Trustee Act Compliance Dashboard
Duty-driven checklists for Victorian estate and trust administration teams. Mapped to the Trustee Act 1958 (Vic), common law duties, and Corporations Act 2001 obligations.
6 of 9 active duty checks passing. 1 critical items require immediate action.
Trustee Duties — Trustee Act 1958 (Vic)
Prudent Investment
Trustee must exercise the care, diligence and skill that a prudent person would exercise when investing trust property. Must consider diversification, risk, return, term, tax, and inflation.
Duty of Impartiality
Trustee must act impartially between different classes of beneficiaries — including between income and capital beneficiaries, or between concurrent and remainder interests.
Real & Genuine Consideration
Trustee must give real and genuine consideration to the exercise of discretions. Must not act under the dictation of a third party or without actually directing their mind to the decision.
Record Keeping
Trustee must keep accurate accounts and records of estate/trust property, transactions, and decisions. Beneficiaries have a right to inspect trust accounts.
Beneficiary Notification
Beneficiaries must be informed of their interest in the trust or estate and kept reasonably informed of the administration of the estate.
Avoid Conflicts of Interest
Trustee must not allow personal interests to conflict with duties to beneficiaries. Self-dealing is generally prohibited unless expressly authorised by the trust deed or court.
ASIC Reporting — Licensed Trustee Companies
Licensed trustee companies must comply with ASIC's conduct obligations, maintain internal dispute resolution procedures, and notify ASIC of significant changes.
Annual Investment Review
At minimum annual review of investments held on trust, considering whether investments remain appropriate given the portfolio objectives, risk profile, and beneficiary circumstances.
Not to Delegate Core Duties
Trustee cannot delegate its core trustee functions to another person. May appoint agents for specific tasks but must supervise and retain ultimate responsibility.
Ensure Income Promptly Collected
Trustee must ensure income from trust assets is promptly collected. Delay in collecting rent, dividends, or distributions may constitute a breach.
Corporations Act 2001 — Platform Position
TrustFlow is positioned as software-only. The following confirms we remain on the right side of the AFSL / trustee licensing line.