidence

An individual must be able to demonstrate the knowledge required to perform the tasks outlined in the elements and performance criteria of this unit. This includes knowledge of:

  • effective interpersonal communication techniques
  • conflict resolution, negotiation and mediation techniques
  • solve problems relating to estate management
  • goal setting strategies
  • financial information including estate structures, retirement options, wills and estate planning procedures
  • legislation and regulations relevant to taxation, contracts and agreements.

Assessment Conditions

Assessment of skills must take place under the following conditions:

  • physical conditions:
  • skills must be demonstrated in a workplace setting or an environment that accurately represents workplace conditions
  • resources, equipment and materials:
  • access to a family agricultural business and family members
  • specifications:
  • legislation, regulations and guidelines relevant to estate planning.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

Links

Companion Volumes, including Implementation Guides, are available at VETNet: - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c6399549-9c62-4a5e-bf1a-524b2322cf72

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